A simplified USDA refinancing option provides current USDA loan borrowers with low or no capital the opportunity to refinance at more affordable payment terms.
USDA loans are designed to provide homebuyers with soft eligibility requirements that help low- and middle-income families purchase a home in a mostly rural area.
Simplified process offers many borrowers refinancing without a new appraisal or home inspection.
Yield Spread Premium (YSP) is an additional compensation paid to a mortgage broker as compensation for providing a borrower with a higher interest rate loan.
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.
A 5/6 Adjustable Rate Hybrid Mortgage (ARM 5/6 Hybrid) is a fixed rate mortgage for the first five years and then adjusted every six months thereafter.
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.
Illegal possession is a legal process whereby a person who is not the owner of a piece of land acquires title and ownership of that land after a certain period of time.
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.