Price Gouging
Definition of "Price Gouging"
Charging unwary borrowers interest rates and/or fees that are excessive relative to what the same borrowers could have found had they shopped the market.
Popular Mortgage Terms
During the great depression of the 1930s, the government stepped in and came with an innovative loan to help the banking industry recover, thus putting the whole economy back on track. FHA ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
An agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrowers delinquency. ...
Total costs charged to the borrower that must be paid at closing, by the borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be divided into ...
An ARM on which the lender has the right to change the interest rate at any time, for any reason, by any amount, subject only to a requirement that the borrower be notified in advance. The ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
The dollar amount of interest paid each month. The interest payment is the same as interest due so long as the scheduled mortgage payment is equal to or greater than the interest due. ...
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
Often referred to as a “second mortgage”, a home equity loan is a type of loan where the borrower disposes to the lender its equity to the home as collateral. To ...
Comments for Price Gouging
Can they sell your mortgage to someone when ur husband is dying and keeps raising up mortgage?
Sep 08, 2020 18:45:45Hey, Marie! We are sorry to hear about your situation. Unfortunately, federal banks allow financial institutions to sell mortgages and service rights to other institutions without the consumer's consent. However, the terms and conditions of the contract don't change even if the loan is sold. This means that interest rate, payment amount, and loan type remain the same and the only thing that changes is the address you send the payments to.
Sep 16, 2020 03:53:49Have a question or comment?
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