Equity
Equity Equity is the amount your property is currently worth minus the amount of any existing mortgage on your property.
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Earnest money
Earnest money Earnest money is a deposit a buyer pays to show good faith on a signed contract agreement to buy a home. The deposit […]
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Down payment programs or grants
Down payment programs or grants A down payment grant or program typically refers to assistance provided by an organization such as a government or non-profit […]
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Down payment
Down payment A down payment is the amount you pay toward the home upfront. You put a percentage of the home’s value down and borrow […]
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Demand feature
Demand feature The Closing Disclosure has a statement that reads “Your loan has a demand feature,” which is checked “yes” or “no.” A demand feature permits […]
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Delinquent
Delinquent Delinquent is another term for being late on your payments. Your loan can become delinquent when you miss a payment or don’t make a […]
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Deed-in-lieu of foreclosure
Deed-in-lieu of foreclosure A deed-in-lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the […]
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Debt ratio
Debt ratio Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your […]
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Credit score
Credit score A credit score predicts how likely you are to pay back a loan on time. Companies use a mathematical formula—called a scoring model—to […]
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Credit report
Credit report A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and […]
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