When you buy a home with a mortgage, your home is used as collateral for the loan. Here we explain what that means and how it can impact a mortgage refinance.
What is a court reporter called?TranscriptIn court, a transcript is a document which consists of all the decisions and the arguments of judges and lawyers in a court. It is actually a typed record of everything spoken in the court.
If there is no spouse, the beneficiaries or heirs of the deceased reverse mortgage loan holder must pay off the loan to keep the home. Heirs will receive a due and payable notice from the lender, and then they’ll have 30 days to buy, sell or turn the home over to the lender to pa...
Bridge loans are short-term loans that help cover costs during transitional periods, most often if you must buy a new home before selling your old one. Like a mortgage, your home may serve as collateral for a bridge loan. Some bridge loans allow you to pledge other assets instea...
Face value (aka par value)This is the value the bond holder will receive at maturity unless the issuer fails to repay the loan, a practice called defaulting. Investors usually pay par when they buy a bond from the issuer, unless it's a zero-coupon bond, which we cover more below. If...
What is a lienholder? A lienholder is the person or institution who holds the lien, or legal claim, to your property until the terms of your loan are satisfied. This is usually your lender. For example, if you use Chase as your auto lender, Chase would be the lienholder. ...
Loan proceeds.The mortgage lender may hold onto this money until the closing is finalized. At that point, the money is distributed to the seller, and perhaps to a prior lienholder — for example, to pay off the balance the sellers owe on the home. ...
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Either way, once the mortgage holder gets the deed back, he or she owns the home free and clear. Another common term related to sales is buy. However, unlike sale which means to give up possession of something, buy simply refers to taking control over something. It doesn’t necessarily ...
Here is a breakdown of what makes up your billing information: Billing Contact –This is the name of your billing contact. This was to be the same name appearing on the account holder’s billing statement. Street Address –This is the street address of the billing contact. Again this has ...