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
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A very large increase in the payment on an ARM that may surprise the borrower. The term is also used to refer to a large difference between the rent being paid by a first-time home buyer ...
A reverse mortgage program administered by FHA. ...
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The period over which the interest due the lender is calculated. The interest accrual period may or may not correspond to the payment period. On the annual accrual mortgages in the UK, ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
The minimum allowable ratio of down payment to sale price on any loan program. If the minimum is 10%, for example, it means that you must make a down payment of at least $10,000 on a ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
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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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