It's when a homeowner is unable to make principal and/or interest payments on their mortgage. The lender, a bank or building society, can seize
[...]Foreclosure
- By Tanea Newton
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Mortgage Glossary
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Please click on the letter below to skip to the definition of the word you are looking for.
Refinance
- By Tanea Newton
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It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest
[...]Private Mortgage Insurance (PMI)
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On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private
[...]Appraisals
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An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage
[...]Closing Cost
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A closing cost is a payment required to finalize a home loan and is separate from a down-payment. Read about closing cost, their purpose, how you can pay them and more by clicking learn more [...]
Application Checklist
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Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information [...]
Credit
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Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or
