Credit/Credito
Companies that gather information abut consumers who use credit and sell to anyone with legitimate business purposes.
What are Credit Reporting Agencies?
A mortgage in which the interest rate does not change during the entire term of the loan.
What is a Fixed-rate Loan?
A condition put in an offer to buy a home.
What is a Contingency?
Protects lenders and homeowners against property loss dur to problems with past ownership.
What is Title Insurance?
Costs the buyer must pay at the time of settlement in addition to the down payment.
What are Closing Costs?
An individual's credit history that is used by a lender to determine an applicant's credit worthiness.
What is a Credit Report?
A type of mortgage not insured by the federal government.
What is a Conventional Loan?
Funds submitted with an offer to show good faith to follow through with the purchase.
What is earnest money?
Two ways homeowners might get discounts on their homeowners insurance premium that start with S.
What are Smoke Detectors and Security Systems?
A fee equal to 1 percent of the principal amount being borrowed.
What is a POINT?
An account with a fixed amount of credit that requires equal payments over a specific period of time.
What is Installment?
A type of mortgage in which the interest rate changes periodically, up or down, usually twice a year.
What is an Adjustable-rate Mortgage?
A professional opinion of the market value of the property.
What is an Appraisal?
A policy written to protect the lender against default by the homeowner.
What is Mortgage Insurance?
A fee charged by the lender to cover administrative costs for evaluating, preparing and submit a proposed mortgage loan.
What is Origination Fee?
The length of time most public records remain in your credit report.
What is Seven Years?
A type of seller financing where legal ownership does not transfer to the buyer until the loan is paid off.
What is Contract for Deed?
A legal document conveying title to the property.
What is a Deed?
Money from the buyer's monthly payment to set aside to cover taxes and insurance.
What is an Escrow Account?
An upfront fee paid to lower the interest rate.
What is Discount Point or Buy Down?
Rent payments, utility payments, child support payments and other large recurring expense.
What is Nontraditional Credit?
Purchasers of mortgage loans that help make affordable lending products.
What is Secondary Market Investors?
A type of ownership where all owners have an equal and undivided interest in the property.
What is Join Tenancy?
An optional type of insurance that pays off the mortgage if the breadwinner dies.
What is Mortgage Life Insurance?
The total cost of credit, including interest rate, points and certain fees charged by the lender.
What is the Annual Percent Rate?