The value of the property on which property taxes are determined. A product that offers a fixed rate with the full unpaid balance due in 5 or 7 years. An individual who negotiates contracts or arranges funding for a client, but does not actually loan the money personally. A process whereby a lender or a builder subsidizes a mortgage by initially lowering the interest rate. When the subsidy terminates, the payments increase.
Caps benefit the consumer by setting limits for rates or payments.
A document issued by the Veterans Administration, which verifies veterans or enlisted persons eligibility for a VA mortgage. A contract stating terms and conditions, between buyer and seller of a property, to transfer ownership. Conventional loans are not insured or guaranteed by a federal agency. The title of ownership to a piece of real estate. A fee charged by lenders to reduce the initial interest rate.