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
I
Impound: portion of a borrower's monthly payments held by the lender
or servicer to pay for taxes, hazard insurance, mortgage insurance,
lease payments, and other items as they become due. Also known as
reserves.
Index: published interest rate against which lenders measure the
difference between the current interest rate on an adjustable rate
mortgage and that earned by other investments (such as one- three-,
and five-year U.S. Treasury Security yields, the monthly average
interest rate on loans closed by savings and loan institutions, and
the monthly average Costs-of-Funds incurred by savings and loans),
which is then used to adjust the interest rate on an adjustable
mortgage up or down.
Inflation: the number of dollars in circulation exceeds the amount of
goods and services available for purchase; inflation results in a
decrease in the dollar's value.
Interest: a fee charged for the use of money.
Interest rate: the amount of interest charged on a monthly loan
payment; usually expressed as a percentage.
Insurance: protection against a specific loss over a period of time
that is secured by the payment of a regularly scheduled premium.
Equal
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