Mortgage Loan Terms And Definitions

A MLO is defined as an individual who (i) takes an application for or offers or negotiates the terms of a residential mortgage loan in which the dwelling is, or will.

In other words, loans with full-recourse provisions assure lenders that they will be 100% repaid. For the lender, full-recourse debt is practically risk-free. When a borrower enters into a secured.

Personal Loan Secured By Real Estate Private money lenders typically offer loans that are secured by a real estate asset. These loans are used to purchase a house, condo or multifamily building. private money lenders can be anyone from a personal friend to an established private lending company and are therefore called "relationship-based" lenders.

Mortgage loan in which the interest rate remains the same for the life of the loan. Fixed Rate Period The period of time in an Adjustable Rate Mortgage where the interest rate is fixed.

A mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan.

In addition to using an amortization schedule, if you are looking to take out a loan you can estimate your total mortgage costs based on your specific mortgage using a tool like a mortgage calculator.

While this sort of indirect loan is often known as "dealer financing," it’s actually the dealer’s network financial institutions that are approving the loan (based on the borrower’s credit profile),

Use our Mortgage Terms Glossary to help understand every step of the process. Our glossary of mortgage loan terminology defines a variety of terms used by loan officers and real estate professionals. Add our Mortgage Terms Glossary to your Favorites for quick look-ups throughout your mortgage application process. #

The amount of a mortgage loan divided by the appraised value or sales price. Loan officer The person at a lending institution who solicits loans, acts as the representative for the lending institution, and represents the borrower at the lending institution.

List of mortgage glossary terms.. Mortgage glossary terms. adjustable-rate mortgage (arm). open. An adjustable-rate mortgage, also known as a.

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Mortgage Terms And Definitions. Amortization: a payment plan that enables you to reduce your debt gradually through monthly payments. The payment includes principal and interest. Amount Financed: on the Truth in Lending form, the loan amount less "prepaid finance charges", which are lender fees paid at closing.