Mortgage Terms

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...

Interest rates have skyrocketed to 6.32% in Q4 2024! But mortgage points can be your solution. These points are upfront fees to reduce your interest rates. Each mortgage point is equal to 1% of the loan...

A promissory note refers to a borrower's promise to repay a loan within a specific time. It provides legal protection to the...

A mortgagor is a borrower who borrows money to purchase a property and agrees to repays over a specific...

NMLS is the licensing platform where every individual and corporate entities associated with mortgage industry to be registered...

The average annual payment for a 30-year fixed mortgage is $3,759 at 7.17% interest rate. However, the IRS allows homeowners to take advantage of the mortgage interest deduction. This deduction enables...

Find out what a mortgage buydown is, how much it costs, and why it may be beneficial for you. Learn how much you can save by buying down your...

A mortgage Processor is an individual who is in charge of gathering and verifying any data related to the mortgage...