VA
Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower
http://www.brokeroutpost.com/reference/11059.htm (Updated: 09/09/2008)

Credit inquiries
Credit inquiries may reduce credit scores due to the association of inquiries to high risk of default. Borrower's that are distressed may contact many lenders to shop around but may in turn be hurting
http://www.brokeroutpost.com/reference/21439.htm (Updated: 09/01/2008)

PMI explained
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance (PMI) with your lender. PMI protects your mortgage lender agains
http://www.brokeroutpost.com/reference/116403.htm (Updated: 02/27/2008)

Consolidating Credit Card Debt into Your Mortgage
Some financial "gurus" have advised against this because you are turning unsecured debt into secured debt. While this is basically true the fact is that defaulted unsecured debt can be secured agains
http://www.brokeroutpost.com/reference/23651.htm (Updated: 10/10/2007)

FHA 203(b)
FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible
http://www.brokeroutpost.com/reference/10967.htm (Updated: 09/04/2007)

Foreclosure Refinance
Preventing a foreclosure is like fighting an illness: The earlier you start the greater your chance of success. If you are falling behind on you mortgage payments, your lender generally will cont
http://www.brokeroutpost.com/reference/96653.htm (Updated: 09/04/2007)
Related Reference Topics: [foreclosure, forbearance, late payments, save my h]

What is mortgage insurance?
Mortgage Insurance (MI) also known as Private Mortgage Insurance (PMI) is a monthly fee added to your principal and interest payment. Mortgage Insurance protects a lender from any money loss if a borr
http://www.brokeroutpost.com/reference/146785.htm (Updated: 07/31/2007)
Related Reference Topics: [mortgage insurance, mi, pmi, lpmi, self insured]

BANKRUPTCY is bad. FORECLOSURE is worse.
BANKRUPTCY is bad. FORECLOSURE is worse. Although it is preferable to avoid bankruptcy, it is even better to avoid foreclosure. Foreclosure is the legal process whereby property is repossessed and so
http://www.brokeroutpost.com/reference/102251.htm (Updated: 07/20/2007)

Loan-To-Value Ratio
Loan-to-Value Ratio (LTV) is one of the most important factors banks scrutinize when evaluating the potential default risk of a mortgage loan application. The LTV is derived by dividing the loan amou
http://www.brokeroutpost.com/reference/139660.htm (Updated: 07/19/2007)
Related Reference Topics: [ltv, loan to value ratio, underwriting criterium]

What is PMI
What is PMI and why do I have to pay it? These are questions that has been around for a long time and very common for any homeowner to ask. PMI is also known as Private Mortgage Insurance. PMI is char
http://www.brokeroutpost.com/reference/34235.htm (Updated: 06/14/2007)
Related Reference Topics: [private mortgage insurance, conforming]

Fixed Rate Refinance
Why should you consider a fixed rate refinance for your current ARM Adjustable Rate Mortgage? If you aren't concerned with rising adjustable mortgage rates, there's a good chance you should be. Adjus
http://www.brokeroutpost.com/reference/104649.htm (Updated: 05/28/2007)
Related Reference Topics: [arm, fixed, refinance, payment, going up]

Insurance Quotes
Homeowners insurance, also commonly referred to as hazard insurance, is required on all properties that have a mortgage. Hazard insurance protects you, the homeowner, in case your home is destroyed by
http://www.brokeroutpost.com/reference/128498.htm (Updated: 05/26/2007)
Related Reference Topics: [insurance quotes, hazard insurance, homeowners]

Refinance Out of An Adjustable With A Fixed
Everywhere you look, economists believe rising interest rates are imminent. According to popular believes, when Adjustable Rate Mortgages (ARM) start to adjust, the new interest rates will be signifi
http://www.brokeroutpost.com/reference/27364.htm (Updated: 05/22/2007)
Related Reference Topics: [adjustable, arm, fixed, refinance, rising rate]

Foreclosure Bailout Mortgage
A Foreclosure Bailout Loan is a mortgage designed to save homeowners from having the properties being foreclosed upon by their banks. it is basically a refinance loan. The home owner takes out a mor
http://www.brokeroutpost.com/reference/44481.htm (Updated: 05/18/2007)

Mortgage Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
http://www.brokeroutpost.com/reference/10996.htm (Updated: 05/18/2007)
Related Reference Topics: [past due, late payments, default]

Foreclosure
A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.
http://www.brokeroutpost.com/reference/11009.htm (Updated: 05/17/2007)

FHA
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that ma
http://www.brokeroutpost.com/reference/11006.htm (Updated: 05/16/2007)

Credit bureau score
A number representing the possibility a borrower may default. It is based upon credit history and is used to determine ability to qualify for a mortgage loan.
http://www.brokeroutpost.com/reference/10993.htm (Updated: 05/14/2007)

Mortgage Terminology
Acceleration: The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested in the Due-
http://www.brokeroutpost.com/reference/25137.htm (Updated: 05/14/2007)
Related Reference Topics: [definitions, explanations]

Save My Home
Saving your home from foreclosure can be a difficult process if you don't get the right kind of help. Borrowers who work together specialist whose focus is helping people refinance out of foreclosure
http://www.brokeroutpost.com/reference/103312.htm (Updated: 04/12/2007)
Related Reference Topics: [foreclosure, refinance, below 500, nod, ltv]

Private Mortgage Insurance requirements
Private Mortgage Insurance is a type of insurance that is required on most mortgage loans that do not have the required 20% equity in the home. If you are buying a home and do not have 20% for a down
http://www.brokeroutpost.com/reference/99010.htm (Updated: 03/24/2007)
Related Reference Topics: [pmi, lpmi, combo loan]

Notice of Default
A Notice of Default, or NOD, is one the first steps in a non-judicial foreclosure. A Notice of Default is filed by your current lender at the local county recorder's office. Receiving such a notice
http://www.brokeroutpost.com/reference/97722.htm (Updated: 03/13/2007)
Related Reference Topics: [nod, default, foreclosure, non-judicial]

Government Backed Loans - VA & FHA
The most popular government loans are VA and FHA. The VA is for persons who have served in the military and have been honorably discharged from active duty or those who are currently serving in the a
http://www.brokeroutpost.com/reference/14780.htm (Updated: 09/03/2006)

Delinquency
Failure of a borrower to make timely mortgage payments under a loan agreement.
http://www.brokeroutpost.com/reference/10997.htm (Updated: 01/29/2006)
Related Reference Topics: [late payments, overdue, default]