When a mortgage is refinanced for more than the outstanding balance—converting home equity into cash. Cash-out refinancing can be a great way to free up money for outstanding debt or to make an investment in home improvements.
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Someone whose income and credit history are put on the loan application in addition to the primary borrower. Co-applicants are a common addition when the primary borrower may not qualify for the mortgage on their own.
A spouse whose income and credit history are put on the loan application in addition to the primary borrower.
An asset, such as a car or a home, used for securing the repayment of a loan. The borrower risks losing the asset if the loan is not repaid.
Properties similar to the property under consideration for a mortgage that have approximately the same size, location and amenities and have recently been sold. Comparables help an appraiser determine the fair market value of a property.
Also known as a condo is a privately-owned home within a multi-unit development. Each owner has a shared interest in the common areas of the building—such as elevators, garages, gyms, etc.—which are typically maintained through monthly homeowners association (HOA) fees.
A condition in a purchase contract that needs to be met by you or the seller before you're obligated to buy the home. Contingencies protect both parties in a real estate transaction and often include clauses that allow you to back out of the sale if you're unable to secure financing or if the home fails to pass inspections.
A fee charged for the overnight services and messenger services for the transportation of documents to and from the lender and also from local courthouse where the mortgage gets recorded.
Credit Report Fee
A fee charged to obtain a credit report on the borrower or borrowing entity. A credit report is an evaluation of a persons capacity (or history) of debt repayment.
Credit for Interest Rate
This is the amount a lender charges a borrower and is a percentage of the principal, or the amount loaned.