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Mortgage glossary

   
 
 
 
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Mortgage Glossary


#
Application Fee -
The fee charged by the lender to the borrower for applying for a loan. Payment of this fee does not guarantee that a loan will be approved. Some lenders may apply the cost of the application fee to certain closing costs.
Option Description
Not Available Borrower May Not Convert This Loan.
Must Requalify Borrower May Convert But Must Requalify.
Conversion Fee Applies
Auto-Qualify Borrower May Convert And Is Automatically Qualified.
Conversion Fee Applies
D
Float -
Between the time of application and closing, a borrower may choose to bet on interest rates decreasing by electing to float. Floating is essentially choosing not to
lock the interest rate. Since it is the borrower's responsibility to lock his or her rate before (or at) closing, choosing to float is considered risky and may result in a higher interest rate. Request information from your lender regarding lock procedures.
I
Minimum Credit -
This field on the table refers to the minimum
credit rating a borrower must have in order to qualify for the listed loan.

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Greg Butler
Butler Realty
Broker / Owner
gregbutler06@gmail.com
5415 Beacon Dr, Suite 125
Irondale, AL 35210
205-966-4791


 

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.