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Mortgage Glossary
When you take out a mortgage the appraisal is part of the package sent to underwriting at your lender. It doesn’t matter if the mortgage is to purchase your home or to refinance, you must have a recent appraisal in order for the lender to approve your home loan. Your home’s appraisal is an estimate [...]
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FHA mortgages are a type of government backed home loan. While FHA mortgage loans have been around for some time, the program was recently expanded to include FHASecure loan offerings to assist homeowners with adjustable rate mortgages that they can no longer afford. Here is the basic definition of FHA Mortgage Loans. FHA Mortgage Loans [...]
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The HUD-1 Settlement Statement is one of the most important loan documents you will encounter when taking out a mortgage loan. The information on your HUD-1 can make the difference between getting a good home loan and overpaying thousands of dollars. The HUD-1 Settlement Statement is defined as a loan document required by the Real [...]
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The term “conforming” means that a loan adheres the limits set by Fannie Mae and Freddie Mac. A Conforming Mortgage Loan is a conventional home loan that equals or is less than the government limits established by Fannie Mae and Freddie Mac. The current limit for a traditional mortgage loan is $417,000; however, in some [...]
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The Good Faith Estimate is an important and frequently misunderstood document you will encounter whenever applying for a mortgage loan. What is a Good Faith Estimate and what is it really good for? Good Faith Estimate (GFE) is a mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to [...]
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My name is Robert Regehr and I’m a personal finance blogger with a chip on my shoulder for banks and mortgage brokers that take advantage of my friends and neighbors.
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