Mortgage Note
A mortgage note provides repayment terms and details about the agreement between a borrower and a lender.
mortgage terms
Condo Insurance
Condo insurance, also known as condominium insurance or HO-6 insurance, is a type of insurance policy designed specifically for condo owners. It provides coverage for the condo unit and personal property within it, as well as liability protection. The specifics of a condo insurance While condo owners may be required by their homeowners association (HOA) … Read more
Comparable Sales
When it comes to buying or selling a home, one of the most important factors that determines its value is comparable sales. In the mortgage industry, “comparable sale” or “comp” is a term used to describe a property that is similar to the one being appraised and has recently sold. Here’s what you need to … Read more
Collateral
Collateral is a key concept in mortgage lending When you apply for a mortgage, you’ll likely come across the term “collateral.” In the context of a mortgage, collateral refers to the property that you are purchasing with the loan. The lender uses the property as security for the loan, which means that if you default … Read more
Co Borrower
A co-borrower, also known as a co-applicant A co-borrower, also known as a co-applicant or joint applicant, is an individual who applies for a mortgage loan with another person, sharing the responsibility of repaying the loan. This type of arrangement is common among married couples, but can also apply to other types of relationships, such … Read more
Co Applicant
When it comes to obtaining a mortgage, having a co-applicant can be a helpful strategy for many borrowers. A co-applicant is essentially a second borrower who applies for the mortgage alongside the primary borrower. The co-applicant is equally responsible for repaying the loan, and their income, credit history, and other factors are taken into account … Read more
Closing Disclosure
When you’re buying a home and applying for a mortgage, there are many important documents you’ll need to understand. One of the most critical is the closing disclosure, which is provided to you before you close on your home. What is a Closing Disclosure? A closing disclosure is a document that provides important details about … Read more
Closing Costs
Closing Costs: What They Are and How They Affect Your Mortgage Closing costs are fees and expenses that borrowers pay when they close on a mortgage loan. These costs can vary depending on the type of loan, the lender, and the location of the property, but they typically range from 2% to 5% of the … Read more
Closing
Closing is an essential step in the process of obtaining a mortgage. It is the final stage where the transfer of ownership takes place, and the buyer gets the keys to their new home. It can be a complicated process, involving many steps and documents. In this article, we will explore what it means, the … Read more
Close of Escrow
Close of Escrow: When you’re buying a home, one of the most important steps in the process is the closing of escrow. This is the final stage of the home buying process, where all the funds are transferred and ownership of the property is transferred from the seller to the buyer. The term “close of … Read more