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.
|Debt ratio or Debt-to-Income Ratio|
The ratio, expressed as a percentage, is calculated by dividing the monthly payment of long-term debts by gross monthly income.
A termination of the rights of the mortgagor in the property covered by the mortgage; a court process instituted by a mortgagee or lien creditor to defeat any interest or equity of redemption which the mortgagor or debtor-owner may have in the property.
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.