Application Help

Glossary Of Terms:

The fields in our application are required so that potential lenders can help you find the mortgage loan program that best suits your specific needs. Listed below are those parts of the application that could require some clarification. If you have any other questions you can Contact Us.

Loan Amount: This refers to the estimated amount you would like to borrow. Put the total loan amount here including any extra cash you would like to add to your present loan.

Mortgage Balance: This refers to the amount of money you currently owe on your home. You need to include your first and second mortgages to this total mortgage loan balance.

Interest Rate: This field is for you current interest rate on only your First Mortgage.

Rate Type: If the rate is not locked in (as a fixed rate) for the life of the loan then it is an adjustable rate.

Property Value: Give your best estimate of your property value even without a recent appraisal.

Property Use: This refers to the use of the property whether it is your personal residence, an investment, or vacation property.

Mortgage Type: This refers to the purpose of the loan whether it is to reduce your interest rate, consolidate debt, refinance for cash out etc.

Property Type: This refers to kind of property whether it is Single Family Residence, Condo, etc.

Declared Bankruptcy: It's still possible to refinance even though you've had a bankruptcy. However, it is good for your lender to know this in order to help you find the proper loan program.