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Loan Facts & Definitions

What is...?
  Cash Out Refinance - An existing loan is refinanced and the borrower is receives cash in addition to the amount of the home loan. The cash added to the amount financed and is part of the lien against the property securing the loan.  
  Closing - A meeting between a lender and borrower where documents are signed, and the tranfer of ownership and funds is accomplished.  
  Credit Report - A report outlining an individuals credit worthiness based on credit history and public records.  
  Credit Score - A calculation that is based on one's personal credit history, provided by credit bureaus to lenders, that is used to determine credit worthiness.  
  Foreclosure - A forced procedure where property pledged as security for a debt is sold to pay the debt when there is a default in payments or terms.  
  Home Equity - The current market value of a house minus any outstanding mortgages or liens. For example, a house valued at $200,000 with a $140,000 balance on a mortgage has $60,000 worth of home equity.  
  Home Equity Line of Credit - A mortgage loan that is secured by the equity in your house. It allows you to draw funds on a revolving basis up to a maximum credit limit for which you have qualified.  
  Lien - A legal claim against a property that must be paid off when the property is sold.  
  Mortgage - A written legal document that is signed by the borrower which pledges real property to the lender as security for repayment of a loan.  
  Mortgage Broker - An individual or company that brings a borrower and a lender together for the purpose of originating a loan. Mortgage brokers generally require the payment of a fee or commission for their services.  
  Net Worth - The difference between an individual's assets and liabilities is an individuals net worth. It can be a negative or positive number.  
  Principal - The total amount of money borrowed or the amount of the loan.  
  Second Mortgage - A mortgage placed on a property after a first mortgage has been secured. The second mortgage is subordinate to the first mortgage so that in the event of default and sale of the property, the second mortgagee will be paid out of any funds that remain after the payment of the first mortgagee.  
  Sub-prime Lender - A lender who specializes in lending to borrowers whose credit standing does not meet the standard requirements of mainstream lenders.  
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