Monthly expenses
Monthly expenses This is how much you spend every month. It can include, but is not limited to, recurring obligations like rent or mortgage payment, […]
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Loss mitigation
Loss mitigation oss mitigation refers to the steps mortgage servicers take to work with a mortgage borrower to avoid foreclosure. Loss mitigation refers to a […]
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Loan-to-value ratio
Loan-to-value ratio The loan-to-value (LTV) ratio is a measure comparing the amount of your mortgage with the appraised value of the property. The higher your […]
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Loan modification
Loan modification A mortgage loan modification is a change in your loan terms. The modification is a type of loss mitigation. A modification can reduce your […]
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Loan estimate
Loan estimate A Loan Estimate is a three-page form that you receive after applying for a mortgage.
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Lifetime adjustment cap
Lifetime adjustment cap A lifetime adjustment cap is typically used with adjustable rate mortgages (ARMs). This cap determines how much the interest rate can increase […]
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Lenders title insurance
Lenders title insurance Lender’s title insurance protects your lender against problems with the title to your property-such as someone with a legal claim against the […]
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Jumbo loan
Jumbo loan Each year Fannie Mae, Freddie Mac, and their regulator, the Federal Housing Finance Agency (FHFA), set a maximum amount for loans that they […]
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Interest rate cap
Interest rate cap An interest rate cap, sometimes referred to as an annual cap, is the maximum interest rate increase that can occur annually for […]
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