The Last Update column on a quotes results table tells
you when the information was last provided by the lender
to our site. We always place new listings at the top of
each table so that you, the borrower, may have immediate
access to the most timely information. Times provided
are all Eastern Standard Time.
A written agreement between a property owner and a tenant
that stipulates the payment and conditions under which
the tenant may possess the real estate for a specified
period of time.
An estate for a fixed length of time, established when
a landlord gives up possession of real estate to a tenant,
giving the tenant an equitable interest in the property,
as defined by lease terms.
A rental agreement indicating a tenant's option to purchase
a property. Monthly payments consists not only of rent,
but an overage that can be applied towards a down payment
on an already established amount.
The bank, mortgage company, or mortgage broker offering
the loan. Many institutions only "originate" loans and
then resell the obligation to third parties.
Using someone else's money for the purchase of property.
Insurance that protects property owners against claims
that alleges negligence or inappropriate action that resulted
in bodily injury or property damage to another party.
The London Interbank Offered Rate Index (LIBOR) is an
average of the interest rates that major international
banks charge each other to borrow U.S. dollars in the
London money market. Like the U.S. treasury the CD indexes,
LIBOR tends to move and adjust quite rapidly to changes
in interest rates.
A legal claim by one party against the property of another
as security for a debt. Must be paid off when property
is sold. A mortgage or a first trust deed is a lien.
of Loan Cap -
The maximum interest rate that can be charged during the
life of the loan. Also called Lifetime Cap. This value
is often expressed as an increment above the initial loan
rate. For example, an adjustable rate loan with an initial
rate of 7.25% and a 6% lifetime cap will never adjust
above a rate of 13.25% (7.25+6.0).
The principal, or amount of total borrowed money, that
is repaid with interest.
The amount of money that you intend on borrowing from
a financial institution for the purchase of your home.
Subtracting the down payment from the purchase price of
the home will provide you with the loan amount.
An intermediary between lending institutions and borrowers,
loan officers solicit loans, represent creditors to borrowers,
and represent borrowers to creditors.
What the process of obtaining new loans is called.
A service performed by a lender to protect a mortgage
investment, including collecting monthly payments from
borrowers and dealing with delinquencies.
Ratio - -
The relationship between the amount of the mortgage loan
and the appraised value of the property expressed as a
percentage. A LTV ratio of 90 means that a borrower is
borrowing 90% of the value of the property and paying
10% as a down payment. For purchases, the value of the
property is assumed to be the purchase price, for refinances
the value is determined by an appraisal.
The period, expressed in days, during which a lender will
guarantee a rate. Some lenders will lock rates at the
time of application while others will allow the borrower
to lock the rate after the application is taken. Request
information from your lender regarding lock procedures.
The act of committing to a mortgage rate. This action,
taken by a borrower some time between the application
and the closing dates, is sometimes accompanied by a payment
by the borrower to the lender.
Clause in a loan agreement that states that the borrower
cannot repay a loan prior to a specified date.