texas mortgage

HUD Reverse Mortgages

Texas 2nd Mortgage

Home Equity Loan

Fannie Mae Grants

Refinance Options

Poor Credit Lender

ARM Low Option Rate

• Private Investor
• Online Lender
• Brokerage Service
• Commerical Bank
• Credit Union

TEXAS MORTGAGE TERMS

Adjustment Period - the time between interest rate adjustment dates for an ARM.

Borrower - a person that was approved to receive a loan and is obligated to repay it.

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Cash Reserves - a cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.

Down Payment - money paid to make up the difference between the purchase price and the loan amount.

Fixed-Rate Mortgage - a loan with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Interest Rate - the amount of interest charged on a monthly loan payment; usually expressed as a percentage.

Lender - Any person or entity advancing funds, which are to be repaid.

Loan to Value Ratio - The relationship between the amount of a mortgage loan and the appraised value of the security, expressed as a percentage of the appraised value.

Pre-Qualification - A meeting with a lender or broker to determine how much money the lender would probably be willing to lend to the borrower.

Refinancing - Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms.

Mortgage Banker - A company that originates loans and resells them to secondary lenders like- Fannie Mae or Freddie Mac.

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