Loan Commitment
A Loan Commitment is a formal written statement from a lender confirming its intention to provide a loan to a borrower under specified terms and
The latest news, tips, and tricks for homeowners
A Loan Commitment is a formal written statement from a lender confirming its intention to provide a loan to a borrower under specified terms and
A Life Cap is the maximum interest rate that an adjustable-rate loan may reach over the entire life of the loan, regardless of how market
A line of credit is a flexible borrowing arrangement that allows a borrower to access funds up to a set limit, repay some or all
A Housing Expense Ratio is a financial measure used to evaluate how much of a household’s gross monthly income is devoted to housing-related costs. In
A Hard Inquiry is a formal review of an individual’s credit report conducted by a lender or creditor when evaluating an application for new credit. This
Full Recourse is a loan arrangement in which the borrower is personally liable for repayment of the debt, even if the collateral securing the loan
A First Mortgage is a loan secured by real property that holds the highest priority claim against that property. It is the primary lien recorded
An Excellent Credit Score is a high credit rating that reflects a strong history of responsible borrowing and repayment. It signals to lenders, landlords, and
A Draw is a scheduled release of funds from a loan or financing arrangement, typically provided in stages rather than as a single lump sum.
A Delinquent Mortgage occurs when a borrower fails to make one or more required loan payments by the due date specified in the loan agreement.