|
Click to
Apply Now!
Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
|
|
|
 |
 |
|
Glossary
A
Annual Percentage Rate (APR):
calculated by using a standard formula, the APR shows the cost of a
loan; expressed as a yearly interest rate, it includes the interest,
points, mortgage insurance, and other fees associated with the loan.
Application: 1st step in the official loan approval process;
this form is used to record important info. about the potential
borrower necessary to the underwriting process.
Appraisal: a document that gives an estimate of a property's
fair market value; an appraisal is generally required by a lender
before loan approval to ensure that the mortgage loan amount is not
more than the value of the property.
Appraiser: a qualified individual who uses his or her
experience and knowledge to prepare the appraisal estimate.
ARM: Adjustable Rate Mortgage;
loan subject to changes in interest rates; when rates change, ARM
monthly payments increase or decrease at intervals determined by the
lender; the Change in monthly -payment amount, however, is usually
subject to a Cap.
Click a letter
to see more mortgage terms.
[A
B C D E
F G H
I J K
L M N
O P Q
R S T
U V W
X Y Z]
|
|
Equal
Housing Lenders • Privacy Policy
• Terms of Use