Term
| mortgage ledning or real estate financing |
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Definition
| The process of borrowing funds to purchase real estate |
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Term
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Definition
| Determining a potential buyer's financial ability to borrow funds to purchase real estate |
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Term
| income-to-housing expense ratio |
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Definition
| Compares gross monthly income to estimate housing expense |
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Term
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Definition
| Includes monthly mortgage payment, real estate taxes, and insurance |
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Term
| borrower authorization or release |
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Definition
| Written permission to obtain confirmation of the information disclosed in the application |
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Term
| good faith estimate of closing costs |
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Definition
| statement of the costs required to be paid in conjunction with obtaining a loan |
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Term
| truth-in-lending disclosure |
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Definition
| A statement of the effective or annual percentage rate (APR) o the loan, talking into account the costs of the loan |
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Term
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Definition
| Loan specialists who match borrowers with lenders to find mortgages that meet their needs |
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Term
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Definition
| mortgage where the interst is set for the duration of the loan |
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Term
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Definition
| the loan is paid off with the required payments made over the life of the loan |
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Term
| adjustable-rate mortgage (ARM) |
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Definition
| Mortgage wehre the interest rate can be adjusted over the lifetime of the loan |
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Term
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Definition
| limit on the maximum increase of the interest rate |
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Term
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Definition
| Mortgage with a lump sum due after a specific period of time, but with regular payments based on a longer period of amoritzation purposes |
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Term
| graduated-payment mortgage (GPM) |
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Definition
| Mortgage with an initial low periodic payment that is below the required self-amoritizing payment |
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Term
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Definition
| Mortgage of the seller assumed by the buyer |
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Term
| seller's purchase-money mortgage |
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Definition
| Mortgage that is provided by the seller |
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Term
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Definition
| Mortgage where the homeowner received monthly payments from the lender but the loan does not have to be repiaid until the property is sold, the homeowner dies, or the owner no longer uses the home as hir or her primary residence |
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Term
| government backed mortgages |
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Definition
| Mortgages that are insured by a government agency, which guarantees repayment of hte loan |
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Term
| loan qualification process |
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Definition
| Process wherein the lender evaluates thebuyer's creditworthiness and the value of the real estate to determine whether to approve a loan |
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Term
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Definition
| determining the fair market value of real estate, independent of the prices set forth in the Agreement of Sale |
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