The Mortgage Disclosure Act (HMDA) is a law passed in 1975 that requires mortgage lenders to keep certain records.
The goal is to create more transparency and protect borrowers in the residential mortgage market.
“The data also allows regulators, government officials, and consumer watchdogs to monitor mortgage and lending trends for compliance with fair housing and other laws, and to target housing investment and public finance where needed.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.
The holiday act literally releases the parties to the transaction from previous obligations, such as payments on the terms of the mortgage, because the loan is repaid.
An FHA 203(k) loan is a government-secured mortgage loan, which is essentially a construction loan that finances both the purchase and renovation of a home.