A seller contribution refers to a contribution made by a home seller towards the buyer’s down payment or closing costs.
The reason why these events happen, other than the seller being in a charitable mood, is to retain the transaction price at a certain level even though the seller will pay part of it.
This is opposed to the seller directly giving the buyer a discount off the asking price.
When more than one person has signed up as borrowers of a loan to be equally responsible for repaying it, they are known as co-borrowers.
This is unlike co-signing when one party does not make payments on the debt obligations but becomes liable in the event of defaults.
The most common co-borrowering of mortgages is when a household purchases a house, and the husband and wife both signs on the note to become liable for the loan.
A correspondent lender is a lender who delivers loans to a larger purchasing wholesale lender.
A delegated correspondent lender can originate and underwrite mortgages under their own name.
Shortly after closing, the loans are usually sold to a much larger lender primary lender or on the secondary market.
Streamlined refinancing refers to a method of refinancing a home loan without the standard underwriting processes, making it easier and faster to complete.
As we all know, lenders can be pretty antagonistic when it comes to approving loans.
So how could they be a little more relaxed with streamline refinancing.