Equal Housing Lender

The terms equal housing and equal opportunity lender are synonymous and refer to all banks insured by the Federal Deposit Insurance Corporation in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. They are required, in all advertisements of home loan related services, to explicitly use one of these two terms in describing themselves, or to use one of several approved logos.

This rule was introduced in the Fair Housing Amendments Act of 1988 which amended the Fair Housing Act of 1968.
The finance glossary defines terms used within or relevant to equityatlas.com and is not intended as a comprehensive resource for all defined terms in the finance industry.

Finance Glossary Index

  • Absentee Shareholders are the most common type of "owner" in market-based capitalism. They can be characterized as persons who own shares (stock) in a particular company but play no part in the management of that company. They hold merely a financial interest.
  • A mortgage that does not have a fixed interest rate. The lender periodically adjusts the interest rate based on a pre-selected index which tracks changes in the finance market, such as the Treasury index or LIBOR index. Learn more...
  • The time between scheduled interest rate and/or monthly payment changes for an Adjustable Rate Mortgage. Learn more...
  • A written declaration of facts sworn before an officer authorized to administer oaths, such as a notary or officer of the court.
  • Pronounced a-mor-teh-zay-schun, this awkward term is synonymous with how quickly a borrower pays off their principal (or the sum they actually borrowed, regardless of interest).  Learn more...
  • An increase in principal that occurs when the monthly payments do not cover all of the interest cost. The result may be that a borrower owes more than was owed at the beginning of the loan. Learn more...
  • A schedule depicting how the principal portion of the mortgage payment increases and the interest portion of the mortgage payment decreases. Learn more...
  • The term annual percentage rate of charge (APR) describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a credit card payment, for example. Learn more...
  • The fee that a mortgage lender charges to apply for a mortgage to cover processing costs. Learn more...
  • An estimate of property value, performed by a qualified professional called an appraiser.  Learn more...
  • The increase in the market value of a home due to changing market conditions and/or home improvements.
  • An agreement between buyer and seller in which the buyer takes over the payments on an existing mortgage from the seller. Learn more...
  • The portion of a person’s monthly income allocated to pay off existing debt. Learn more...
  • A legal declaration of inability to pay and subsequent reorganization or discharge of existing debt. Learn more...
  • When a bankruptcy proceeding is terminated without being completed, a Bankruptcy Dismissal document will be needed to procure a loan. Learn more...
  • An individual in the business of assisting in arranging funding or negotiating contracts for a client (homebuyer), but who does not actually loan money. Learn more...
  • A mortgage loan in which one party, usually the buyer or builder, pays an initial lump sum in order to reduce the interest rate, thereby reducing the monthly payments.
  • The highest interest rate that an adjustable rate mortgage may reach. It can be expressed as the actual rate or as the amount of change allowed above the start rate. Learn more...
  • A borrower's ability to make mortgage payments on time. This depends on income and income stability (job history and security), assets and savings, and the amount of income left each month after paying housing costs, debts and other obligations.
  • Any funds disbursed directly to the borrower at the time of a loan's closing.
  • A certificate issued by local government to a builder, stating that the building is in proper condition to be occupied.
  • The time at which all loan conditions are met. The loan originator then schedules an appointment for all parties to sign the final documents.
  • The completion date of the real estate transaction between buyer and seller. On this date, the buyer and seller sign the final mortgage documents, the closing costs are paid, and the property legally passes from seller to buyer. Learn more...
  • The person who coordinates closing-related activities, such as recording the closing documents and disbursing funds.
  • The costs needed to complete a real estate transaction or facilitate the granting of credit. Learn more...
  • A person that signs a credit application along with the purchaser, agreeing to be equally responsible for the repayment of the loan.
  • Property used as security for a debt. In the case of a mortgage, the house and property are the collateral.
  • The efforts a mortgage company makes to collect past due payments.
  • An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.
  • A letter from the lender stating the amount of the mortgage, the term and interest rate of the mortgage, the loan origination fee, the annual percentage rate, and the monthly service charges.
  • Community equity, in addition to the sum total of assets and wealth held within a community, is an unspoken bond shared within a neighborhood to invest in their local economy. Learn more...
  • In some states, all property acquired by a husband and wife is owned jointly, even if originally acquired in the name of only one of the partners.
  • A recently-sold property with the same basic characteristics as the property being evaluated.
  • Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. Learn more...
  • Something given up or agreed to by the seller in negotiating the sale of a house. For example, the seller may agree to help pay for closing costs.
  • A property where the land and common areas are owned jointly by group, and the individual owns the particular unit occupied. Learn more...
  • A short-term, interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses.
  • Credit owed by an individual, not secured by real estate.
  • A protection plan for some unlikely occurrence. For example, a home purchase contract may be contingent on the home passing inspection or on successfully obtaining a mortgage loan. Learn more...
  • A mortgage not guaranteed or insured by an agency of the federal government, such as the FHA (Federal Housing Administration), the VA (Veteran's Affairs), or the FmHA (Farmers Home Administration).
  • A provision in some ARMs, that allows changing the ARM to a fixed-rate loan at some point during the loan term. A conversion fee may be charged.
  • The transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. See reconveyance.
  • Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation. Learn more...
  • A renegotiated offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer for a sale price somewhere between the buyer’s offer and the original asking price.
  • An arrangement in which one party supplies monetary or other resources to a second party who then repays the supplier over time.
  • A company that compiles creditworthiness information about consumers seeking credit. These companies sell that information to lenders in the form of a credit report. Learn more...
  • A request for a copy of the credit report. An inquiry occurs every time a credit application is filled out and/or more credit is requested. Many inquiries on a credit report can hurt the credit score.
  • A document used by the credit industry to examine and individual’s credit history. It provides information on money borrowed from credit institutions and payment history.
  • The score given to an individual by a credit bureau to quantify creditworthiness. The credit score summarizes an individual’s credit profile and predicts the likelihood of debt repayment. Learn more...
  • The ability to qualify for credit and repay debts.
  • Money owed from one person or institution to another person or institution.
  • A legal document under which ownership of a property is conveyed.
  • A legal document in which the borrower transfers the title to a 3rd party, the trustee, to hold as security for the lender. Learn more...
  • A borrower is in default when they fail to meet the terms of their loan agreement, generally based on failure to make timely payments.
  • Mortgage payments that are postponed as part of a workout process to avoid foreclosure.
  • The difference between the sale amount of a foreclosed home and the remaining mortgage balance. Learn more...
  • Failure to make a payment when it is due. A loan is generally considered delinquent when a payment is 30 or more days past due. Learn more...
  • An independent agency of the federal government which guarantees long-term, low- or no-down payment mortgages to eligible veterans.
  • Decline in the value of a house due to changing market conditions or lack of upkeep on a home.
  • A letter written by the borrower giving an explanation for any derogatory credit.
  • Following a completed bankruptcy proceeding, discharged debts are no longer owed or collectable. Learn more...
  • Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g., two points on a $100,000 mortgage would cost $2,000).
  • A portion of the price of a home, paid up front and not borrowed. This allows the borrower to lower their total loan amount and save money over the repayment process.  Learn more...
  • A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the entire balance of the mortgage if the mortgage holder sells the home.
  • A deposit made by a prospective buyer to demonstrate the buyer's commitment to complete the transaction. Learn more...
  • An interest in the real property of another that entitles the holder to a specific limited use or privilege, such as the right to cross the property. An easement does not have a time limit.
  • An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value.
  • A United States law, enacted in 1974, that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.
  • The terms equal housing lender and equal opportunity lender are synonymous and refer to all banks insured by the FDIC in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. Learn more...
  • Equity is the amount of an asset one technically owns. In terms of home equity it means is the difference between the home's market value and the outstanding balance of the mortgage loan. Learn more...
  • An arrangement in which a third party to a transaction holds funds, carries out instructions from both the buyer and seller, and handles the paperwork of settlement or closing the transaction. Learn more...
  • A periodic review of escrow accounts to make sure that there are sufficient funds to make the required payments when they are due.
  • Permission for a borrower to pay their own property taxes and homeowner’s insurance. Escrow waivers are rarely granted with less than a 20% equity position (<80 LTV).
  • A division of the Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. Learn more...
  • A corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA. Learn more...
  • An estate in land; a freehold ownership. The most common form of ownership in common law countries and the highest possible ownership interest in real property. Learn more...
  • A loan insured by the Federal Housing Administration (FHA), open to all qualified home purchasers.  Learn more...
  • A policy that protects FHA against losses which can occur when a borrower defaults on a mortgage loan. Mortgage insurance is required for all FHA loans regardless of the amount of the down payment. Learn more...
  • A one-time fee charged by FHA to offset the costs associated with implementation of the FHA loan program.  Learn more...
  • A "first time home buyer" or "first time home owner" is an industry term used as a qualification for some home loans. It simply means that the borrower has never before purchased a home, regardless if they had taken a loan or purchased it outright. Learn more...
  • The most common type of loan option in which the interest rate does not vary. The traditional fixed-rate mortgage includes monthly principal and interest payments that remain constant for the life of the loan.
  • A mandatory insurance for some homeowners whose property lies in a designated flood zone.
  • An agreement to temporarily suspend or reduce monthly mortgage payments for a specific period of time.  Learn more...
  • The legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. Learn more...
  • The process in which a mortgage company works with the homeowner to find a permanent solution to resolve an existing or impending loan delinquency.
  • Ownership without any legal encumbrances; the property is completely paid for and has no liens attached.
  • A reduction in property value due to the design or material being less functional than the norm or in relation to its original functionality.
  • A letter from a family member verifying that s/he has given you a certain amount of money as a gift repayment is not required. Learn more...
  • Provided by a lender or broker to a borrower, the GFE is a written statement from the lender itemizing the approximate costs and fees for a potential mortgage. Learn more...
  • Provides sources of funds for residential mortgages, insured or guaranteed by FHA or VA.
  • The most common form of title transfer deed. A Grant Deed contains warranties against prior conveyances or encumbrances.
  • The Great Recession is a term used to describe the general economic decline observed in world markets around the end of the first decade of the 21st century. Learn more...
  • The total amount the borrower earns per month, before any taxes, expenses, or other amounts are deducted. Learn more...
  • A contractual promise by a third party to pay a debt or perform an obligation if the original party fails to pay or perform according to the terms of the contract.
  • The reason a homeowner is having trouble making their mortgage payments. Hardships can include job loss, medical emergency or illness, and divorce, among other things. Learn more...
  • A form of homeowner's insurance in which the insurance company protects the insured from specified losses, such as fire or windstorm. Learn more...
  • Home Affordable Foreclosure Alternatives Program (HAFA) is part of the government’s Making Home Affordable Program, providing foreclosure alternatives for homeowners who can no longer afford their mortgage payments.  Learn more...
  • A method of borrowing money against the equity or other assets in the home to pay for things such as home repairs, college education, or other personal uses.
  • A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation, and potential pest infestation.
  • Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance. Learn more...
  • A policy that protects the homeowner and the lender from loss due to fire, lightning damage, windstorm or hail damage, freezing of the plumbing system, and theft; a liability, such as injury to a visitor in the home; or damage to personal property, such as furniture, clothes, or appliances.
  • The dwelling house and adjoining land where a family resides. The federal government and some states grant statutory exemptions, protecting homestead property. Learn more...
  • The percentage of gross monthly income that goes toward paying housing expenses.
  • A final listing of the costs of a mortgage transaction. It provides the sales price and down payment, as well as the total settlement costs required from the buyer and seller.
  • That portion of a borrower's monthly payments held by the lender or servicer to pay for property taxes, homeowner’s insurance, mortgage insurance, lease payments, and other items as they become due. Learn more...
  • A published financial indicator that rises and falls, based primarily on economic fluctuations. It is used to calculate the change in interest rate for an Adjustable Rate Mortgage. Learn more...
  • A tax-deferred savings plan that can help build a retirement nest egg.
  • An increase in the amount of dollars in circulation relative to the available goods and services. The relative value of a dollar is diminished in this economic state.
  • The percentage rate of interest during the initial period of the loan, which is sometimes lower than the note rate. Learn more...
  • A form of interest calculation where the loan is charged at a daily or monthly rate (1/365 or 1/12 of the annual interest rate) on the current outstanding balance.
  • Interest is the cost paid to borrow money. It is the 'extra' payment made to a lender in exchange for the money loaned. The rate, or "interest rate" is usually expressed as a percentage of the amount of money borrowed.  Learn more...
  • A limit placed on the up-and-down movement of the interest rate, specified as period adjustment and lifetime adjustment. Learn more...
  • A mortgage where the homeowner pays only the interest on the loan for a specified amount of time.
  • A property not used as the primary residence, purchased by an investor in order to generate income, gain profit from reselling, or to gain tax benefits.
  • A form of holding title in which one or more co-owners have undivided interest in the property with a right of survivorship. Learn more...
  • A loan which is larger than the limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, currently $417,000. Learn more...
  • A claim upon a piece of property securing payment or satisfaction of a debt or obligation.
  • A written agreement between a borrower and mortgage company that permanently changes one or more of the original terms of the loan in order to make the payments more affordable.
  • Fees paid to a mortgage lender for processing the mortgage application, usually in the form of points. One point equals 1% of the mortgage amount. Learn more...
  • The risk category assigned to a loan, which estimates the probable risk of delinquency and loss in the future.
  • The period from the time that a loan is made until it is fully paid. Learn more...
  • LTV (Loan-to-Value) is frequently used by mortgage companies when qualifying borrowers for a mortgage. The higher the LTV, the less cash is required as a down payment. Learn more...
  • A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time. Learn more...
  • London Interbank Offered Rate is one of the published indexes. It denotes the average rate of interest London banks charge each other.
  • A process in which the homeowner and the mortgage company work together to determine an appropriate solution to bring the mortgage current and avoid foreclosure.
  • A feature of some mortgages, usually fixed-rate mortgages, that allows the purchase of a home with as little as a 3% down payment.
  • The number of percentage points the lender adds to the index rate to establish the ARM interest rate at each adjustment.
  • The highest price a buyer would pay and/or the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time. Learn more...
  • The Mortgage Banker Association has issued general ethical guidelines titled, "Borrower's Bill of Rights". These were designed as non-binding general "guidelines" for the mortgage industry. Learn more...
  • A legal document that pledges property to the mortgage company as security for the repayment of the loan. The term is also used to refer to the loan itself. Learn more...
  • Insurance that protects the lender against losses caused by a homeowner's default on a mortgage loan. Mortgage insurance typically is required if the homeowner's down payment is less than 20% of the purchase price.
  • The lender providing funds for a mortgage. Lenders may also manage the credit and financial information review, the property appraisal, and the entire loan process, from application through closing. Learn more...
  • The cost or interest rate paid to borrow money to buy a home.
  • A fund that pools the money of its investors to buy a variety of securities.
  • The gross income minus federal income tax. The amount received in a paycheck.
  • A statements in a mortgage contract forbidding the transfer of the mortgage to another borrower without the prior approval of the lender.
  • A property not used as a residence by the owner of the property. The term may be used to designate a 2nd home, vacation property, or one that is occupied by a tenant or renter.
  • One who is authorized by a state or the federal government to administer oaths and attest to the authenticity of signatures on various documents.
  • The actual interest rate charged for a particular loan program. Learn more...
  • Any debt or recurring payment the borrower is obligated to pay, such as auto loan or credit card payments, except for mortgage payments.
  • With the traditional one year adjustable rate mortgage (ARM) loan, the interest rate is subject to change once each year. This is an index of that calculation.  Learn more...
  • The fee charged by a lender to originate a loan. It covers the preparation of loan documents, making credit checks, verification of income, and sometimes inspecting and appraising a property. Learn more...
  • Designation given to property used as the owner's residence.
  • A title insurance policy that protects the buyer against problems with the title.
  • Planned Unit Development: A zoning classification that allows flexibility in the design of a subdivision. It frequently allows clustering of houses in order to provide common, open spaces.
  • Fees paid to lenders. A point is equal to one percent of the principal amount of a mortgage. Points may also be sub-classified as discount or origination points. Learn more...
  • A written document authorizing one person to act on behalf of another person. Powers of attorney can be general or limited to specific areas/acts.
  • Pre-approval is given when a borrower has actually begun the application process and an underwriter approves their income, funds and credit. The pre-approval may contain conditions or limitations.
  • A letter from a mortgage lender indicating a prospective buyer's qualification for a mortgage of a specific amount. It also demonstrates to the seller a buyer's serious intent to purchase.
  • A letter from a mortgage lender that states an individual is pre-qualified to buy a home, but does not commit the lender to a particular mortgage amount.
  • A buyer has discussed their financial situation with a loan expert, but no attempt has been made to verify the validity of any of the borrower’s information. Learn more...
  • Abusive lending practices that include making mortgage loans to individuals who do not have sufficient income to repay them, repeatedly refinancing loans in order to charge high points and fees, and "packing" credit insurance onto a loan.
  • The title report generated at the beginning of the application process. A PRELIM shows the mortgage company what liens are on the property and gives advice as to what will need to be done to gain clear title prior to recording the trust deed.
  • The portion of interest, collected at loan closing, which covers the time period between funding and the beginning of the first 30-day period covered by the first monthly payment. Learn more...
  • Expenses necessary to create an escrow account or to adjust the seller's existing escrow account. Prepaids can include taxes, hazard insurance, private mortgage insurance, and special assessments.
  • Full or partial payment of the principal before the due date.
  • Money charged for an early repayment of debt in order to compensate the lender for loss of anticipated interest. Learn more...
  • The prime rate is the rate banks charge their most credit-worthy customers for loans. Learn more...
  • The amount of debt, not counting interest, remaining on a loan. Learn more...
  • This refers to the principal and interest portions of the monthly mortgage payment.
  • Principal residence refers to the primary home where a person lives; the main address used on a driver’s license, for voting, and for income taxes. Learn more...
  • Principal, interest, taxes and insurance: The complete monthly cost, or monthly payment, associated with financing a property.
  • A statement of a business's gross income minus cost of goods, operating costs, etc. to determine the net profit or loss of the business.
  • A document which contains the express promise of the borrower to repay the money loaned. It also designates the parameters of the loan and legally obligates the borrower to pay back the debt.
  • A property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located. Learn more...
  • The agreement between the buyer and seller of a property containing the purchase price and contingencies of the sale.
  • A deed operating as a release intending to pass any title, interest, or claim the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.
  • A toxic gas potentially found in the soil beneath a house that can contribute to cancer and other illnesses. Learn more...
  • The limit on the amount an interest rate on an ARM can increase or decrease during an adjustment period.
  • A borrower assumes the market risk on an interest rate in the hope that it will go lower prior to closing.
  • A contract that shows both buyer and seller of the house have agreed to the buyer's offer. Learn more...
  • A designation of how a buyer's housing expenses and debt picture relates to their income.
  • Re-qualification is when the lending institution requests a more current profile of one's financial situation. This can be required when there is a significant amount of time passing between short-term and longer-term loans, such as with many construction loans.  Learn more...
  • An individual who provides services in buying and selling homes. The real estate professional is generally paid a percentage of the home sale price by the seller. Unless specifically contracted as a buyer's agent, the real estate professional represents the interest of the seller. Learn more...
  • Real Estate Settlement Procedures Act (RESPA) is a federal law instated in 2011 requiring specific protections for borrowers and the mortgage application process. Learn more...
  • When a mortgage is paid off in full, the lender conveys the property back to the owner.
  • Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
  • Paying off one loan by obtaining another. Refinancing is generally done to secure better loan terms (like a lower interest rate).
  • The process of paying off an existing mortgage by taking out a new mortgage. Learn more...
  • A reinstatement occurs when a mortgage company is paid the total amount in arrears in a lump sum by a specific date in order to bring the loan current. Learn more...
  • A homeowner's agreement to pay down past-due amounts on a mortgage over a specified time period while still making regular monthly payments.
  • Verification given by the beneficiary to the trustee that the conditions of the lien have been fulfilled and a request that the lien be canceled.
  • The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract once it is signed if the transaction uses equity in the home as security, in some cases.
  • A form of mortgage in which the lender makes periodic payments to the borrower, using the borrower's equity in the home as security
  • A mortgage that is entered into after the primary loan. It is called a second due to its being in second lien position, subordinate to the first mortgage. See also Secondary Financing.
  • Financing obtained, subordinate to the first mortgage, to facilitate closing the first mortgage. Also known as a "piggyback" loan.
  • A financial form that shows the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond).
  • The steps and operations a lender performs after origination to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections, and the like.
  • A mortgage in which a borrower receives a below-market interest rate in return for which a lender, or another investor, receives a portion of the future appreciation in the value of the property. Learn more...
  • If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale.
  • The process in which a mortgage company works with a delinquent homeowner to sell the house in order to avoid a foreclosure sale. The sale price is less than what is owed on the mortgage.
  • Simple interest is calculated only on the principal amount, or on that portion of the principal amount that remains.
  • Soft Cost is a construction industry term but more specifically a contractor accounting term for an expense item that is not considered direct construction cost. Learn more...
  • A confidential form filled out by buyer or seller to help a title company determine if any liens are recorded against either. Learn more...
  • An agreement by which a lien holder accepts a lien position junior to that of a later-recorded lien. Subordinations may apply not only to mortgages, but also to leases, real estate rights, and any other types of debt interests.
  • A document that is recorded to change the trustee named in a deed of trust.
  • A bond or promise to pay which insures against harm to a party (usually the lender or owner) by a lien still attached to the property. Learn more...
  • A measurement of land prepared by a registered land surveyor showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any building.
  • A percentage interest in a property by two or more individuals, without rights of survivorship.
  • A short-term mortgage in which the monthly payment is calculated as for a 30-year mortgage. Rather than continuing the payments for 30 years, however, payments are made for a shorter term, and the balance is due at the end of that term. Learn more...
  • A document that gives evidence of an individual's ownership of property.
  • Insurance that protects lenders and homeowners against legal problems with the title.
  • Federal law that requires disclosure of a truth-in-lending statement for consumer loans. The statement includes a summary of the total cost of credit, such as the APR and other specifics of the loan. Learn more...
  • The process of analyzing a loan application to determine the amount of risk involved in making the loan. It includes a review of the potential borrower's credit history and an evaluation of the property.
  • A standard loan application form used to establish a profile of the borrower and to record relevant financial information about an applicant for a conventional one- to four-family mortgage. Learn more...
  • A premium of up to 2 percent paid on a VA-backed loan, depending on the size of the down payment.  Learn more...
  • A document signed by the borrower's financial institution verifying the status and balance of his/her financial accounts.
  • A document signed by the borrower's employer verifying his/her position and salary.
  • A deed instrument in which the borrower conveys all interest in real property to the lender in order to satisfy a debt which is in default. Learn more...
  • An arrangement in which an existing, assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. Learn more...
  • The division of a city or county into areas, or zones, specifying the uses allowable for the real property in these areas.