The first step toward submitting a home loan requires the borrower to itemize basic financial information. …
Loan Application Fee
A fee charged by lenders to cover expenses incidental to a loan application. …
Loan Commitment
A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms. …
Loan Officer
An official lending institution representative who is empowered to act on behalf of the lender within certain limits. …
Loan Origination Fee
The lender requires a loan origination fee (or points) to cover the direct costs of arranging the loan. …
Loan Term
The time set by a lender for a buyer to pay a mortgage. Most conforming loans have 30-year or 15-year terms. In the case of balloon loans, payments are based on the amortization period and a final …