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FICO scores typically from 580 to 619. Factors include three to four 30 day late mortgage payments and four to six 30 day late installment loan payments or two to four 60 day late payments. Should be one to two years since bankruptcy. Also referred to as Sub - Prime.
- Browse Related Terms: "A" Loan or "A" Paper, "B" Loan or "B" Paper, "C" Loan or "C" Paper, Fixed Expenses, mortgage interest, Serious Delinquency, Sub-Prime Loan, Variable Expenses
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A debt security whose issuer has the right to redeem the security at a specified price on or after a specified date, but prior to its stated final maturity.
- Browse Related Terms: bond, Callable Debt, Debt security, Deferred payments, Duration, Guaranty Fee, Medium Term Notes, Mortgage-Backed Security (MBS), Real Estate Mortgage Investment Conduit (REMIC), Stripped MBS (SMBS)
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A slender rod of cast lead, with or without grooves, used in casements and stained-glass windows to hold the panes or pieces of glass together
- Browse Related Terms: Brick Molding, Came, configuration, Glazing, Latticework, Leaded window, Light, Molding, Muntin, Sidelight, Skirt, Special windows
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A limit placed on adjustments in adjustable rate mortgages to protect the borrower from large increases in the interest rate or the payment level.
A limit in how much an adjustable rate mortgage's monthly payment or interest rate can increase. A cap is meant to protect the borrower from large increases and may be a payment cap, an interest cap, a life-of-loan cap or an annual cap. A payment cap is a limit on the monthly payment. An interest cap is a limit on the amount of the interest rate. A life-of-loan cap restricts the amount the interest rate can increase over the entire term of the loan. An annual cap limits the amount the interest rate can increase over a twelve-month period.
A limit, such as one placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease, either at each adjustment period or during the life of the mortgage. Payment caps do not limit the amount of interest the lender is earning, so they may cause negative amortization.
For an adjustable-rate mortgage (ARM), a limitation on the amount the interest rate or mortgage payments may increase or decrease. See also "Lifetime Payment Cap," "Lifetime Rate Cap," "Periodic Payment Cap," and "Periodic Rate Cap"
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Your ability to make your mortgage payments on time. This depends on your income and income stability (job history and security), your assets and savings, and the amount of your income each month that is left over after you've paid for your housing costs, debts and other obligations.
The ability to make mortgage payments on time, dependant on assets and the amount of income each month after paying housing costs, debts and other obligations.
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The topmost member, usually decorated, of a column or pilaster.
- Browse Related Terms: Architrave, Capital, Colonnade, Colonnette, column, Doric, Entablature, Foliate, Ionic, Pilaster, Plinth, Shaft, Trefoil, Volute
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The profit received based on the difference of the original purchase price and the total sale price.
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Property improvements that either will enhance the property value or will increase the useful life of the property.
- Browse Related Terms: amenities, Assessed Value, assessment, Assessor, Capital Improvements, Credit Related Expenses, Credit Related Losses, Demolition, Flood Certification Fee, Property tax, Special assessment, variance
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An individual's savings, investments, or assets.
- Browse Related Terms: Assessments, balance sheet, Capital or Cash Reserves, Chapter 7 Bankruptcy, General partnership, Liquid asset, Liquidity, Mutual savings bank, net worth, Nonliquid Asset, Underwriter, Uniform Residential Loan Application
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A window sash that is hinged on the side.
- Browse Related Terms: Casement, Details, Double hung, Frame, Glazing Bar, Gothic Sash, Meeting rail, operation, Parting strip, Rail, Sash, Segmental or Curved-Head Window, Tracery
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Money or its equivalent (checks, banknotes, etc.).
- Browse Related Terms: Cash, Cash-Out Refinance, Cushion, Financing, Gift, Housing Expense Ratio, LTV (loan-to-value), Mortgage Rate, Mutual Funds, Net Income, Net Monthly Income, Participation, Reinstatement Period
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A refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate liens.
When a borrower refinances a mortgage at a higher principal amount to get additional money. Usually this occurs when the property has appreciated in value. For example, if a home has a current value of $100,000 and an outstanding mortgage of $60,000, the owner could refinance $80,000 and have additional $20,000 in cash.
- Browse Related Terms: Cash, Cash-Out Refinance, Cushion, Financing, Gift, Housing Expense Ratio, LTV (loan-to-value), Mortgage Rate, Mutual Funds, Net Income, Net Monthly Income, Participation, Reinstatement Period
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When refinancing, taking a loan for more than you owe on your existing mortgage. Your existing mortgage is paid off and you receive an additional payment for the balance of the new loan. You might do this if you want to make home improvements or pay for a child's education. Cash-out refinancing removes some of the equity you have built up in your home.
- Browse Related Terms: Acceleration, acceleration clause, cash-out refinancing, due-on-sale, Due-on-sale Clause, Loan Acceleration, Maturity, Mortgage Acceleration Clause, Mortgage life insurance, Principal, Revolving Debt
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A cash amount sometimes required of the buyer to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.
- Browse Related Terms: Annual Percentage Rate (APR), application fee, Cash Reserves, loan origination fee, Loan origination fees, Origination fee, points (aka discount points), Purchase price, settlement costs, Up Front Charges
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A type of iron, mass-produced in the nineteenth century, created by pouring molten iron into a mold; used for ornament, garden furniture, and building parts.
- 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
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Property insurance that covers any damage to the home and personal property either inside or outside the home.
- Browse Related Terms: Asset, assignment, Casualty Protection, Chattel mortgage, Estate, Executor, Familial Status, Manufactured Housing, Replacement Cost, Trustee
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A document issued by a bank or other financial institution that is evidence of a deposit, with the issuer's promise to return the deposit plus earnings at a specified interest rate within a specified time period.
- Browse Related Terms: Balloon Loan or Mortgage, Budget, certificate of deposit, commitment fee, Lock-In, Lock-in agreement, Lock-in Period, Lock-In Rate, Mortgage Note, Rate Lock, Yield
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A document issued by the U.S. Department of Veterans Affairs (VA) certifying a veteran's eligibility for a VA-guaranteed mortgage loan.
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan