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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
O
Offer: indication by a potential buyer
of a willingness to purchase a home at a specific price;
generally put forth in writing.
Origination fee: the charge for
originating a loan; is usually calculated in the form of
points and paid at closing.
Origination: the process of preparing,
submitting, and evaluating a loan application; generally
includes a credit check, verification of employment, and
a property appraisal.
OEIC: This stands for Open Ended
Investment Company. These are a type of unit trust that
have converted into a company.
Offset Mortgage: An offset mortgage
allows you to keep your balances e.g. mortgage, savings,
current account etc in separate accounts but all
balances are offset against each other thus allowing the
possibility of reducing the interest paid and could
result in the mortgage being repaid early.
Offshore Accounts: Many banks provide
offshore accounts based in the Channel Islands and the
Isle of Man. Interest is paid into the account gross but
has to be declared as income.
Overdraft: Banks will often allow you
to overdraw your current account. If you have arranged
for an overdraft facility on your account you will be
charged an authorized overdraft rate - the rate of
interest that you will pay on your overdrawn balance if
you remain within your authorized limit. If you have not
arranged an overdraft facility or exceed your authorized
limit you will be charged interest at the un authorized
overdraft rate.
Overpayment: This is when monthly
repayments to a mortgage are increased, meaning that the
mortgage is repaid before the end of the mortgage term.
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Online Loan Glossary
P
Partial
Claim: a loss mitigation option offered by the
FHA that allows a borrower, with help from a lender, to
get an interest-free loan from HUD to bring their
mortgage payments up to date.
PITI:
Principal, Interest, Taxes, and Insurance - the
four elements of a monthly mortgage payment; payments of
principal and interest go directly towards repaying the
loan while the portion that covers taxes and insurance
(homeowner's and mortgage, if applicable) goes into an
escrow account to cover the fees when they are due.
PMI:
Private Mortgage Insurance; privately-owned companies
that offer standard and special affordable mortgage
insurance programs for qualified borrowers with down
payments of less than 20% of a purchase price.
Points:
One point is equal to 1 percent of the
principal amount of your mortgage. For example, if the
mortgage is for $65,000, one point equals $650. Lenders
frequently charge points in both fixed-rate and
adjustable-rate mortgages in order to increase the yield
on the mortgage and to cover loan closing costs. These
points usually are collected at closing and may be paid
by the borrower or the home seller, or may be split
between them.
Pre-approve: lender commits to lend to a
potential borrower; commitment remains as long as the
borrower still meets the qualification requirements at
the time of purchase.
Pre-foreclosure sale: allows a defaulting
borrower to sell the mortgaged property to satisfy the
loan and avoid foreclosure.
Premium:
an amount paid on a regular schedule by a
policyholder that maintains insurance coverage.
Prepayment: payment of the mortgage loan before
the scheduled due date; may be Subject to a prepayment
penalty.
Pre-qualify: a lender informally determines the
maximum amount an individual is eligible to borrow.
Principal:
the amount borrowed from a lender; doesn't
include interest or additional fees.
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