Pre-Reduced Factors (Prepaids) – Facts necessary for lender are repaid at closure ahead of the period it protection like prorated assets fees, homeowners insurance and you may pre-paid off interest.

Speed Secure – A commitment provided from the a lender to a borrower guaranteeing a great specified interest to own a selected period of time

Prepayment Punishment – A charge that can easily be charged in order to a borrower which will pay out-of a loan before it is due. Generally, an effective prepayment penalty are added to financing in return for a discounted speed.

Pre-Certification – A short data away from an excellent borrower’s ability to afford the pick from a home. A cost analysis takes into consideration facts such earnings, debts, and offered loans, also the style of home loan, the fresh likely fees and you can insurance coverage to the family, and also the projected closing costs.

Prime Rate – The pace one banking institutions costs into the small-identity funds to help you its most creditworthy users. Alterations in the top speed dictate alterations in almost every other pricing, plus home loan interest levels. Continua a leggere