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
Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret. ...
A plan purporting to protect FHA homebuyers against property defects. ...
Authorization by the lender for the borrower to pay taxes and insurance directly. This is in contrast to the standard procedure, where the lender adds a charge to the monthly mortgage ...
A lender who offers mortgage loans directly to the public. ...
Same as term Qualification: The process of determining whether a prospective borrower has the ability to repay a loan. ...
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers. ...
The highest rate possible under an ARM contract; same as 'lifetime cap.' It is often expressed as a specified number of percentage points above the initial interest rate. ...
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Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the ...
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