Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Industry: Banking; Real estate

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Mortgage

qualification

Banking; Mortgage

The process of determining whether a prospective borrower has the ability, meaning sufficient assets and income, to repay a loan.

qualification rate

Banking; Mortgage

The interest rate used in calculating the initial mortgage payment in qualifying a borrower.

Requirements stipulated by the lender that the ratio of housing expense to borrower income, and housing expense plus other debt service to borrower income, cannot exceed specified maximums, e.g., 28% ...

qualification requirements

Banking; Mortgage

Standards imposed by lenders as conditions for granting loans, including maximum ratios of housing expense and total expense to income, maximum loan amounts, maximum loan-to-value ratios, and so on.

rate protection

Banking; Mortgage

Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes.

rate sheets

Banking; Mortgage

Tables of interest rates and points that lenders distribute daily to their loan officer employees or mortgage brokers.

referral fees

Banking; Mortgage

Payments made by service providers to other parties as quid pro quo for referring customers. For example, a title company provides something of value to a Realtor or lender for sending a customer who ...