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Escrow is an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance. The escrow agent has the duty to properly account for the escrow funds and ensure that usage of funds is explicitly for the purpose intended.
The consummation of a marriage, or simply consummation, is the first officially credited act of sexual intercourse following marriage. In many traditions and statutes of civil or religious law, the definition usually refers to penile–vaginal penetration (i.e., heterosexual ), and some religious doctrines hold an additional requirement ...
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Private mortgage insurance (PMI) is a form of insurance taken out by the lender but typically paid for by you, the borrower, when your loan-to-value (LTV) ratio is greater than 80 percent (meaning ...
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 easiest way to cancel your mortgage agreement is to use the notice of rescission that you received from your lender about your right to rescind. “Any titleholder can sign it and send it ...
Mortgage lending is a major sector finance in the United States, and many of the guidelines that loans must meet are suited to satisfy investors and mortgage insurers. Mortgages are debt securities and can be conveyed and assigned freely to other holders.
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.