 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|||||||||||||||||||||||
|
ZERO DOWN |
|||||||||||||||||||||||
|
NO Closing Costs |
|||||||||||||||||||||||
|
Down Payment Assistance |
|||||||||||||||||||||||
|
Available to Qualified |
|||||||||||||||||||||||
|
Buyers |
|||||||||||||||||||||||
 |
|||||||||||||||||||||||
 |
|||||||||||||||||||||||
 |
 |
||||||||||||||||||||||
 |
||||||||
|
|
|
|
|
|
|
|
|
|
Payment cap. A provision of some ARMs limiting how much a borrower’s payments may increase regardless of how much the interest rate increases; can result in negative amortization. PITI. Stands for principal, interest, tax, and insurance - the components of a monthly mortgage payment. PMI. Private mortgage insurance. Points. A one-time charge by the lender to increase the yield of the loan; a point is one percent (1%) of the amount of the mortgage. Pre approval. A letter from a lender stating how much money the borrower can obtain. Prepayment penalty. A fee charged to a borrower who pays off a loan before it is due. Pre qualification. The process of determining how much money a prospective homebuyer will be eligible to borrow before a loan is applied for. Principal. The amount borrowed or remaining unpaid; also that part of the monthly payment that reduces the outstanding balance of a mortgage. Private mortgage insurance (PMI). Insurance provided by nongovernmental insurers that protects lenders against loss of a borrower defaults. Purchase and sale agreement. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. |
||||||||
|
[Home] [1. Contact a REALTOR] [2. Contact Loan Officer] [3. Find Your Home] [Do I Qualify?] [Reports] [Home Search] [REALTORS] [Lenders] [Calculators] [Glossary] [Contact Us] |
|
|
|
|
|
A service of Jerry Johnson, REMAX associates plus, inc. |
|||
|
Copyright© 2010 by JA Consulting, Inc. |
|||