Money paid by the borrower to effect the closing of a mortgage loan. Community Home Buyers Program. A mortgage that is not insured or guaranteed by the federal government. Borrowed money, the repayment of which may be either secured or unsecured, with various possible repayment schedules. Calculations that are used in determining whether a borrower can qualify for a mortgage.
Points represent the cost of money charged by a lender.
Earnest money deposit. A trust account that is established to hold funds allocated for the payment of real estate taxes, homeowners insurance and mortgage insurance premiums, etc. as they are received each month and until such time as they are disbursed to pay the related bills. Equity is the current value of your home minus your present loan balance. It insures mortgages made by private lenders. A mortgage that is the primary lien against a property.