Construction Loan
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. |
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Equal Credit Opportunity Act (ECOA)
Federal law 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. |
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Mortgage
A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void. |
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V.A. Mortgage Funding Fee
A premium assed to the VA borrower in lieu of mortgage insurance. First time VA borrowers have a 3% funding fee included in their loan. When the VA borrower sells their home and uses their VA rights on a new home, the funding fee is 2%. VA borrowers refinancing their home, have a half percent funding fee in their mortgage. Disabled Veterans are not burdened with the funding fee. |
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