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Conforming Loan
Single-family home loans with a maximum loan amount of $359,650 that is typically higher than FHA and VA loans with lower interest rates. |
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Debt Consolidation Loan
A type of loan that allows the borrower to payoff all or a portion of existing debt (including the existing mortgage loan) from loan proceeds. |
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Good Faith Estimate
A document delivered with Truth-In-Lending Disclosure Statement to borrower as an estimate comprising, closing costs, interest rate, term, loan amount, and monthly payment, within 3 days of receiving borrowers mortgage application per the Real Estate Settlement Procedures Act (RESPA). |
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Wraparound Mortgage
Results when 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. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top. |
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