Referral Site
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them.
Popular Mortgage Terms
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
A biweekly mortgage on which biweekly payments are applied to the balance every two weeks, rather than monthly, as on a conventional biweekly. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
The lender's risk that, between the time a lock commitment is given to the borrower and the time the loan is closed, interest rates will rise and the lender will take a loss on selling ...
An independent contractor who offers the loan products of multiple lenders, called wholesalers. Mortgage brokers do not lend. They counsel borrowers on any problems involved in qualifying ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
Housing expense plus current debt service payments. ...
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 ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
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