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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.

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All of S

Subprime Lender

A subprime lender is a lender, which may be a bank, business, finance company or other financial institution, who will approve a subprime loan to a high risk borrower who may not be able to qualify for a * conventional loan because of bad credit problems. The lender charges a higher interest rate on a subprime loan than a * prime loan, due to the increased risk of the borrower. Subprime lenders are largely unregulated by the federal government. More about Subprime Loans


Glossary For This Page
(In Alphabetical Order)

* Conventional Loan
A conventional loan is a * mortgage loan other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA). There is a * down payment required, usually 10 percent to 20 percent of the sales price. A conventional loan does not require * mortgage insurance.

* Credit History
A credit history is a record of your credit use. It is comprised of a list of individual consumer debts and an indication as to whether or not these debts were paid back in a timely fashion or as agreed. Credit institutions have developed a complex recording system of documenting your credit history, called a credit report.

* Down Payment
Paying a portion of the price of a home which is not borrowed and paid up front.

* Interest Rate
The percentage of a sum of money charged to the borrower by the lender for borrowing the lender's money.

* Mortgage
Document which specifies a specific amount of money, which is to be used for purchase of a home, using the property as collateral, whereupon a lien is placed on the property as security for repayment of the debt. In some states the term mortgage is also used to describe the document you sign to show that you have granted the lender a lien on your home; other states use a deed of trust document instead of a mortgage.

* Mortgage Insurance (MI)
Mortgage Insurance (MI) or called Private Mortgage Insurance (PMI) is insurance needed for a mortgage with a low down payment, usually a down payment less than 20% of the price of the home or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Mortgage Insurance protects lenders against loss if a borrower defaults on the loan. Private mortgage insurance is provided by a private mortgage insurance company, is paid by the borrower (you), and is included in the mortgage payment.

* Prime Loans
Prime loans have better * interest rates and are typically made to borrowers who have a strong * credit history and can demonstrate a capacity to repay their loans.

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


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