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Down Payment Assistance administered by the Ohio Housing Finance Agency, which offers a loan that can be used as a down payment for either 2.5% or 5% of the purchase price, depending on buyers ...
Appraisal: An appraisal is an official valuation of your home, usually to help the mortgage lender determine the maximum loan amount. Biweekly mortgage payment: While most mortgage payments are ...
A mortgage loan is a loan in which property or real estate is used as collateral. During this process, borrowers must submit various types of financial information and documentation to a mortgage lender, including tax returns, payment history, credit card information and bank balances. Mortgage lenders use this information to determine the type ...
Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. [1] MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ...
Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system. [8] Amrock is also part of the Rocket Mortgage Family of Companies. [ 9 ] The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.
Texas: The My First Texas Home program is a low-interest 30-year loan with up to 5% interest-free down payment assistance. The program allows borrowers to work through this program to obtain an ...
A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. [ 1 ]
The Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) is a United States federal law that requires certain financial institutions to provide mortgage data to the public. Congress enacted HMDA in 1975.