No Documentation (No Employment, No Income, and No Assets Verification):

Information regarding income, employment, and assets are omitted from the mortgage application and are not verified.

No Income, No Assets (NINA)

The income and assets information on the application is omitted and are not verified. The applicant must show employment for the last two years.

Paper Trail

a series of documents providing written evidence of a sequence of events

Principal and Interest Payment (P & I)

A monthly principal and interest payment is a mortgage payment where the borrower has agreed to pay specific interest rate, term, and loan amount. You can estimate your monthly principal and interest payment using the page called calculator on this site. Just enter your expected loan amount, term, and interest rate. It will automatically calculate the monthly mortgage payment excluding real estate taxes and home owner’s...

Private Mortgage Insurance (PMI)

PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have greater access to homeownership. PMI makes it possible for the borrowers to buy a residential home with as little as 5 percent to 10 percent down payment. You can buy a home now without waiting years to save for a larger down payment. PMI also applies to homeowners who are interested in refinancing their existing loan with a loan amount over 80% of the current property value. The premium is an additional amount to be paid every month with the regular mortgage payment of principal, interest, taxes and insurance. Click here for more in-depth...

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