Reverse Mortgage

A form of mortgage in which the lender makes scheduled periodic payment to the borrower using the borrower’s equity in the house as security for the loan with repayment deferred until the occurrence of certain events such as death or the selling of the home.

Seller Concession

AKA seller contribution and seller assist – The process where the seller agrees to pay towards the buyer’s closing cost at settlement. The seller concession is negotiated between the buyer and seller during the sale of a property. The percentage can range from 3% to 6% of the purchase price depending on the loan...

Stated Income Loans (Self Employed and/or Wage Earner)

Stated Income programs are mostly used by self employed people and wage earners who can’t verify income or choose not to disclose income. The income stated on the application must appear reasonable to the applicant's location, occupation, and length of experiences. Click here to read case...

Sweat Equity

Equity created by a purchaser performing work on a property being purchased.

TRID

TILA-RESPA Integrated Disclosure combination of certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X).  

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