Credit history
Credit history A credit history is a record of your credit accounts and your history of paying on time as shown in your credit report. […]
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Co-signer or co-borrower
Co-signer or co-borrower A co-signer or co-borrower is someone who agrees to take full responsibility to pay back a mortgage loan with you. This person […]
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Conventional loan
Conventional loan A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department […]
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Construction loan
Construction loan A construction loan is usually a short-term loan that provides funds to cover the cost of building or rehabilitating a home.
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Closing Disclosure
Closing Disclosure A Closing Disclosure is a required five-page form that provides final details about the mortgage loan you have selected. It includes the loan […]
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Bi-weekly payment
Bi-weekly payment In a bi-weekly payment plan, the mortgage servicer is collecting half of your monthly payment every two weeks, resulting in 26 payments over the course […]
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Balloon loan
Balloon loan For mortgages, a balloon loan means that the loan has a larger-than-usual, one-time payment, typically at the end of the loan term. This […]
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Automatic payment
Automatic payment Automatic payments allow you to set up recurring mortgage payments through your bank. Automatic payments can be a convenient way to make sure […]
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Appraisal fee
Appraisal fee An appraisal fee is the cost of a home appraisal of a house you plan to buy or already own. Home appraisals provide […]
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Annual Percentage Rate (APR)
Annual Percentage Rate (APR) An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR […]
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