Glossary of Mortgage Terms
by Evan Vanderwey on 16/04/10 at 6:08 pm
Last week I took the national component of the SAFE Act test for Mortgage Lenders. I reviewed a few websites in efforts to prepare a little bit and came across this one and thought of a few clients who I think would have read and studied this and appreciated it as a way to learn the language of Mortgages.
So if you have ever wanted to know what the agent means when they say that they
“shorted a home that comped really well using 6% seller concessions to a buyer using an FHA fixed term mortgage with a 2-1 buydown and an MCC that barely got through because the back end was just under 50% and the payment shock was twice the norm but because of the compensating factor of perfect rent and savings history and a 749 FICO it was able to close without needing a non-occupying co-borrower”
this glossary list is for you:
http://www.hud.gov/offices/hsg/sfh/buying/glossary.cfm
(I passed by the way – not getting rid of me this year! 
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