Atlanta Mortgage
loanSouth mortgage Glossary
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| Back-end fee or commission |
| Mortgage broker income paid by the lender, same as yield-spread premium and Nega... |
| Balloon mortgage |
| A mortgage which is payable in full after a period that is shorter than the term... |
| Blemished borrower |
| A borrowers have one or more of the following risk factors: they can only make a... |
| Bridge loan |
| A short-term loan, usually from a bank, that "bridges" the period between the cl... |
| Buy-down |
| A permanent buy-down is the payment of points in exchange for a lower interest r... |
| Cash-Out refi |
| Refinancing for an amount in excess of the balance on the old loan plus settleme... |
| Closing |
| On a home purchase, the process of transferring ownership from the seller to the... |
| Co-Borrowers |
| One or more persons who have signed the note, and are equally responsible for re... |
| Conventional mortgage |
| A home mortgage that is neither FHA-insured nor VA-guaranteed.... |
| Credit score |
| A single numerical score, based on an individual's credit history, that measures... |
| Cumulative interest |
| The sum of all interest payments to date or over the life of the loan. This is a... |
| Default |
| Failure of the borrower to honor the terms of the loan agreement. Lenders (and ... |
| Discretionary ARM |
| An adjustable rate mortgage on which the lender has the right to change the inte... |
| Down payment |
| The difference between the value of the property and the loan amount, expressed ... |
| Due-on-sale clause |
| A provision of a loan contract that stipulates that if the property is sold the ... |
| Effective rate |
| A term used in two ways. In one context it refers to a measure of interest cost ... |
| Equity |
| In connection with a home, the difference between the value of the home and the ... |
| Escrow |
| An agreement that money or other objects of value be placed with a third party f... |
| Fannie Mae |
| One of two Federal agencies that purchase home loans from lenders. (The other is... |
| Fees |
| The sum of all upfront cash payments required by the lender as part of the charg... |
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LoanSouth Products
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- 990 Hammond Drive
- Suite 210
- Atlanta, Georgia 30328
- Toll Free: 866.780.3720
- Local: 678.551.7120
- Fax: 678.252.5597
BankSouth Mortgage Company, LLC. D/B/A LoanSouth Mortgage | NMLS #690971