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"Online Loans UK" FinanceLeadHouse offers you wide range of online & real easy...
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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
G
Ginnie Mae: Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.
Good faith estimate: an estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
Gross Monthly Income: The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan.
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Housing
Ratio: The ratio of the monthly housing payment
to total gross monthly income. Also called
Payment-to-Income Ratio or Front-End Ratio.
HELP:
Homebuyer Education Learning Program; an
educational program from the FHA that counsels people
about the homebuying process; HELP covers topics like
budgeting, finding a home, getting a loan, and home
maintenance; in most cases, completion of the program
may entitle the homebuyer to a reduced initial FHA
mortgage insurance premium-from 2.25% to 1.75% of the
home purchase price.
Home
inspection: an examination of the structure and
mechanical systems to determine a home's safety; makes
the potential homebuyer aware of any repairs that may be
needed.
Home
warranty: offers protection for mechanical
systems and attached appliances against unexpected
repairs not covered by homeowner's insurance; coverage
extends over a specific time period and does not cover
the home's structure.
Homeowner's insurance: an insurance policy that
combines protection against damage to a dwelling and Is
contents with protection against claims of negligence )r
inappropriate action that result in someone's injury or
)property damage.
Housing
counseling agency: an agency that provides
counseling and assistance to individuals on a variety of
issues, including loan default, fair housing, and
home-buying.
HUD:
the U.S. Department of Housing and Urban
Development; established in 1965, HUD works to create a
decent home and suitable living environment for all
Americans; it does this by addressing housing needs,
improving and developing American communities, and
enforcing fair housing laws.
HUD1
Statement: also known as the "settlement
sheet," it itemizes all closing costs; must be given to
the borrower at or before closing.
HVAC:
Heating, Ventilation and Air Conditioning; a
home's heating and cooling system.
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