Nearly 80% of residential mortgages in America are backed by Freddie Mac and another, similar GSE known as Fannie Mae (see below). These GSEs do not originate or service mortgages, but instead buy.
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."
How a jumbo loan works If you have your sights set on a home that costs close to half a million dollars or more-and you don’t have that much sitting in a bank account-you’re probably going to need a.
Box Home Loans offers loans for 15, 20, and 30 year terms on Fixed Rate Mortgages and 5 and 3 year terms on Adjustable Rate Mortgages. Mortgage Insurance An insurance policy intended to protect the lender against the losses that may occur if a borrower defaults on their payments.
when do mortgage companies report to credit bureaus Can I Report My Mortgage Payments to the Credit Bureaus. – Dear ACL, The Fair credit reporting act (FCRA) does not require lenders to report their account information, although most major lenders do choose to report to at least one of the three national credit reporting companies. The FCRA does specify what a lender must do if it chooses to report your account information.
Reverse Mortgage Glossary of Terms. Adjustable Rate: An interest rate that will change during the life of the loan based on an index.. Annuity: An insurance product that pays out an income stream and is often used as part of a retirement strategy. Appraisal: A professional estimate of the value of your home based on the features of the property and comparable sales in the area.
B/C Loan: B/C loan refers to the class of debt facilities provided to borrowers with less-than-optimal credit qualifications. B/C loans have higher interest rates and more restrictive terms due to the higher level of risk involved for the lender.
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Loan terminology glossary . The terms and definitions that follow are meant to give simple, informal meaning for words and phrases you may see on our Web site that may not be familiar to you.
The gradual repayment of a mortgage loan, both principal and interest, by installments. Amortization Term. The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage. Annual Percentage Rate (APR)