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- Mortgage Terms -
- Advance: This is the money you have borrowed plus all the additional fees.
- Base Rate: In the United States, this value is set by the Federal Reserve and is known as the Discount Rate or the Prime Rate.
- Bridging Loan: This is a temporary loan that enables the borrower to purchase a new property before the borrower is able to sell another current property.
- Disbursements: These are all the fees of the solicitors and governments, such as stamp duty, land registry, search fees, etc.
- Pre-approval: A loan officer has pulled credit from the borrower, matched them up with a loan, and can guarantee funding for purchase.
- Pre-Payment Penalty / Redemption Penalty: This is the amount of money due if the mortgage is paid in full before the time finished.
- Pre-qualification: A loan officer has taken some information from the borrower, and made a tentative decision, but not verified any of it.
- Equity: This is the market value of the property minus all loans outstanding on it.
- First time buyer: This is the term given to a person buying property for the first time.
- Loan Origination Fee: A charge levied by a creditor for underwriting a loan. The fee often is expressed in points. A point is 1 percent of the loan amount.
- Sealing Fee: This is a fee made when the lender releases the legal charge over the property.
- Subject To Contract: This is an agreement between seller and buyer before the actual contract is made.
- Balloon loans: after a series of low payments for a fixed period of time, then the entire loan balance is due in a large lump sum.
- Acronym -
- LTV: Loan To Value.
- DTI: Debt To Income.
- ARM: Adjustable Rate Mortgage.
- VOI: Verification Of Income.
- VOE: Verification Of Employment.
- PMI: Private Mortgage Insurance.
- NINA: No Income No Asset. (No-Doc Loan)
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