Sentences with phrase «mortgage of a specific amount»

Pre-Approval Letter — A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount.

Not exact matches

A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property.

(A) The term and principal amount of the loan; (B) An explanation of the type of mortgage loan being offered; (C) The rate of interest that will apply to the loan and, if the rate is subject to change, or is a variable rate, or is subject to final determination at a future date based on some objective standard, a specific statement of those facts; (D) The points and all fees, if any, to be paid by the borrower or the seller, or both; and (E) The term during which the financing agreement remains in effect.

While these are not guarantees of successfully getting a mortgage for a specific house — or guarantees you can actually afford the amount they approve you for — a pre-qual or pre-approval is a handy tool to have when putting an offer on a house.

Rather than taking a flat payout amount, take enough of a policy only to cover the specific needs you expect - for many people, this is defined by the amount needed to cover funeral expenses only + possibly their outstanding mortgage balance.

A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.

A pre-approval letter is the real deal, a statement from a lender that you qualify for a specific mortgage amount based on an underwriter's review of all of your financial information: credit report, pay stubs, bank statement, salary, assets, and obligations.

A mortgage amount that is within 5 percent of the highest loan - to - value (LTV) percentage allowed for a specific product.

EXAMPLE of Buying a fourplex with an FHA loan 3.5 % down up to $ 1,200,000 on 4 units (depends on county and state limits); $ 1.2 M purchase price = 3.5 % down (or $ 42,000) ** Primary Residence Loan Amount of $ 1,158,000 w / MIP 30 Yr Fixed Rate of 3.25 % with Payments of $ 5,040 / month Rental Income per month = $ 4,500 on other 3 units Mortgage Payment per month = $ 5,040 Effective P + I = $ 540 IMPORTANT: For FHA 3 - 4 unit financing, there is a self - sufficiency test the property must pass for a specific loan aAmount of $ 1,158,000 w / MIP 30 Yr Fixed Rate of 3.25 % with Payments of $ 5,040 / month Rental Income per month = $ 4,500 on other 3 units Mortgage Payment per month = $ 5,040 Effective P + I = $ 540 IMPORTANT: For FHA 3 - 4 unit financing, there is a self - sufficiency test the property must pass for a specific loan amountamount.

Mortgage Approval / Commitment Letter: A written notice from the mortgage lender (bank) to the borrower that approves a specific amount of mortgagMortgage Approval / Commitment Letter: A written notice from the mortgage lender (bank) to the borrower that approves a specific amount of mortgagmortgage lender (bank) to the borrower that approves a specific amount of mortgagemortgage funds.

When you get your mortgage, you are generally locked into a specific interest rate for a specific amount of time.

Whether a lender requires homeowners to pay for private mortgage insurance (PMI), the specific type of loan and your interest rate will all affect how much you will need to borrow and the amount of down payment that you will need to pay before purchasing the home.

A rate lock, also called a lock - in or rate commitment, is a lender's promise to issue a mortgage to you at a certain interest rate and number of points for a specific amount of time while your loan application is being processed.

Conventional Fixed Rate Mortgages are set for a certain amount of time at a specific interest rate.

1 - The lender can satisfy that mortgage for a specific amount of money.

If you are looking for a life insurance policy that will just cover you for a specific amount of time, such as when your children are young or while you are paying a mortgage, you may want to consider a term life policy over a permanent life policy.

Closed mortgages involve a strict repayment schedule of a specific amount with optional limited lump sum payments and payment increases.

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.

There are a number of ways in which you can make an FHA mortgage meet your specific needs, allowing you to get the house you've always wanted at a price you can afford to pay over the correct amount of time.

Lenders approve applicants for a specific amount of credit based on taking a percentage of their home's appraised value and subtracting the balance owed on the existing mortgage.

You might consider a traditional second mortgage loan instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home.

In many mortgages, the payment amounts are fixed, initially calculated so that given a set amount of time, at a specific interest rate, the loan's principal amount can be paid off on schedule.

They may even engage in more specific activities, such as using your identity to file for a fraudulent income tax return, or participate in a mortgage scheme that enables them to run off with large amounts of money after the closing.

Decreasing Term Life Insurance is aimed at covering a very specific type of expenses - your debts (usually a mortgage or other amortized loans) when the amount owed decreases from year to year.

Term life insurance covers you for a specific amount of time, such as 20 years, which might be sufficient to protect you while you pay off your mortgage.

Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest rate for a specific period of time.

The specific amount depends on several factors, including your age, the type of reverse mortgage you select, the value of your home, prevailing interest rates and FHA lending limits.

Funds required by some lenders to be retained in a borrower's bank account after loan closing in an amount equal to a specific number of monthly mortgage payments.

Amortization: repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years)

It provided examples to illustrate the difference between written information specific to the consumer, such as an estimated monthly payment for a mortgage loan based on the estimated loan amount and the consumer's estimated credit score, and non-individualized information such as a preprinted list of closing costs common in the consumer's area, or an advertisement as defined in § 1026.2 (a)(2).

Under section 5 (c) of RESPA, lenders must provide applicants for federally related mortgage loans with a good faith estimate of the amount or range of charges for specific settlement services the applicant is likely to incur in connection with the settlement of the loan.