Required Birth Union: an agreement one a lender usually submit funds otherwise securities because of the a specific date at the decided-upon terminology
Loan in order to Worth (LTV) Ratio: a portion calculated by isolating the quantity borrowed of the rate or appraised value of the home getting bought; the better the fresh LTV, the fresh new less of your budget a debtor must pay just like the off fee.
Lock-In: because the rates of interest changes appear to, of several loan providers offer an interest rate lock-because guarantees a certain interest whether your loan try signed within a specific time
Losses Minimization: a process to prevent foreclosure; the financial institution attempts to let a borrower who has been unable making financing costs that’s vulnerable to defaulting with the his or her mortgage
