Pre-Paid down Factors (Prepaids) – Circumstances necessary for lender are paid on closing in advance of that point they security such as for instance prorated possessions taxation, homeowners insurance and you may pre-paid appeal.

Speed Secure – A commitment approved by the a loan provider so you can a borrower promising a specified rate of interest to have a selected time frame

Prepayment Punishment – A charge which might be charged so you can a debtor who will pay regarding a loan prior to it being owed. Basically, a prepayment punishment are placed into a loan in exchange for a reduced rate.

Pre-Certification – An initial analysis out of good borrower’s ability to spend the money for pick regarding property. A cost studies requires into account situations like earnings, debts, and readily available fund, and the variety of mortgage, the fresh most likely taxation and you may insurance rates into the household, together with estimated settlement costs. Continue reading Prepayment – Any number reduced to minimize the main balance from that loan till the due date →