Mortgage Glossary – Good Faith Estimate
Good Faith Estimate A Good Faith Estimate (GFE) is a form that a lender must give you when you apply for a reverse mortgage. The GFE lists basic information about the terms of the reverse mortgage loan offer.
Mortgage Glossary – Foreclosure
Foreclosure Foreclosure is when the lender or servicer takes back property after the homeowner fails to make mortgage payments. In some states, the lender has to go to court to foreclose on your property (judicial foreclosure), but other states do not require a court process (non-judicial foreclosure). Generally, borrowers must be notified if the lender
Mortgage Glossary – Title Insurance
What is a lender’s title insurance? Lender’s title insurance protects your lender against problems with the title to your property such as someone with a legal claim against the home. A lender’s title insurance only protects the lender against problems with the title. To protect yourself, you may want to purchase owner’s title insurance. A
Mortgage Glossary – Reverse Mortgage
A reverse mortgage allows homeowners age 62 or older to borrow against their home equity. It is called a “reverse” mortgage because, instead of making payments to the lender, you receive money from the lender. The money you receive, and the interest charged on the loan, increase the balance of your loan each month. Most
Mortgage Glossary – 5/1 adjustable-rate mortgage (ARM)
5/1 Adjustable Rate Mortgage A 5/1 adjustable-rate mortgage (ARM) or 5-year ARM is a mortgage loan where “5” is the number of years your initial interest rate will stay fixed. The “1” represents how often your interest rate will adjust after the initial five-year period ends. The most common fixed periods are 3, 5, 7,
Facebook’s Bad Day and the Ironic Timing of a Six-Hour Outage
By: Aahoo Pourang On Monday, October 4, Facebook experienced a six-hour outage that extended to Instagram and WhatsApp. While active social media users ran to other apps like Twitter, TikTok, or Snapchat, Facebook not only became the center of all jokes, but the company lost in more ways than one. What was considered the largest