As determined by a lender, the ability of the borrower to repay a mortgage loan based on the borrower's credit history, employment status, assets, debts and income.
- Browse Related Terms: bankruptcy, Capacity, Compensating Factors, Credit, Credit History, Creditworthiness, Creditworthy, Mortgage Score, Predatory Lending, qualification
Criteria used to determine eligibility for a loan.
- Browse Related Terms: Automated Underwriting, Collection Account, credit counseling, Credit Life Insurance, Credit Report, Credit score, FICO Score, Inquiry, Pre-Approval, Pre-Qualification, Predictive Variables, Qualifying Guidelines, Risk Based Pricing, Risk Scoring, Underwriting
Guidelines utilized by lenders to determine how much money a homebuyer is qualified to borrow. Lending guidelines typically include a maximum housing expense to income ratio and a maximum monthly expense to income ratio.
Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower's total monthly income to monthly debt payments and other recurring monthly obligations.
- Browse Related Terms: Borrower, Co-Signer, Debt, Debt-to-Income Ratio, Debtor, Deed-in-Lieu, Liabilities, Loan, Mortgage backed security, Note, Promissory Note, Qualifying Ratios
A system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender's standards and, if applicable, the standards of the investor, governmental agency, or mortgage insurer.
- Browse Related Terms: Fannie Mae, Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Freddie Mac, Government National Mortgage Association (GNMA or Ginnie Mae), housing affordability index, Loan Servicer, Mortgage pool, Quality Control, Secondary market, Secondary Mortgage Market, Soldiers and Sailors Civil Relief Act, Subordinate
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A deed transferring ownership of a property but does not make any guarantee of clear title.
- Browse Related Terms: Abstract of title, Assignment of Mortgage, Chain of Title, Deed, Deed of trust, Document Recording, Mortgage holder, Notary Public, Ownership, Public Record Information, Quitclaim Deed, Recorder, Recording, Recording Fees, Title, Transfer of Ownership, trust deed
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A structural form, usually of masonry, used at the corners of a building for the purpose of reinforcement, frequently imitated for decorative purposes.
- Browse Related Terms: Cast Iron, Entrance recess, Façade, Fenestration, Gutter, Historic windows, Improvement, Individual retirement account (IRA), Master plan, Materials, Pounds per square inch (PSI), Quoin, Residential Awning, restoration, Retractable Awning, Semi-detached, Setback, Shutter Dogs