Sentences with phrase «to reimburse the lender»
"To reimburse the lender" means to pay back or compensate the person or institution that loaned you money. It involves returning the borrowed money, typically with interest or any agreed-upon fees. Full definition
The only catch is that if you close your account early — usually within the first 24 or 36 months — you'll have to reimburse the lender for those expenses.
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The idea is to use the money from a cash advance loan to stand in for your paycheck and then reimburse your lender once you get paid.
They can sell their home to repay the lender and collect any leftover proceeds, choose to reimburse the lender directly from a personal account, or refinance the loan.
If there is a future claim against the property's title, lender title insurance will reimburse the lender for any losses incurred.
Mortgage insurance reimburses the lender if you default on your home loan.
This insurance reimburses the lender for losses associated with mortgage default and foreclosure.
These additional policies reimburse the lender in the case of default.
If the borrower can't pay for some reason, USDA will reimburse the lender monies lost.
That policy reimburses the lender if you default on the mortgage.
Mortgage insurance also reimburses the lender or investor for losses incurred during a foreclosure.
The money used to reimburse the lender comes from taxpayer coffers.
The government reimburses the lender when borrowers default, or otherwise fail to pay back the loan.
If you have a deficiency in your account (where the lender has to use his own funds to pay a bill), you may have to reimburse the lender sooner than over 12 months.
So long as a lender ensures that a loan meets the agency's eligibility standards for veterans, the VA will issue its «VA Guaranty», a promise to reimburse lenders up to 25 % of the loan amount should the borrower stop making payments and cause a foreclosure.
You aren't required to start reimbursing your lenders right away, but your payments will be due before you know it.
HUD approved housing counseling and foreclosure avoidance programs: FHA loans are backed by the federal government, which means that FHA reimburses lenders for losses associated with mortgage default and foreclosure.
If refinancing makes it easier for you to make your monthly payments on time, then the FHA is off the hook for reimbursing your lender in the case of you defaulting on your mortgage.
This creates an alliance between mortgage industry lending and loan servicing expertise and more than $ 30 billion in reserves held by FHA for reimbursing lenders for foreclosed FHA loans.
What Mortgage Insurance Is For Mortgage insurance reimburses the lender if you default on your home loan.
If the borrower can't pay for some reason, USDA will reimburse the lender monies lost.
Mortgage insurance reimburses the lender if a borrower defaults on a loan.
The PMI is then used to reimburse the lender.
Mortgage insurance protects your lender in the event of mortgage default; FHA would reimburse your lender for losses caused by foreclosure.
The controversy stems from FHA's need to shore up its reserves after a wave of mortgage foreclosures drained the agency's fund for reimbursing lenders to well below its legally required minimum.
Actions taken now for reestablishing the mortgage insurance fund may prevent much larger headaches down the road if the mortgage insurance fund sustains losses greater than its ability to reimburse lenders.
The FHA reimburses lenders for a portion of incurred losses in the event that their FHA - insured loans default, or go to short sale or foreclosure.
Enforcing its lending requirements more rigorously helps FHA reduce the risk of mortgage foreclosures and prevents additional drain on FHA funds used for reimbursing lenders for losses connected with mortgage loan delinquencies.
Growing pains can be costly, as FHA learned when its cash reserves for reimbursing lenders for losses on defaulted loans tanked to levels well below the legal minimum.
This might occur if the remaining assets are more than sufficient to reimburse the lender should a default occur.
An agency within the Department of Housing and Urban Development, FHA insures mortgages, reimbursing lenders in the event of homeowner default.
This insurance reimburses the lender the full mortgage amount should a person default on the loan.
Second, it reimburses lenders for the possible income that they might have lost by the reason of not paying the expected payments at the due date.
This could mean you may be required to mitigate the risk through Private Mortgage Insurance (PMI), which is insurance that reimburses the lender if you default on your home loan.
If the loan balance exceeds the value of the home, FHA reimburses the lender for the difference when the estate sells the home.
This is actually an insurance policy that reimburses your lender if you default on the mortgage — but you pay the premium.
If you don't pay, FHA will reimburse the lender.
Popular government - backed loans include Federal Housing Administration loans, which come with a HUD guarantee that reimburses the lender if you default.
FHA Commissioner David Stevens asserts that the FHA fund for reimbursing lenders is solvent and expected to remain so.
FHA guidelines encourage mortgage lenders to work with distressed homeowners to prevent foreclosure, but when mortgage lenders incur losses related to defaulted FHA loans, FHA reimburses lenders from funds generated by payment of FHA mortgage insurance premiums by FHA borrowers.
FHA mortgages are backed by the US government so that if you were to not pay the mortgage, the FHA would reimburse the lender.
The lender is forgiving the debt, but the PMI company wants what they have to reimburse the lender for.
This means the VA will reimburse the lender for any losses that may result from borrower default.
First of all, let's review what an FHA mortgage is — FHA is the Federal Housing Administration, which was created to insure mortgages and collect fees from borrowers to reimburse lenders in case of a default.
The Federal Housing Finance Agency, which has authority over Freddie Mac and Fannie Mae, is keeping an eye on lender - funded down payment discounts, particularly when borrowers are charged higher interest rates or additional fees in order to reimburse the lender's participation.