Gulfport Mortgage Terms Glossary – P-Z
A piggyback loan is when a second mortgage is attached to the original mortgage. It is used in place of mortgage insurance and is generally chosen to reduce costs.
Power of Attorney
This is a document that gives someone the rights to act for someone else. It is granted for times when someone is incapable of managing their loan or for when they die.
Pre-paid Costs or Fees
These costs can include any fees that must be paid out of pocket when the property sale is closed.
Pre-qualification is when a potential homebuyer visits a lender to see the size of mortgage they could be approved for. It helps the buyer shop within their price range and gives them more flexibility.
This is the basic amount of a mortgage without any interest or fees.
Private Mortgage Insurance (PMI)
This kind of insurance is a must for homebuyers. It is intended to protect the lender if the borrower later defaults on the loan.
Quit Claim Deed
The quit claim deed is a document that releases one of the homeowners from any connection to the home. This is often used in family situations.
Refinancing is when a borrower tries to get a lower interest rate on a mortgage. It can help a Gulfport mortgage buyer reduce their total monthly payments.
A reverse mortgage is typically used by retired home owners. It allows them to access the property’s equity and use the money for other costs like home repair.
A short sale is when a home is sold at a lower-than-market value in the hopes for a quicker sale.
This is the document that shows who owns the property.
This type of insurance is intended to protect the owner and lender if there is a dispute over the title.
Truth in Lending Disclosure
A truth in lending disclosure shows the homebuyer all of the costs of the loan and fees.
This is a type of property loan given exclusively to military veterans.
The warranty deed shows that there are no liens or disputes on the property and it can be sold to a new owner.
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