Market Niche
A particular combination of loan, borrower, property, and transaction characteristics that lenders use in setting prices and underwriting requirements.
Popular Mortgage Terms
The definition of affordability in real estate is simply a buyer’s capacity to afford a house. Affordability is usually expressed in terms of the maximum amount a buyer will be able ...
The portion of the monthly payment that is used to reduce the loan balance. ...
A documentation requirement where the applicant's assets are not disclosed. ...
A letter from a lender verifying that the price and other terms of a loan have been locked. Borrowers who lock through a mortgage broker should always demand to see the lock commitment ...
A particular combination of loan, borrower, property, and transaction characteristics that lenders use in setting prices and underwriting requirements. ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
A borrower who does not meet the underwriting requirements of mainstream lenders. Sub-prime borrowers pay more than prime borrowers and are sometimes taken advantage of. ...
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