Underwriter Definition
Underwriter

Underwriters The following article will cover all aspects of Underwriters including: What is an Underwriter, How does Underwriting work, types of Underwriters and the benefits

Personal Finance Definition
Personal Finance

Personal Finance The following article will cover all aspects of Personal Finance including: What is Personal Finance, How does Personal Finance work, What are the

Second Mortgage Definition
Second Mortgage

Second Mortgage The following article will cover all aspects of a Second Mortgage including: What is a Second Mortgage, How does a Second Mortgage work,

Right of First Refusal Definition
Right of First Refusal

Right of First Refusal The following article will cover all aspects of Right of First Refusal including: What is the Right of First Refusal, How

Truth In Lending Act Definition
Truth In Lending Act

Truth In Lending Act The following article will cover all aspects of the Truth In Lending Act including: What is the Truth In Lending Act,

Leasehold Definition
Leasehold

Leaseholds The following article will cover all aspects of Leaseholds including: What is a Leasehold, How does a Leasehold work, types of Leaseholds and benefits

Uniform Settlement Statement Definition
Uniform Settlement Statement (HUD-1)

Uniform Settlement Statement The following article will cover all aspects of a Uniform Settlement Statement (HUD-1) including: What is a Uniform Settlement Statement, How does

Right of Rescission Definition
Right of Rescission

Right of Rescission The following article will cover all aspects of the Right of Rescission including: What is the Right of Rescission, How does the

What are closing costs in Alabama
Alabama Closing Costs

What are the Closing Costs in Alabama? Closing costs in Alabama are expected to range from $3000 to $5000, or 2% to 5% of the

Warranty Deed Definition
Warranty Deed

Warranty Deeds The following article will cover all aspects of a Warranty Deed, including: What is a Warranty Deed, How does a Warranty Deed work,

Rollover Mortgage Definition
Rollover Mortgage

Rollover Mortgage The following article will cover all aspects of Rollover Mortgages including: What is a Rollover Mortgage, How do Rollover Mortgages work, Are Rollover

What is a Tax Deed?
Tax Deed

What is a Tax Deed? The term tax deed refers to a legal document granting ownership of a property to a government body when the

What Is RESPA?
RESPA

What Is the Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act (RESPA) was passed by the United States Congress in 1975

What is the Secondary Mortgage Market?
Secondary Mortgage Market

What Is the Secondary Mortgage Market? The secondary mortgage market is a marketplace where lenders and investors buy and sell home loans and servicing rights.

What is the Rural Housing Service?
Rural Housing Service (RHS)

What is the Rural Housing Service? The Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) provides or guarantees RHS loans (USDA).

Reverse Mortgages and Annuity
Reverse Mortgages & Annuity

What are Reverse Mortgages and Annuity? Although reverse mortgages and annuities are two quite distinct financial products, they are both intended to produce a consistent,

What does Proration mean?
Proration

What does Proration mean? At closing, prorations are credits given to both the buyer and the seller. They make certain that each party pays solely

What is Property Tax?
Property Tax

What is Property Tax? Property tax is a tax levied on property owned by a person or another legal body, such as a business. Property

What is the Prime Rate?
Prime Rate

What is the Prime Rate? The prime rate is the rate of interest charged by commercial banks to their most creditworthy corporate clients. The prime

What is Pre-Qualification?
Pre-Qualification

What is Pre-Qualification? Pre-qualification is a credit assessment made by a lender based on information submitted by the borrower. Before providing a pre-approval, the lender

What is a Non-Conforming Loan?
Non-conforming Loan

What Is a Non-Conforming Loan? A Non-Conforming mortgage loan is one that does not comply with the requirements of government-sponsored enterprises (GSEs) like Fannie Mae

Florida Closing Costs
Florida Closing Costs

Closing Costs Florida Closing costs in Florida are expected to range from 7% to 9% of the loan amount, depending on the size of the

What is Loan-to-Value Ratio?
Loan-to-Value Ratio

What Is Loan-to-Value (LTV) Ratio? Before approving a mortgage, financial institutions and other lenders look at the loan-to-value (LTV) ratio to determine lending risk. Loans

What is a Mortgagee?
Set to Draft by MD Mortgagee

What Is a Mortgagee? A mortgagee is a type of lender that lends money to borrowers for the purpose of purchasing real estate. In a

What is a Mortgage Banker?
Mortgage Banker

What is a Mortgage Banker? A mortgage banker is a corporation, individual, or institution that specializes in the origination of mortgage loans. Mortgage bankers fund

What is Margin?
Margin

What is Margin? In real estate Margin is the amount of money that an investor must deposit with their broker or exchange to cover the

What are Maintenance Costs?
Maintenance Costs

What are Maintenance Costs? You’ll have to pay more than your monthly mortgage and living expenses whether you’re buying an apartment or condominium as an

What is an Assumption Clause?
Assumption Clause

What is an Assumption Clause? An assumption clause in a mortgage contract allows the seller of a home to transfer liability for the current mortgage

What is Debt-to-Income Ratio?
Income-to-Debt Ratio

What Is the Debt-to-Income (DTI) Ratio? Lenders use the debt-to-income (DTI) ratio to measure your borrowing risk. It is the percentage of your gross monthly

What is a Lifetime Cap?
Lifetime Cap

What is a Lifetime Cap? The term lifetime cap refers to the maximum interest rate allowable on an adjustable-rate mortgage (ARM). This cap applies to

What is a Lien?
Lien

What is a Lien? A lien is a claim or legal right against assets used as collateral to repay a debt. A lien can be

What are Mortgage Loan Discount Points?
Mortgage Loan Discount Points

What are Mortgage Loan Discount Points? Discount points are a form of prepaid interest or fee that mortgage borrowers can buy to reduce the amount

Liquidity Definition
Liquidity

What is Liquidity? The efficiency or convenience with which an asset or security can be converted into immediate cash without influencing its market price is

What is a Joint Tenancy?
Joint Tenancy

What is Joint Tenancy? A legal structure in which two or more persons own a property together, each with equal rights and liabilities, is referred

What is a Loan Origination Fee?
Loan Origination Fee

What is a Loan Origination Fee? An advance price made by a lender to process a new loan application is known as a mortgage origination

What is an Interest Cap Rate?
Interest Rate Cap

What is an Interest Rate Cap? The regulations governing interest rate rises on variable-rate credit products are referred to as an interest rate cap structure.

What is a Deed of Trust?
Deed of Trust

What is a Deed of Trust? A trust deed, sometimes known as a deed of trust, is a type of real estate contract used in

What is an Escape Clause?
Escape Clause

What is an Escape Clause? An Escape clause, also known as an contingency clause, is a contract term that requires a specified event or action

What is the Housing Affordability Index?
Housing Affordability Index

What is the Housing Affordability Index?   An affordability index is a measurement of the average person’s capacity to buy a certain item, such as

What is a Graduated Payment Mortgage?
Graduated Payment Mortgage (GPM)

What is a Graduated Payment Mortgage (GPM)? A Graduated Payment Mortgage (GPM) is a fixed-rate mortgage with payments that gradually grow from a low starting

What is Homeowners Insurance?
Homeowners-insurance

What is Homeowners Insurance? Homeowners insurance is a type of property insurance that covers losses and damages to a person’s home, as well as their

What is a Home Inspection?
Home Inspection

What is a Home Inspection? A home inspection is a restricted, non-invasive assessment of a home’s condition, usually in conjunction with its sale. Home inspections

What is Hazard Insurance?
Hazard Insurance

What is Hazard Insurance? Hazard insurance protects property owners from damage caused by fires, strong storms, hail/sleet, and other natural disasters. The property owner will

What is a Good Faith Estimate
Good Faith Estimate

What is a Good Faith Estimate? A good faith estimate (GFE) is a document that explains the expected expenses and parameters of a reverse mortgage

What is Fair Market Value?
Fair Market Value

What is a Fair Market Value? In its most basic form, fair market value (FMV) refers to the price at which an item would sell

What is Flood Insurance?
Flood Insurance

What is Flood Insurance? Flood insurance is a sort of property insurance that protects a home from losses caused by floods, such as severe or

What is a fixed-rate mortgage?
Fixed Rate Mortgage

What is a Fixed-rate Mortgage? A fixed-rate mortgage has a fixed interest rate that does not alter over the term of the loan. Although the

What is Escrow?
Escrow

What is Escrow? Escrow is a legal term that refers to a financial instrument in which a third party holds an asset or escrow money

What is the Equal Credit Oppurtunity Act?
Equal Credit Opportunity Act

What is the Equal Credit Opportunity Act? The Equal Credit Opportunity Act (ECOA) is a federal civil rights statute that prohibits lenders from discriminating against