The CFPB has a Loan Estimate Explainer page that explains these terms. Mortgage insurance. In the case of default, mortgage insurance protects the lender. Generally it’s required for borrowers who put down less than 20%. In government-backed mortgages, mortgage insurance takes several forms:
Mortgage Term. The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions.The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates.
Definition. An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.. Overview. An accelerated clause is typically invoked when the borrower materially breaches the loan agreement.. For example, mortgages typically have an acceleration clause that is triggered if the borrower misses too many payments.
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Standard Charge Mortgage Terms. The Standard Charge Mortgage Terms are all the terms and conditions regarding borrowing and repaying money when real property is used as collateral. The terms define what a member agrees to when obtaining mortgage financing at SCU. As the lender, SCU also follows these terms and conditions. The Standard Charge.
The terms of this set of standard mortgage terms may be modified by additions, The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions.The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage.
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· The term points is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest and may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A, itemized deductions (pdf).If you can deduct all of the interest on your mortgage, you may be able to deduct all of the points paid on the mortgage.