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The Online Glossary of Mortgage Loan Terms is a excellent place to learn the mortgage business terminology. The compiled list is created to educate you on some of the highly used terms during the Mortgage Loan Process.Take some time to browse and understand the "lingo."
Refinancing: Replacing existing mortgage with a new loan. The purpose of refinancing is typically to improve the terms of a home loan by getting a lower interest rate, reducing the monthly mortgage payment, replacing an adjustable or variable rate loan with a fixed-rate loan or increasing the loan amount and taking the difference in cash.
15-Year Fixed Mortgage – a fixed-rate home loan that has half the typical term of 30 years. 203k Loan – an FHA loan that allows you to finance home improvements and permanent financing in a single mortgage loan. 3/1 ARM – An ARM that is fixed for the first three years (36 months) of the loan term before becoming annually adjustable.
Loan Approval A loan is considered approved after the lender has reviewed all the documentation and is satisfied that the buyer can meet the terms of a mortgage. Statement of Service Provided by.
The application process is often fast and streamlined as well. A fixed-rate home mortgage is a classic example of an installment loan. The term of the loan is fixed; 30-year or 15-year terms are.
Ask any loan processor, or government regulator, to come up with "an elevator speech" explanation of what a mortgage application is. would have come up with a simple definition of what an.
Glossary of mortgage terms 1003 form commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application. Acceptance a verbal or written acceptance of an offer to buy a home, made from the seller to the buyer. Acre a land measurement commonly used in U.S. property negotiations.
Taking on a loan or mortgage is a big financial commitment, so rather than letting the technical terms stump you, here is a glossary of important acronyms and terms. There are many more, but these.
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A glossary of personal finance terms you need to know. Discover the definition of financial words and phrases