In real estate, the lender refers to the individual, financial institution, or private group lending mortgage money to a buyer to purchase property with the expectation the loan will be repaid with interest, in agreed upon increments, by a certain date.
A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. These can be granted for repossessing property, including a home, if the owner has defaulted on mortgage payments.
A life cap refers to the maximum amount an interest rate on an adjustable rate loan can increase over the lifetime of the loan. A life cap is also known as an absolute interest rate or interest rate ceiling and keeps interest rates from ballooning too high over the term of the loan.
While real estate agents focus on the buying and selling of a certain property, loan officers deal with the financial side of obtaining a mortgage. A loan officer will help you make sound financial decisions and obtain the right home loan for you.
Loan origination is the process during which a borrower submits a loan application and a financial institution or lender processes that application. There is usually an origination fee associated with this process.
A mortgage servicer manages the daily administrative work around a loan, including processing loan payments, responding to borrower inquiries, and tracking principal and interest paid.
Loan servicing is a term for the administrative aspects of maintaining your loan, from the dispersal of the loan to the time it’s paid in full. Loan servicing includes sending the borrower monthly statements, maintaining payment and balance records, and paying taxes and insurance.
Loan-to-Value Ratio in San Diego Loan-to-Value ratio, or LTV for short, is a measure used in real estate to determine how much of a property’s value is financed through the mortgage compared to the actual value of the property. LTV tells you how much of the property’s ownership is leveraged with debt. Lenders use this […]
The period of time in which a borrower cannot repay their loan in full without incurring a penalty fine by the lender.
The median list price of all active listings currently on the market for sale in San Diego.