Shopping Site
Definition of "Shopping Site"
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders.
Popular Mortgage Terms
The policy of a second mortgage lender toward allowing a borrower to refinance the first mortgage while leaving the second in place. ...
Interest that is earned but not paid, adding to the amount owed. For example, if the monthly interest due on a loan is $600 and the borrower pays only $500, $100 is added to the amount owed ...
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. ...
The definition of interest is extremely important in today’s business environment where lending and borrowing money are the power stations of our economy. A widespread definition of ...
The period you must retain a mortgage in order for it to be profitable to pay points to reduce the rate. ...
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it becomes fully-amortizing. ...
Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage markets are of two general types. 'Whole ...
A mortgage lender that sells all the loans it originates in the secondary market. ...
A documentation rule where the borrower discloses assets and their source but the lender does not verify the amount. ...
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