A mortgage loan which does not exceed 75% of the lesser of the appraised value or the purchase price of the property. A mortgage that exceeds that limit must be insured under the practices of most major financial institutions.
A mortgage loan that is made without FHA (Federal Housing Administration) insurance, USDA (United States Department of Agriculture) insurance, state bond insurance or VA (Veteran's Administration) guarantee.
The "conventional mortgage" is usually a 30-year fixed loan, with a 20% down payment. Its maximum amount is fixed every year by the major secondary lenders. As of November 1999, the amount was $252,700. Conventional mortgages are sometimes called " conforming" loans.
A mortgage loan made without government insurance or guarantee and conforms to accepted standards. CREDIT CARD RATIO -- This is a ratio of credit card balances in relation to the credit card limits. The higher the ratio the more indebted the applicant and the higher the lending risk.
This kind of mortgage requires that you make a down payment of at least 25 per cent of the appraised value, i.e. if the appraised valued is $200,000, a down payment of $50,000 or more is required for it to be considered conventional.
Any real estate loan that is neither FHA-insured nor VA-guaranteed. Deed - A written instrument to transfer title to real property from one party to another. Earnest money deposit - A deposit made by the potential home buyer to show that he or she is serious about buying the house.
A mortgage that is up to 75% of the purchase price or the value of the property. A mortgage exceeding 75% is referred to as a "High-Ratio" mortgage and the lender will require insurance for that mortgage.
A mortgage loan up to 75% of the appraised value or purchase price of the property, whichever is less. Mortgages beyond this limit must be insured by CMHC (Canadian Mortgage and Housing Corporation) or GE Capital.
A mortgage loan not issued by Federal Housing Authority (FHA), or guaranteed by the Veteranâ€™s Administration (VA) or Farmers Administration. Conventional loans are usually advantageous in the sense that the borrower does not have to pay mortgage insurance (or MI). However, conventional loans may have more requirements on the borrower to qualify.
A mortgage loan not insured by HUD or guaranteed by the Veterans Administration. It is subject to conditions established by the lending institution and State statutes. The mortgage rates may vary with different institutions.
The requirements for Mortgage terms, costs and interest rates together with the types of homes a bank will lend money on are set by the private segment of the industry (local lenders, FNMA or FHLMaC) and do not involve the Government's FHA or VA guidelines. Conventional Mortgages do not have a maximum dollar amount like Conforming Mortgages mentioned above.
a mortgage for less than 75 percent of the appraised value of a property. Default of mortgage - failure to meet obligations in a mortgage contract, usually by failure to make the repayments agreed to in the mortgage contract. Mortgage default may also be caused by failure to pay property taxes, insure the property adequately, keep the property in good repair or to pay condominium maintenance fees, if appropriate. Discharge of a mortgage - a release from the mortgage lender for the borrower when the mortgage debt is completely repaid. Dual agent or agency - an agent that serves both seller-clients and buyer-clients concurrently. Client confidentiality may not be possible since what each client reveals must be shared with the other client. Conflict of interest issues may arise for the dual agent. Continued in the next column... Click Here
A first mortgage, outside the conditions of NHA (the National Housing Act), granted by an institutional lender such as a bank, trust company, life insurance company or private individual wherein the amount of the loan does not exceed 75% of the appraised lending value of the property.
A mortgage loan not insured by HUD or guaranteed by the Veteran's Administration. It is subject to conditions established by the lending institutions and between states. (States have various interest limits.)
Any loan granted by a non-governmental (usually commercial) lender. Most loans are conventional, except for those insured by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).