This is your go-to hub for everything you need to know about mortgage lending!
It’s been designed to give you the confidence to move forward with your home buying journey. Our goal is to help you achieve your home and financial dreams by providing clear, accessible education on lending.
Because we believe that informed decisions are the smartest ones for you and your family.
A fee related to the title insurance required by the lender. A public record search exam is done to insure that both you and the lender are aware of any liens or encumbrances that could affect the property. For our comparison purposes, an abstract exam fee is considered to be a third party fee and may be included in the title insurance fee by some lenders.
A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.
An organization that gathers, records, updates and stores financial and public records of individuals who have been granted credit and provides this information to lenders and other authorized users for a fee. The 3 major credit bureaus are Equifax, Experian and TransUnion.
A statistical number that evaluates a consumer’s creditworthiness and is based on credit history.
The percentage of a Borrowers monthly gross income that goes toward paying debts; including the new mortgage payment.
The amount of cash you pay toward the purchase of your home to make up the difference between the purchase price and your mortgage loan. Down payments often range between 3% and 20% of the sales price.
