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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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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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