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Loan Terminology

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Term	Main definition
Manufactured Home	A home built entirely in a factory and then delivered to the site.
Market Value	The most likely sale price for a home at a specific point in time.
Modular Home	A home whose factory-built sections are brought to the site for assembly.
Mortgage Broker	A professional who helps you shop for and compare loan products from different lenders. He or she does not represent a specific lending institution.
Mortgage Insurance Premium (MIP)	Required for FHA-insured loans. Paid by the borrower, it protects lenders against loss if borrowers can Synonyms - MIP
Mortgage Lender	A financial institution that provides financing with the understanding that the money borrowed will be repaid, with interest, over a set time period.
Mortgage Loan	A secured loan used to buy a home or other property.
Mortgage Note	A legal document stating your obligation to repay the mortgage loan at a stated interest rate, over a set time period.
Multiple Listing Service (MLS)	A series of regional databases that are available to real estate agents. The MLS has the most complete and up-to-date information on homes for sale.

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DID YOU KNOW:

Only close family and relatives, such as aunts and uncles can “gift” you money for a down payment.
DID YOU KNOW:

The failure rate for a home purchase is 20% on average.
DID YOU KNOW:

Many lenders have NO PMI loans, even if you have a down payment of less than 20%.
DID YOU KNOW:

Veterans may qualify for a home purchase with no down payment using a VA Loan for purchase.
DID YOU KNOW:

Many condominiums are not FHA approved and therefore you will not be able to purchase the condo with an FHA Loan.
DID YOU KNOW:

FHA Loans give you greater flexibility with your debt to income ratio. In short, you can qualify for more loan with less income.
DID YOU KNOW:

Student loans can throw your debt to income ratio out of whack and disqualify you from approval due to excessive debt.
DID YOU KNOW:

Bankruptcy does not disqualify you from getting an FHA Loan as long as it has been 2 years since the recorded discharge date, or 4 years for a Conventional Loan.
DID YOU KNOW:

Many lenders will not accept documents, such as bank statements, that have any portion that has been blacked out or tampered with.
PRO TIP:

Be sure to understand exactly how much loan you can be approved for before you fall in love with a home and get into a contract!
PRO TIP:

Don’t move around assets during the processing of your home purchase loan, as it will trigger the underwriters to ask repeatedly for updated bank statements.
PRO TIP:

Not every Realtor can produce the same results, so be sure to check their credentials and experience.
PRO TIP:

Don’t just trust a pre-qualification from a licensed lending officer. Get pre-approved by an actual underwriter before you get into a home purchase contract.

Speak with a loan agent now!