Sentences with phrase «known as a mortgage lender»

A bank, otherwise known as a mortgage lender, will loan you a specific amount of money that will need to be repaid in «X» amount of years at «Y» mortgage rate.

Not exact matches

This rule, known as «Know Before You Owe,» requires lenders to provide simplified details on mortgages to homebuyers to help them shop for a loan that's right for them.

First National — Canada's largest non-bank mortgage lender, originating $ 22 billion in loans each year — reacted swiftly, announcing Tuesday that Morneau's moves will impact about 41 % of its insured residential mortgages and that it anticipates a drop of as much as 10 % in originations of this kind, because its loans will no longer qualify for insurance.

PMI comes in two general forms, known as borrower - paid and lender - paid mortgage insurance.

If you can't make payments on the mortgage, your lender has the right to keep or foreclose the property (this is what is known as a lien).

Homeowners who pay private mortgage insurance — or what's known as PMI — recently began receiving amended 1098 — Mortgage Interest Statement from their mortgage mortgage insurance — or what's known as PMI — recently began receiving amended 1098 — Mortgage Interest Statement from their mortgage Mortgage Interest Statement from their mortgage mortgage lenders.

This insurance, which is known as private mortgage insurance (PMI) for a conventional loan and a mortgage insurance premium (MIP) for an FHA loan, protects the lender in the event that you default on your loan.

Much like an auto insurer insured policyholders against loss from damage or accident, the FHA agreed to insure lenders against loss from lack of payment (which is known as «default» in mortgage terminology).

A mortgage impound account — also known as an escrow impound account — is a financial account set up by a lender or loan servicer to collect the expenses of property taxes, homeowner's insurance and mortgage insurance (if applicable).

Mortgage lenders rank credit scores using an industry - standard model known as the FICO score which assigns a numerical value to a person's credit risk to a bank.

The former prime minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani — widely known as HBJ — has bought the mortgage on the property, according to Bloomberg, which also revealed that he was the silent lender behind the minority purchase of the hotel by Ashkenazy Acquisition Corporation.

The Definition of Mortgage Insurance Mortgage Insurance (also known as mortgage guarantee and home - loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgaMortgage Insurance Mortgage Insurance (also known as mortgage guarantee and home - loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgaMortgage Insurance (also known as mortgage guarantee and home - loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgamortgage guarantee and home - loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgagemortgage loan.

Because the original lenders no longer had, as Green says, any «skin in the game,» countless subprime mortgages were issued without adequate screening.

For example, if the lender offers you a smaller mortgage or a higher interest rate, you have the right to know why — as long as you don't accept the lender's counter offer.

Mortgage lenders rank credit scores using an industry - standard model known as the FICO score which assigns a numerical value to a person's credit risk to a bank.

When choosing the lender it is better to stick with well - known and trusted companies, such as Carteret Mortgage and Doctor Loan USA, as they offer better terms, solid customer service, and a wide array of additional features.

Moreover the mortgage lender must know not only is the value there, but that the quality is there as well in case they have to foreclose on the home and sell it themselves to recoup the amount due on the mortgage loan.

The basics for the mortgage application process are the same as its two siblings — name, current address, household income and expenses — the lenders just dig a little deeper knowing you are now ready to sign a contract.

However, many lenders offer variable rate mortgages, also known as adjustable rate mortgages or ARMs.

But whenever a lender reviews your credit because you've applied for a loan, mortgage or credit card, this is known as a «hard check.»

No matter if you are working as an officer or an executive in a big agency, the mortgage lenders have their own ways of declaring whether you are qualified enough or not to get the mortgage.

The mortgage may be used as you like since private lenders in Sarnia, Sault Ste. Marie, and other parts of Ontario do not follow up to know what you do with the money.

When reverse mortgage lenders calculate the amount of loan proceeds that borrowers may be eligible to receive (also known as the Principal Limit), they use what is called the Expected Interest Rate.

When you apply for a credit, whether it's an auto loan, a credit card, a mortgage or a personal loan, lenders want to know how worthy or risky you are as a borrower.

But if you are taking out a mortgage loan to finance the purchase of your home, the odds are good that your mortgage lender will pay these taxes on your behalf, through what is known as an escrow account.

The IRS refuses to accept digital signatures on a mortgage loan application document called a 4506 - T (also known as the Request for Transcript of Tax Return), which all lenders must get signed and send in to the IRS to verify a home loan applicants W2, or tax return income, for fraud.

Federal National Mortgage Association: An independent association that purchases mortgages from banks and other lenders, known as FNMA, or «Fannie Mae.»

If you can't make payments on the mortgage, your lender has the right to keep or foreclose the property (this is what is known as a lien).

While it is little know, and even less used as most people select a very traditional 15 - yr, 20 - yr, or 30 - year mortgage, many mortgage lenders (including us) allow you to select any number of years you wish.

According to multiple news outlets, ranging from the internationally known Wall Street Journal to newer financial websites, such as Nerd Wallet, many people are turning to non-bank lenders, for their mortgage lending needs...»

Also known as digital underwriting, the process of analyzing borrower credit qualifying criteria with electronic software programs is used by FHA and conventional mortgage lenders.

But many lenders turn around and sell some or all of their loans and the right to service them to investors in what's known as the secondary mortgage market.

Getting a home loan from a mortgage lender means you're interacting in what's known as the primary mortgage market.

The fact that there is equity available on a property provides tranquility to a lender even if the property is not used as collateral because the lender knows that in the event of default, even though the mortgage lender has privileges over the property, he can still collect from the remaining amount produced by the sell of the property if the balance on the secured loan does not exceed the value of the property.

Also known as interim interest, prepaid interest is charged by lenders as part of the upfront closing costs in a mortgage.

Bad credit mortgage lenders and mortgage brokers know that the person they are extending the loan to doesn't have as many options.

Short sale application paperwork varies from lender to lender, but usually includes a hardship letter that explains why you can no longer afford your mortgage payments (such as PCS orders), pay stubs, bank statements and tax returns.

If you put down less than 20 percent on a conventional loan, also known as a conforming mortgage, your lender will probably ask that you get Private Mortgage Insurance (PMI) until you have made two years» worth of payments or your principal balance is reduced to 78 percent of its originalmortgage, your lender will probably ask that you get Private Mortgage Insurance (PMI) until you have made two years» worth of payments or your principal balance is reduced to 78 percent of its originalMortgage Insurance (PMI) until you have made two years» worth of payments or your principal balance is reduced to 78 percent of its original amount.

Condominium owners know that lenders must review both their own credit qualifications for a mortgage as well as the qualifications of the condominium association.

Private mortgage insurance, also known as PMI, protects a mortgage lender (such as a bank or credit union) from a loss in the event you default on your mortgage loan.

The program is also known as DU Refi Plus and Relief Refinance, and many mortgage lenders call it «The Obama Refi».

You might know of a handful of big name mortgage lenders like Wells Fargo, but what about the local credit union or your options as a military veteran?

PMI comes in two general forms, known as borrower - paid and lender - paid mortgage insurance.

That's why it's known as a reverse loan because with a traditional mortgage it's the other way around, the borrower pays the lender.

A contrarian view is that Fannie Mae and Freddie Mac led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy - to - qualify automated underwriting and appraisal systems, by designing the no - down - payment products issued by lenders, by the promotion of thousands of small mortgage brokers, and by their close relationship to subprime loan aggregators such as Countrywide.

Part of your monthly payment may be deposited into an escrow account (also known as a reserve or impound account) so your lender or servicer can pay your real estate taxes, property insurance, mortgage insurance and / or flood insurance.

When a lender underwrites a mortgage (analyzing financial components of the consumer's mortgage application for potential lack of repayment), they weigh a qualifying standard known as compensating factors.

Of course it's not as simple as I describe it, because the mortgage lender will want to know where the money for the down payment came from, so you can't register your second mortgage until after the deal closes, so you will be unsecured for a period of time.

Known as «The Homeownership Company», it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times.

Also known as sub-prime lenders, these companies give you ultimate flexibility with your mortgage, all at reasonable rates.