Loanfactz Dictionary, Glossary of Legal Terms, Loan Terms, Definitions

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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

Underwriting
The process a lender uses to determine loan approval. It involves evaluating the property and the borrower's credit and ability to pay the mortgage.

Uniform Residential Loan Application
A standard mortgage application that your lender will ask you to complete. The form request your income, assets, liabilities and a description of the property you plan to buy, among other things.

Unsecured Loan
A loan where the lender has no entitlement to any of the borrower's assets in the event the borrower fails to make the loan repayments. Such a loan normally carries a higher interest rate than a secured loan.

Unsecured Note
Credit note with only the borrowers financial situation and credit history as security.

Unsubsidized Loans
Know as Federal Direct Unsubsidized Stafford - Ford Loan. Also referred to as Direct Unsubsidized Loan. A federally financed student loan made to students meeting specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal).

Up Front Fee
Fee received immediately when a contract is signed or an investment made.

Upgrades
Options offered to buyers that go beyond the standard. Usually in a new home, they often are more lighting, better carpeting etc.

U.S. Department of Housing and Urban Development (HUD)
Federal Agency overseeing the Federal Housing Administration, in addition to a number of housing and community development programs.

SCAMS & FRAUD
Some Scams, Fraud, and Consumer Abuse Items in the News

Federal Laws
Major Laws That Govern Financial Institutions & Protect Individuals in Their Financial Dealings

Organizations

Fannie Mae
Freddie Mac
Ginnie Mae
Nellie Mae
Sallie Mae

Consumer Info

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Directory of Federal Agencies
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Opt Out
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Miscellaneous

Private Mortgage Insurance (PMI)
Prepayment Penalty

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