Credit unions are financial cooperatives that are member-owned.
They are controlled and operated by members usually with a vision of serving the community.
This theoretically means that it would be easier to obtain credit from them than from a traditional lender.
Required cash refers to the amount of money needed by a home buyer or borrower to complete a property transaction while taking into account the financing.
Cash is required by the buyer as lenders seldom finance 100% of a real estate purchase at any price.
And even if a buyer manages to find a mortgage that loans 100% of the funds required via a sub-prime loan, it will come with very unfavorable terms in the form of high interest rates and points.
Mandatory disclosure describes the rules and regulations regarding the type of information that must be made known to mortgage borrowers.
Lenders who fail to adhere to these laws can be penalized by the regulating authority.
Disclosure and transparency has been a huge focal point of government agencies ever since 2008 due to the sheer amount of borrowers who claim to be misled or deceived into signing up for home loans.
The interest accrual period describes the period in which interest is calculated by the lender.
There is no standardization of interest accrual periods.
Different lenders can have very different accrual periods for mortgages, Even different products and different home loans can have different periods.