General Lending Terminology

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Across
  1. 2. a summary of a customer's financial history
  2. 4. process where the loan application is reviewed to check for accuracy of the documentation provided
  3. 6. this portion of the monthly payment goes to pay property taxes and home owner's insurance
  4. 7. an extensive collection of a borrower's personal information
  5. 10. the fee charged to the customer for borrowing money
  6. 11. when the funds are deposited to the borrower's account and are available for use
  7. 13. a short-term interim loan to pay for the construction of buildings or homes
  8. 14. part of the monthly payment that reduces the remaining balance of the original loan amount
  9. 15. a borrower's asset that secures a loan
Down
  1. 1. the ratio that compares the amount of the loan with the appraised property value
  2. 3. when a loan does not qualify, a formal notice must be given to the customer
  3. 5. when the borrower decides to not move forward with their loan application
  4. 7. type of notice given by a lender when a borrower's loan application has been denied
  5. 8. the estimated value of a property based on inspection and market comparisons
  6. 9. the ratio, expressed as a percentage, which results when a borrower's total monthly payments are divided by his/her gross monthly income
  7. 12. the worth of an asset minus the debt still attached to it