Here is a list of terms frequently used in transactions Mortgage loans for or Mortgages of the house, which they will be very useful for when you have to carry out the transaction of its mortgage loan for either home purchase or refinance mortgage. Serve them well when making a loan modification with your lender.
Real Estate Agent: A person licensed to negotiate real estate sales, working for a real estate broker.
mortgage broker: a company that issues and processes loans (for home mortgages) to some lenders.
Amortization: Payment of a mortgage that is through quotas Monthly principal and interest, the monthly payment amount is based on a schedule that will allow you to own your home at the end of a period of time (eg 15, 20 or 30 years).
APR: Annual Percentage Rate, is calculated using a standard formula, the APR shows the cost of a loan which is expressed as annual interest rate. In this calculation includes the interest rate, points charged, mortgage insurance and other costs associated with obtaining nof loan.
ARM: The variable rate mortgage. This mortgage loan is subject to change mortgage rates interest, changing the interest, monthly payments on an ARM goes up or down at intervals which are determined by the lender. But changes in the monthly payments are generally limited by a ceiling determined.
Guarantee: It is process of analyzing a particular loan application to determine how risky it can be granted a loan. The process includes a review of the borrower's credit history and an assessment of the value of the property.
Mortgage Banker: A company issuing loans and resells them to secondary lenders like Fannie Mae or Freddie Mac
title: made in the control of public records or county recorders office to confirm that the person selling the property is the owner of this and there are no liens or other claims against the property which may be unresolved
good faith calculation: the calculation of all closing costs, which include prepaid costs, escrow and lender fees, the calculation or estimate should be given to the borrower within three days of delivery the application for a loan.
Credit rating: This number represents the possibility that a borrower can stop doing payments, is based on credit history and is used to determine the ability of qualification for a mortgage loan or mortgage.
Capital: The amount of loan granted by a lender, does not include interest or additional costs.
Certificate of title: a document issued by a rated entity, for example, the title company, responsible to find out exactly when the property legally belongs to the current owner before the transfer of title made in the process closing, the title must be free of liens. If it was not the title company does not allow the transfer.
Default: the inability to make monthly payments on a mortgage or mortgage within the terms previously agreed or meet the terms of the mortgage.
Closure: Where the sale is formalized and the property is transferred from seller to buyer. It is here where the borrower takes on the obligation and responsibility of the loan. He pays all the costs associated with closing (those under him) and received the title of the property.
Origination fee: are the costs involved in processing a loan, which usually are calculated as points and are usually paid at the close of escrow.
Closing Costs: are the ongoing costs involved in the process of buying and selling a property. These are some standard costs generally vary by geographic location and delivered to the borrower in detail after delivery of the loan request.
guarantee deposit account: a separate account in which the lender puts a portion of the monthly mortgage payment or mortgage. An escrow account provides the amount of money needed to cover the cost of property taxes, fire insurance for property and mortgage insurance or mortgage Insurance.
HUD 1 Statement: also known as a road closure or HUD gestimated I. This document lists in detail all the closing costs and must be given to the borrower at or before the closing.
Execution: in English is called foreclosure and is a legal process by which a mortgaged property is sold to repay the loan. At this point, the borrower has stopped making payments.
Equity: is the gain of money from a property owner and is calculated by subtracting the amount owed the bank for the mortgage loan, the market value of the property. The resulting cntidad is equity.
written, legal document that transfers ownership.
Fannie Mae: Government National Mortgage Association, Federal National Mortgage Association (FNMA)] is an initiative approved by the federal government. It is owned by private stockholders that purchases residential mortgages and then turn them into securities for sale to investors, to buy these mortgages, Fannie Mae provides funds that lenders may grant a loan to prospective homebuyers.
FHA: Federal Housing Administration's (Federal Housing Administration), established in 1934 to promote ownership opportunities housing for all Americans, helps buyers giving mortgage insurance to lenders to cover most losses that may occur when a borrower is declared in default of payment, this encourages lenders to make loans to borrowers do not meet the eligibility requirements for conventional mortgages.
a loan: Purpose incorrect information provided in a loan application to better qualify for a loan, may result in civil or criminal penalty.
Freddie Mac: Federal Corporation Mortgage Loans Housing Federal Home Loan Mortgage Corporation (FHLM)]. Is a corporation which was approved by the U.S. federal government that purchases residential mortgages, secures them and sells them to investors, so investors can have money to lend to new home buyers.
appraiser Officer: government official responsible for determining the value of a property for the purpose of setting taxes.
Ginnie Mae: Government National Mortgage Association (GNMA) Government National Mortgage Association. Is a corporation which is owned by the government overseen by the Department of Housing and Urban Development USA. Ginnie Mae-guaranteed loans used Department of Veterans Affairs (VA) and insured by the FHA to back securities for private investors like Fannie Mae and Freddie Mac, the investment income allows the lender to lend money to as Borrowers who qualify necesarios.Osea to those who qualify for a loan on mortgage.
Lien: a legal claim against property that must be satisfied upon sale of the property. In English is called a lien.
HELP: is an educational program for first home buyers (Homebuyer Education Learning Program), which provides the FHA which provides advice people about how the process of buying a home, HELP covers topics on budgeting issues, search a house, obtaining a mortgage and housing maintenance. In the vast majority of cases, if buyers complete the entire program is entitled to a reduction in the initial premium for FHA mortgage insurance (mortgage insurance) 2.25% to 1.75% of the purchase price of the property.
Mortgage: is the lien on the property that secures the promise to repay a loan.
fixed rate mortgage: a mortgage with payments that do not change, as the name suggests these home mortgage payments are fixed during the term of the loan.
assumable mortgage: a mortgage or mortgage which can be transferred from a seller to a buyer. As the buyer gets the loan and the transaction is consummated, the seller no longer responsible for paying the mortgage.
credit history, payment history of an individual debt, lenders use this information to determine the capacity of a potential borrower to cancel a loan.
HUD: Department of Housing and Urban Development or Department of Housing and Urban Development, USA. It was created in 1965, HUD works to provide housing and all Americans by the satisfaction of needs in terms of housing, development and improvement of communities nationwide. Also allegedly responsible for the implementation of fair housing laws.
Index: a measure used by lenders to determine changes in the interest rate on an adjustable rate mortgage.
Inflation: Inflation is when the amount of dollars in circulation is greater than the coantidad of goods and services available for purchase. Inflation causes the value of the dollar decreases.
Credit Report: a record that contains all current debts and past and also contains the expiration date of payments. The purpose is to document the history of the people.
If you want more information on mortgages and everything related to loans of money in the NEXT site you can find valuable information that can help you with your Finans: Mortgage Loans
If you want more information on mortgages and everything related to loans of money in the NEXT site you can find valuable information that can help you with your Finans: Mortgage Loans
