Define: junior lien Definition: A junior lien is a loan that is subordinate to a primary loan, such as a second or third mortgage.
Sep
15
Sep
15
Define: interest Definition: Interest is the fee charged for the use of money.
Sep
15
Define: high priced mortgage loan Definition: A high priced mortgage loan is a mortgage loan with an APR 1.5 percent high than the Average Prime Offer Rating for a first-lien mortgage or 3.5 percent for a subordinate mortgage.
Sep
15
Tiny Houses One of the newest trends sweeping the country is the tiny home movement. Tiny homes, typically under 500 square feet, focus on embracing the minimalist lifestyle as well as saving money, saving space, and decreasing harmful effects on the environment. Tiny houses are becoming the new way of living.... read more →
Sep
15
Define: high interest rates Definition: High interest rates are rates that exceed a specified threshold and require HOEPA disclosures.
Sep
15
Define: high cost mortgage loan Definition: A high cost mortgage loan is a mortgage loan where the APR exceeds the Average Prime Offer Rate (APOR) by 6.5 percent for a first-lien mortgage or 8.5 points for a subordinate lien loan, total lender and broker fees exceed 5 percent of the loan... read more →
Sep
15
Define: fully indexed rate Definition: The fully indexed rate is the interest rate calculated using the index value and margin at the time of an adjustable-rate mortgage consummation.
Sep
15
Define: fraud alert Definition: A fraud alert is a statement in the file of a consumer that notifies all prospective users of a consumer report relating to the consumer that they might be a victim of fraud, including identity theft.
Sep
15
Define: finance charge Definition: A finance charge is the total amount of interest and loan charges a borrower would pay over the life of a mortgage. These charges include origination charges, discount points, mortgage insurance, and lender fees.
Sep
15
Define: federal mortgage loan Definition: A federal mortgage loan is a mortgage loan the provides full or partial government reimbursement to approved lenders in case of borrower default.
Sep
15
Define: escrow account Definition: An escrow account (also known as an impound or reserve account) is an account that a mortgage servicer establishes on a borrower's behalf to pay taxes, insurance premiums, or other charges when they are due.
Sep
15
Define: entitlement Definition: Entitlement is the amount of money the VA promises to pay back the lender in case the borrower defaults.
Sep
15
Define: eminent domain Definition: An eminent domain is the condemnation of private property for public good.
Sep
15
Define: easement Definition: An easement is a right to the use of/access to land owned by another.
Sep
15
Define: disintermediation Definition: Disintermediation is the withdrawal of funds from savings accounts and into stocks, bonds, and real estate.
Sep
15
Define: discount points Definition: Discount points are a percentage of the loan amount paid to the lender to buy down the interest rate. Each point costs one percent of the loan amount.
Sep
15
Define: delinquent loan Definition: A delinquent loan happens when a mortgage payment in late.
Sep
15
Define: Constructive notice Definition: A constructive notice is a notice which is recorded in public records.
Sep
15
Define: creditor Definition: A creditor is any person or business who arranges for the extension, renewal, or continuation of credit.
Sep
15
Define: conveyance Definition: Conveyance is the act of transferring ownership interest in real property from one party to another. Additionally, conveyance refers to the written instrument, such as a deed or lease that transfers legal title of a property from a seller to a buyer.
Sep
15
Define: consumer credit Definition: Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases with credit cards, lines of credit, and some loans.
Sep
15
Define: borrower capacity Definition: Borrower capacity is the borrower's ability to make their mortgage payments on time. This depends on income and income stability, assets, and savings, and the amount left over of your income each month after housing costs, debts, and other obligations.
Sep
15
Define: Chattel Mortgage Definition: A chattel mortgage is a mortgage on a personal property.
Sep
15
Define: average prime offer rate Defintion: An average prime offer rate (APOR) is the annual percentage rate that is derived from average interest rates, points, and other loan pricing terms offered to consumers by a representative sample of creditors for mortgage transactions that have low-risk pricing characteristics.
Sep
15
Define: What is an assumable mortgage? Definition of assumable mortgage: An assumable mortgage is a mortgage loan that can be taken over by the buyer once a home is sold. An assumption of a mortgage is a transaction where the buyer of real property takes over the seller's existing mortgage. The seller... read more →
Sep
15
Define: What does a real estate appraiser do? Definition: An appraiser is the individual performing the appraisal. When the property is connected to a mortgage loan, the lender chooses the appraiser and the borrower pays the fees.
Sep
15
Define: Actual Notice Definition: An actual notice is a notice which is not recorded in public records.
Sep
15
An adjustable rate mortgage (ARM) is a type of mortgage loan where the interest fluctuates as market rates fluctuate. Your monthly payment changes with fluctuating interest rates depending on the housing market. There are many different types of adjustable rate mortgages. These include interest only payment, minimum payment, or 15,... read more →
Sep
14
What is a Septic Inspection? A septic inspection examines your home's septic system — a private, on-site waste disposal system that handles a home's sewage and wastewater output. A septic system might be shared between multiple homes, or it may only be linked to an individual home. The main purpose of... read more →
Sep
14
While you can legally refinance at any time, there may be some costly consequences to this decision. When considering refinancing, the more relevant question is how long “should” you wait before refinancing again. Only a few lenders are likely to approve refinancing if you have been in your current mortgage... read more →
Sep
13
In 1974, Congress passed the Equal Credit Opportunity Act, under President Gerald Ford. The Equal Credit Opportunity Act (ECOA) makes it illegal for creditors or lenders to discriminate against any applicant based on their: Race Ethnicity Religion Gender National origin Marital status Age This includes those who receive a portion... read more →
Sep
13
As children, we all dreamed of having our very own treehouse, and the lucky ones had their dreams fulfilled. As we got older this dream has waned for some, but many people haven't given up on it. Throughout the years, living in a tree-house has become a popular choice for... read more →
Sep
12
What is the Difference Between Mobile Homes and Modular Homes? Many people believe that mobile and modular homes are the same things, but this is not correct. There are a few key differences that set the two apart from each other. Mobile homes, otherwise known as trailer homes, are usually small and... read more →
Sep
11
House hunting is both an exciting and daunting task. Many home buyers are so excited with their final choice for a house that they immediately make an offer and fail to read and understand the full disclosure agreement. This is a mistake that can lead to more problems down the... read more →
Sep
11
Modern trends are always changing and evolving and have a great impact on home design. Today's generation is embracing what previous generations had left behind by bringing it back into their homes. Older, popular wallpaper patterns are coming back as pillows or accent rugs and color schemes are returning in... read more →
Sep
08
News provided by Garden State Home Loans, Inc. NMLS#473163 CHERRY HILL, New Jersey, September 8th, 2017 - Garden State Home Loans, Inc., a mortgage lender headquartered in New Jersey, obtained their mortgage license in Colorado following the Labor Day weekend. The acquisition of the new license is aimed at continuing... read more →
Sep
08
Did your mortgage application get denied? Before you count yourself out for mortgage eligibility, read up on the latest changes GSE Fannie Mae made to its mortgage eligibility requirements. Implemented in late July 2017, Fannie Mae's new guidelines widen the net of eligibility, so more applicants can receive financing. Not... read more →
Sep
07
A home appraisal is a report that assesses and estimates a home's true value. During the mortgage application process, the appraisal is used to determine the market value of the home so lenders can make an informed decision on whether or not the amounted of money requested by borrowers is... read more →
Sep
07
Unfortunately, hurricane season is inevitable. Here's a hurricane preparedness checklist to keep handy in the event a storm is headed in your direction. Hurricane Preparedness Checklist: Food and Water: Pack enough non-perishable food items for each person for 3-7 days. You may not have access to electricity so make sure... read more →
Sep
06
After two years of house hunting, Jay-Z and Beyoncé have finally found their dream home! A 30,000 square foot Bel Air mansion designed by Irish architect Paul McClean. It only cost the couple a whopping $88 million dollars. (Pocket change!) If it's a standard 30-year mortgage with 4% interest and... read more →
Sep
06
It's that time of year again, time to go back to school. Whether your move-in day is still approaching or you have already gotten settled, it's never too late for a dorm room makeover! You can put your new room together in a style that reflects your personality and makes you... read more →
Sep
01
Location is a major factor to consider when purchasing a home. Whether you're looking to buy your first home or just looking for a good investment, Philadelphia is an appealing area for any potential home buyers. The city offers a unique mix of both modern and historic atmospheres, which will... read more →
Aug
30
Many people desire to own a home not only to invest in a property, but also to create priceless memories with their loved ones. Purchasing a home can impart a great sense of ownership on a person, as a Spanish proverb states: "In my own house I am a king".... read more →
Aug
30
Breakdown of Home Inspection Costs Looking to buy a home? Already have one in mind? That's great! All you need to do now is get a home inspection! Use our home inspection checklist to help keep you on track. To do this, you'll have to contact a home inspector. Home... read more →
Aug
24
VA Loans are offered by the Department of Veteran's Affairs (VA) and are intended to help veterans, active service members, and the spouses of fallen soldiers receive financing on a home. These loans are backed by the VA, and the agency will step in to pay off your loan if... read more →