Down Payment - Law Dictionary Search Results
down payment
down payment the portion of a home's purchase price that is paid … actual mortgage loan amount. Mortgage insurance is required when a down payment less than 20 percent is made. Source: U.S. Department of
mortgage insurance
loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price. Insurance … default. Typically purchased for loans with less than 20 percent down payment. The cost of mortgage insurance is usually added to the
Redemption
to bringing off a charge or obligation by payment--.By the down payment, the entire land revenue to be recovered from that land
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buy down
lender so the lender provides a lower rate and lower payments many times for an ARM. The seller may increase the
lease purchase (lease option)
that is credited to an account for use as a down payment. Source: U.S. Department of Housing and Urban Development
deposit (earnest money)
serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer
earnest money (deposit)
serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer
sweat equity
to build or improve a property as part of the down payment Source: U.S. Department of Housing and Urban Development
piti reserves
that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a
pmi
special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price. Source: U.S.
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