Loan Commitment
A loan commitment is a formal written statement from a lender confirming its intent to provide financing under specific terms, subject to stated conditions. It
The latest news, tips, and tricks for homeowners
A loan commitment is a formal written statement from a lender confirming its intent to provide financing under specific terms, subject to stated conditions. It
A life cap is a limit on how much the interest rate of an adjustable-rate mortgage (ARM) can increase over the entire life of the
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
The housing expense ratio is a financial metric used by lenders to evaluate how much of a borrower’s gross monthly income is spent on housing
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.