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mortgage terms

What is a letter of explanation

Know How to Write A Letter of Explanation

Know the reasons for providing an explanation letter for mortgage approval and know how to write one. Use our free...

5 min read Feb 16, 2024

Know the reasons for providing an explanation letter for mortgage approval and know how to write one. Use our free template

Mortgage Protection Insurance

Mortgage Protection Insurance: What Is It and Do You Need One?

As per the 2023 mortgage protection insurance(MPI) rates, a 30-year insurance costs around $15 monthly. MPI ensures zero mortgage balance if the borrower dies, loses their job, or is critically ill. The...

5 min read Feb 16, 2024

As per the 2023 mortgage protection insurance(MPI) rates, a 30-year insurance costs around $15 monthly. MPI ensures zero mortgage balance if the borrower dies, loses their job, or is critically ill. The mortgage balance in the United States has risen to $12.01 trillion in 2023. This is because many homebuyers either lost their jobs or expired …

Mortgage Protection Insurance: What Is It and Do You Need One? Read More »

Mortgage Backed Securities

Mortgage-Backed Securities: Definition, Features, and Types

MBS is a financial tool that allows investors to obtain asset ownership without having to buy or sell mortgages...

7 min read Feb 16, 2024

MBS is a financial tool that allows investors to obtain asset ownership without having to buy or sell mortgages themselves.

Mortgage Origination Fee

Mortgage Origination Fee: Definition, Cost, and Ways to Save

Mortgage Origination Fee is an upfront amount the lender charges to process the mortgage at the time of...

5 min read Feb 16, 2024

Mortgage Origination Fee is an upfront amount the lender charges to process the mortgage at the time of closing.

Acceleration clause

What is an Acceleration Clause and How You Can Avoid It

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

6 min read Feb 16, 2024

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

What is a gift letter for mortgage

Gift Letter for Mortgage: Explained with a Template

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

7 min read Feb 16, 2024

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

Grantor vs Grantee

Grantor vs. Grantee: Understanding the Roles and Responsibilities

When it comes to real estate, there are two important roles you need to know: the grantor and the grantee. These roles play a big part in buying, selling, or transferring property. In this blog, we’ll...

7 min read Feb 16, 2024

When it comes to real estate, there are two important roles you need to know: the grantor and the grantee. These roles play a big part in buying, selling, or transferring property. In this blog, we’ll explain what the grantor and grantee do in real estate transactions. By understanding their responsibilities and how they affect …

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What is NMLS

What is NMLS, What is Its Purpose, and How Does It Work?

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

5 min read Feb 16, 2024

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

What is a mortgage commiment letter

Mortgage Commitment Letter: How to Get One?

You'll go over a lot of documents related to your home loan and the purchase of your new home. The mortgage commitment letter is one of these necessary...

5 min read Feb 16, 2024

You’ll go over a lot of documents related to your home loan and the purchase of your new home. The mortgage commitment letter is one of these necessary documents.

Loan to value ratio

Loan to Value Ratio: What It Is and How to Calculate It

Loan-to-Valued(LTV) in real estate represents the ratio between the loan amount and the appraised value of the property being...

5 min read Jan 11, 2024

Loan-to-Valued(LTV) in real estate represents the ratio between the loan amount and the appraised value of the property being financed.

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