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
N
Negative Amortization: when your monthly payments
are not large enough to pay all the interest due on the loan. This
unpaid interest is added to the unpaid balance of the loan. The danger
of negative amortization is that the homebuyer ends up owing more than
the original amount of the loan.
Net Effective Income: borrower's gross income minus federal income
tax.
Non-Assumption Clause: statement in a mortgage contract forbidding the
assumption of the mortgage without the prior approval of the lender.
Equal
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