Across
- 2. Commonly referred to as junior liens, this loan is secured by a property in addition to the primary mortgage.
- 4. Term for mortgage that doesn't meet the standards of a qualified mortgage
- 6. Principle, Interest, Taxes, Insurance
- 8. How much equity you have in a home verses how much is in a loan
- 9. the value of the home less the amount still owed on the money borrowed to purchase it
- 10. Mortgage where both the interest rate and the monthly payments stay the same for the entire loan term
- 11. Protects the lender in case a mortgage loan payment cannot be made and the lender has to take the property back through a process known as foreclosure. Need when LTV is over 80%
- 12. The reduction of a loan balance through payments made over a period of time
- 13. business to business
- 14. The mortgage that is in first place among any loans recorded against a property.
- 15. A type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan
- 16. direct to consumer
- 20. Limited Cash-Out Refinance
- 22. An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest rate.
- 23. A person who gives money to a company with the hope of making money later
- 24. Fannie Mae Desktop Underwriter
- 25. A written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.
- 26. Debt to Income ratio
- 27. The amount of money borrowed
- 28. A document that transfers ownership of property from one party to another.
- 30. A refinance transaction where the borrower can receive cash back of $2,000 or 2% of the loan amount, whichever is less.
- 32. a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use
Down
- 1. Matrix depicting eligible loan products LTV and DTI values
- 3. Negative DU results, unable to move forward with application unless it's Non-Conforming
- 5. A Fannie Mae program that allows underwriters to validate income and assets instantly during initial review. If results are validated for income and/or assets, then no manual review of income and/or assets is required
- 7. 1003,or initial application for a mortgage
- 15. Positive DU results, able to move forward with application
- 17. refinance
- 18. Front ratio that only includes mortgage payment divided by your gross income
- 19. Home Equity Line of Credit
- 21. Combined Loan to Value Ratio
- 29. The deposit of funds with a neutral third party who is instructed to carry out the provisions of an agreement.
- 31. High Combined Loan to Value Ratio