Search results
Results from the WOW.Com Content Network
A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio).
Adjustable rate mortgage or ARM - A mortgage where the interest rate adjusts relative to a specified index + margin. E.g. COFI, LIBOR etc.; Hybrid ARM - An adjustable rate mortgage where the initial 'start' rate is fixed for some portion of time (3,5,7, or 10 years) thereafter the interest rate adjusts (yearly or bi-annually) based on the sum of a specified index + margin.
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 loan origination is the process of your loan being established. When you formally apply for a mortgage , the lender or loan officer “originates,” or initiates the loan (or, to be more ...
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
Seasoning, for mortgage-related purposes, refers to the amount of time you've had funds in your bank account — specifically, the ready money to cover the down payment and closing costs ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
Per diem interest example. Say you’re taking out a mortgage of $400,000 to buy your home, and the interest rate is 6 percent. Your closing date is five days before the first of the month, and ...