\r\n| Pre-qualification<\/span><\/td>\r\n | A preliminary determination of loan eligibility.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Principal<\/span><\/td>\r\n | The amount borrowed on a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Promissory note<\/span><\/td>\r\n | A written promise to pay back a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Rate lock<\/span><\/td>\r\n | An agreement to lock in an interest rate for a specific period of time.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Real estate<\/span><\/td>\r\n | Property consisting of land and the buildings on it, along with its natural resources.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Refinancing<\/span><\/td>\r\n | The process of replacing an existing loan with a new one.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Repayment plan<\/span><\/td>\r\n | A plan for paying back a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Reverse mortgage<\/span><\/td>\r\n | A loan where the borrower receives payments from the lender based on the equity in their property.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Second mortgage<\/span><\/td>\r\n | A loan that uses a property's equity as collateral and is subordinate to the first mortgage.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Security interest<\/span><\/td>\r\n | The lender's right to seize collateral if the loan is not repaid.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Seller's market<\/span><\/td>\r\n | A market where there are more buyers than available properties, giving sellers the upper hand in negotiations.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Servicer<\/span><\/td>\r\n | The entity responsible for collecting loan payments and managing defaults.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Simple interest<\/span><\/td>\r\n | Interest calculated only on the principal amount borrowed.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Subprime loan<\/span><\/td>\r\n | A loan provided to borrowers with poor credit histories.<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n <\/span><\/p>\r\n<\/span><\/p>\r\n\r\n\r\n\r\n\r\n| Term<\/span><\/td>\r\n | The length of time over which a loan is repaid.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Title<\/span><\/td>\r\n | Legal ownership of property.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Title company<\/span><\/td>\r\n | A company that ensures the title to a property is legitimate and issues title insurance.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Title insurance<\/span><\/td>\r\n | Insurance that protects against any defects in a property's title.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Title search<\/span><\/td>\r\n | A search of public records to verify ownership of property.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Truth in Lending Act<\/span><\/td>\r\n | A federal law that requires lenders to disclose the true cost of credit.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Underwater<\/span><\/td>\r\n | When the amount owed on a property exceeds its value.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Underwriting<\/span><\/td>\r\n | The process of evaluating a loan application to determine its risk.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Usury<\/span><\/td>\r\n | Charging an illegal or excessive amount of interest on a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| VA loan<\/span><\/td>\r\n | A loan guaranteed by the Department of Veterans Affairs for military veterans.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Variable rate<\/span><\/td>\r\n | An interest rate that can change over time.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Verification<\/span><\/td>\r\n | The process of confirming information on a loan application.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Yield spread premium<\/span><\/td>\r\n | A fee charged by a lender for providing a loan with a higher interest rate.<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n <\/span><\/p>\r\n[\/vc_column_text][\/vc_column][vc_column width=\"1\/6\"][\/vc_column][\/vc_row]<\/p>","post_title":"Loan Signing Agent Glossary: Essential Terms You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"loan-signing-agent-glossary-essential-terms-to-know","to_ping":"","pinged":"","post_modified":"2023-07-06 02:01:05","post_modified_gmt":"2023-07-06 06:01:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/thepanotary.com\/?p=27311","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_3o3","class":"epic_block_9"};
<\/span><\/p>\r\n\r\n\r\n\r\n\r\n| Interest<\/span><\/td>\r\n | The fee charged for borrowing money.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Interest-only loan<\/span><\/td>\r\n | A loan where only interest is paid for a period of time before principal payments begin.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Jumbo loan<\/span><\/td>\r\n | A loan that exceeds the maximum amount allowed by Fannie Mae and Freddie Mac.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Late fee<\/span><\/td>\r\n | A penalty assessed for a missed payment.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Lender<\/span><\/td>\r\n | The person or entity that provides the loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Listing agreement<\/span><\/td>\r\n | A contract between a seller and a real estate agent that outlines the terms of the agent's representation.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan agreement<\/span><\/td>\r\n | A written contract that outlines the terms of the loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan application<\/span><\/td>\r\n | A form used to apply for a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan modification<\/span><\/td>\r\n | A change to the terms of a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan officer<\/span><\/td>\r\n | A person who works for a lender and helps with loan applications.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan origination fee<\/span><\/td>\r\n | A fee charged by the lender for processing a loan application.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan servicing<\/span><\/td>\r\n | The management of a loan, including collecting payments and handling defaults.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Loan-to-value ratio<\/span><\/td>\r\n | The ratio of the loan amount to the value of the property.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Multiple Listing Service (MLS)<\/span><\/td>\r\n | A database of properties for sale that is shared among real estate agents.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Net worth<\/span><\/td>\r\n | The value of a person's assets minus their liabilities.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Nonconforming loan<\/span><\/td>\r\n | A loan that does not meet the requirements of Fannie Mae or Freddie Mac.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Note<\/span><\/td>\r\n | A written promise to pay back a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Open-end mortgage<\/span><\/td>\r\n | A mortgage that allows the borrower to borrow more money in the future.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Origination<\/span><\/td>\r\n | The process of creating a new loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Origination fee<\/span><\/td>\r\n | A fee charged by a lender for processing a loan application.<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n <\/span><\/p>\r\n<\/span><\/p>\r\n\r\n\r\n\r\n\r\n| Payment schedule<\/span><\/td>\r\n | A plan for making loan payments.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Pledge<\/span><\/td>\r\n | To use property as collateral for a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Points<\/span><\/td>\r\n | Fees charged by a lender to lower the interest rate on a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Pre-approval<\/span><\/td>\r\n | A preliminary determination of loan eligibility.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Pre-foreclosure<\/span><\/td>\r\n | The period of time between a borrower missing mortgage payments and the property being foreclosed on.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Pre-qualification<\/span><\/td>\r\n | A preliminary determination of loan eligibility.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Principal<\/span><\/td>\r\n | The amount borrowed on a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Promissory note<\/span><\/td>\r\n | A written promise to pay back a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Rate lock<\/span><\/td>\r\n | An agreement to lock in an interest rate for a specific period of time.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Real estate<\/span><\/td>\r\n | Property consisting of land and the buildings on it, along with its natural resources.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Refinancing<\/span><\/td>\r\n | The process of replacing an existing loan with a new one.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Repayment plan<\/span><\/td>\r\n | A plan for paying back a loan.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Reverse mortgage<\/span><\/td>\r\n | A loan where the borrower receives payments from the lender based on the equity in their property.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Second mortgage<\/span><\/td>\r\n | A loan that uses a property's equity as collateral and is subordinate to the first mortgage.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Security interest<\/span><\/td>\r\n | The lender's right to seize collateral if the loan is not repaid.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Seller's market<\/span><\/td>\r\n | A market where there are more buyers than available properties, giving sellers the upper hand in negotiations.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Servicer<\/span><\/td>\r\n | The entity responsible for collecting loan payments and managing defaults.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Simple interest<\/span><\/td>\r\n | Interest calculated only on the principal amount borrowed.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Subprime loan<\/span><\/td>\r\n | A loan provided to borrowers with poor credit histories.<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n <\/span><\/p>\r\n<\/span><\/p>\r\n\r\n\r\n\r\n\r\n| Term<\/span><\/td>\r\n | The length of time over which a loan is repaid.<\/span><\/td>\r\n<\/tr>\r\n\r\n| Title<\/span><\/td>\r\n | Legal ownership of property.<\/span><\/td>\r\n<\/tr>\r\n\r\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |