Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
M
Margin: an amount the lender adds to an index to
determine the interest rate on an adjustable rate mortgage.
Market Value: highest price that a buyer would pay and the lowest
price a seller would accept on a property. Market value may be
different from the price a property could actually be sold for at a
given time.
Mortgage: a lien on the property that secures the Promise to repay a
loan.
Mortgage banker: a company that originates loans and resells them to
secondary mortgage lenders like Fannie Mae or Freddie Mac.
Mortgage broker: a firm that originates and processes loans for a
number of lenders.
Mortgage Insurance: a policy that protects lenders against some or
most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage
insurance is required primarily for borrowers with a down payment of
less than 20% of the home's purchase price. See Private Mortgage
Insurance or FHA Mortgage Insurance.
Mortgagee: lender.
Mortgagor: borrower or homeowner.
Mortgage insurance premium (MIP): a monthly payment -usually part of
the mortgage payment - paid by a borrower for mortgage insurance.
Mortgage modification: a loss mitigation option that allows a borrower
to refinance and/or extend the term of the mortgage loan and thus
reduce the monthly payments.
Equal
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