The HSH Mortgage Glossary Q-S
To view a linked word list, View the Summary
The Mortgage Glossary Index:
A measure of credit worthiness. Ratios of debt to income which are used to determine whether a borrower can qualify for a mortgage. Less important than formerly, qualification ratios are being replaced by FICO scores.
A commitment issued by a lender to a borrower guaranteeing a specified interest rate for a specified period of time at a specific cost. Extended lock in periods usually incur an additional fee.
Real Estate Settlement Procedures Act (RESPA)
A law and corresponding consumer protection regulations which, among other requirements, specifies that lenders must state an Annual Percentage Rate for each loan.
The process of paying off one loan with the proceeds from a new loan using the same property as security, usually, for the purpose of obtaining a lower interest rate, converting accumulated equity into cash, or both.
The amount of principal that has not yet been repaid. See Principal Balance
See Home Equity Conversion Mortgage
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
Right Of Way
An easement providing access to an adjoining property. See Easement
Satisfaction (Of A Mortgage)
An instrument provided by the lender as evidence that the loan has been paid off and the lien is satisfied. Usually, it is up to the borrower to record the document.to remove the lien from the public record.
An infrastructure where the vast majority of mortgages are sold. Crudely, individual mortgages grouped together into large pools called Mortgage Backed Securities. Shares in MBSs are sold to investors, providing funds for more mortgages.
See Loan Servicing
A statement which shows the seller's net proceeds and the buyer's net payment at closing. A standard form itemizing all of the monies paid at closing, including real estate commissions, loan fees, points, and initial escrow amounts. See HUD-1 Settlement Statement
A drawing or map showing the boundaries of a property, easements, rights of way, encroachments, and other limits. The process of creating or verifying a survey map, usually required by a lender prior to making a loan.
More help from HSH.com
Mortgage Rates Radar 07/19/2016: Mortgage rates firm slightlyHSH.com releases its latest Weekly Mortgage Rates Radar revealing a slight increase in popular mortgage rates during the seven-day period ending July 19, as warmer economic data and more-stable financial markets have formed as the tumult of the Brexit vote falls away. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
I’m in the National Guard, am I eligible for VA benefits?Yes. National Guard and Reserve members may qualify for a VA home loan. According to VA.gov, National Guard and Reserve members must meet one of the following conditions...
Mortgage Rates Radar 07/12/2016: Fixed mortgage rates creep toward record lowsHSH.com releases its latest Weekly Mortgage Rates Radar showing still-declining mortgage rates during the seven-day period ending July 12, as global investors continue to try to find safe and positive returns in uncertain markets. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
Can I use a VA mortgage to purchase investment properties?The answer is "probably not," or at least "not directly or immediately."
Mortgage Rates Radar 07/05/2016: "Brexit" break for mortgage shoppersHSH.com releases its latest Weekly Mortgage Rates Radar showing a residual decline in popular mortgage rates during the seven-day period ending July 5, as investor concern about the fallout from Britain's decision to leave the European Union continues to rattle markets. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).