Swing Loan
Definition of "Swing Loan"
Same as term Bridge Loan: A short-term loan, usually from a bank, that 'bridges' the period between the closing of a home purchase and the closing of a home sale. To qualify for a bridge loan, the borrower must have a contract to sell the existing house. This is the same as a 'swing loan.'
Popular Mortgage Terms
A payment made by the borrower over and above the scheduled mortgage payment. If the additional payment pays off the entire balance it is a prepayment in full; otherwise, it is a partial ...
A charge imposed by the lender if the borrower pays off the loan early. The charge is usually expressed as a percent of the loan balance at the time of prepayment or a specified number of ...
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers. ...
A reverse mortgage program administered by FHA. ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
A documentation requirement where the applicant's assets are not disclosed. ...
A fee that some lenders charge to accept an application. It may or may not cover other costs such as a property appraisal or credit report, and it may or may not be refundable if the lender ...
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
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