Lock-Jumper
Definition of "Lock-Jumper"
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate.
Popular Mortgage Terms
A lender offering loans on the Internet who provides mortgage shoppers with the information they need to make an informed decision before applying for a mortgage and guarantees them ...
Compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually ...
A lender that provides loans through mortgage brokers or correspondents. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
Same as term Mortgage Company: A mortgage lender that sells all the loans it originates in the secondary market. ...
A documentation rule where the borrower discloses income and its source but the lender does not verify the amount. ...
The definition of credit risk is at the core of lending. Banks lend money to businesses and individuals and expect to recover the principal and win interest. Banks offer a variety of loans, ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
The assumption that the index value to which the interest rate on an ARM is tied follows the same pattern as in some prior historical period. In meeting their disclosure obligations in ...
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