Mortgage Terms

An acceleration clause is a provision made for the lender to demand immediate and full repayment from the...

As a new homebuyer, you will need guidance at every step of the mortgage process. A mortgage loan originator (MLO) is one such guide that will give a smooth landing to your mortgage. An MLO is an individual,...

Principal and interest are the two main components of your mortgage repayment structure. Understanding interest and principal is essential for every mortgage borrower. Mortgage payments are the cornerstone of...

A mortgage recast is when a lender recalculates your loan payments, considering your remaining term and current balance. To recast, lower your...

Paying off your mortgage early can result in significant interest savings over the life of the loan. However, there are some pitfalls that you should...

To get rid of PMI, you typically need to reach an 80% loan-to-value (LTV) ratio. Once you reach the ratio, you can request PMI...

Conditionally approved means that the mortgage approval is almost done but would require additional documents to grant the...

A gift letter for a mortgage is used by a lender to verify the source of the borrowers initial down payment...

The average mortgage payment is the amount a homeowner pays each month to their lender to repay the loan used to purchase their...

No-closing-cost mortgage allows you to avoid paying closing costs upfront. You can either roll them into the mortgage or pay higher...