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What is a Closed-end Mortgage? A closed-end mortgage, also known as a closed mortgage, is a form of loan that can’t be prepaid, renegotiated, or refinanced without the lender charging breakage fees or other penalties. This form of loan is appropriate for homeowners who do not expect to move very soon and are willing to […]
Cloud on title explained Cloud on Title is any document, claim, unreleased lien, or encumbrance that might invalidate or impair a title to real property or cast doubt on the title is referred to as a cloud on title. The majority of the time, clouds on the title are detected through a title search. A […]
What is a Co-Signer? A Co-Signer in finance is a guarantee made by one party (the guarantor) to undertake a borrower’s financial obligation if the borrower defaults. A guarantee can be restricted or limitless, implying that the guarantor is responsible for merely a portion or the entire amount.A Co-Signer is a guarantee made by one […]
What is Collateral? Collateral is a term used to describe an asset that a lender accepts as security for a loan. Depending on the purpose of the loan, collateral might be real estate or other types of assets. For the lender, the collateral serves as a type of insurance. If the borrower defaults on their […]
What is a Commitment Fee? A commitment fee is usually defined as a flat charge or a predetermined percentage of the loan amount that has not yet been released. A commitment fee is charged by the lender as compensation for keeping a line of credit open or guaranteeing a loan at a future date. The […]
What is a Condominium? A condominium, often known as a condo, is a big property complex made up of numerous apartments, each of which is individually owned. A nonexclusive stake in some “community property” owned by the condominium management is frequently included in ownership. Condominium management is often composed of a board of unit owners […]
What is Conforming Loan? A conforming loan is a mortgage loan that fulfills Fannie Mae and Freddie Mac’s underwriting requirements and does not exceed the conforming loan limit in the United States. The most well-known criterion is the loan size, which was set at $647,200 for one-unit single family residences in the continental US in […]
What is a Construction Loan? A construction loan is a more particular sort of loan in the United States Financial Services business, created for building and includes features such as interest reserves, where repayment ability may be reliant on something that may only happen after the project is completed. As a result, the distinguishing characteristics […]
What is a Convertible Loan? A Convertible Mortgage is an adjustable-rate mortgage (ARM) that allows the borrower to convert to a fixed-rate mortgage once a certain amount of time has passed. Convertible ARMs are sold as a method to profit from declining interest rates, but they generally come with stipulations. Switching from an ARM to […]
Covenant explained A covenant, in legal and financial terms, is a commitment made in an indenture or other formal debt arrangement that specific acts will be carried out or that certain thresholds will be fulfilled. Covenants in finance are clauses in a financial contract, such as a loan instrument or a bond issuance, that specify […]
What credit score is needed for a VA loan? The VA does not set a credit score requirement for VA loans, however, most mortgage lenders will want to see a credit score of at least 620 FICO. Although some lenders are willing to go lower, borrowers can expect more scrutiny and lender requirements. Credit […]
What is a Debt? Debt is when one party borrows something from another, usually money. Many businesses and individuals utilize debt to finance significant purchases that they would not be able to make under normal circumstances. A debt agreement allows the borrowing party to borrow money on the condition that it be repaid at a […]
