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When Is the Right Time For a Mortgage Lock?
April 23, 2001, Revised September 13, 2005 Should Borrowers Forecast Interest Rates? "I have been pre-approved for a loan on my new home but have yet to lock in the interest rate. When would be a good time ... more... Manufactured Housing: A Messy Picture May 19, 2003, Revised February 14, 2005 What Is a Manufactured House? A manufactured home is built entirely in a factory, transported to a site, and installed there. It is distinguished from "modular", "panelized", and "pre-cut" homes, ... more... |
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federal home mortgage related definitions |
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RESPA
Real Estate Settlement Procedure Act (RESPA) A federal law passed in 1974 that requires lenders to provide home mortgage borrowers in advance with information of known or estimated settlement costs. RESPA also limits the amount lenders may require to be held in escrow for ... more... FHA Mortgage Insurance FHA Mortgage Insurance It is insurance from FHA to the lender against incurring a loss on account of the borrower's default. Paid if FHA loan LTV is higher than 80%. Also known as MIP - Mortage Insurance Premium. By insuring the loan the Federal Government agrees to repay ... more... |
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