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FAQs
Closing
- What is homeowner's or hazard insurance?
- What is funding?
- What is an appraisal management company?
- What is an appraisal?
- What is closing?
- What is an underwriter?
- What is an earnest money deposit?
- What is an escrow officer?
- What is an escrow company?
- What is the request for tax return transcript?
- What are processing fees?
- What are pre-paid costs or fees?
- What are lender fees?
- Who Is Vellum Mortgage/JVM’s “Mortgage Bank?”
- What is a seller credit?
- What is a Property Inspection Waiver (PIW)?
- What is a Deed of Trust?
- What is a closing statement (of fees)?
- What is a Closing Disclosure (or CD)?
- What is a gift letter?
- What is a good faith estimate (GFE)?
- What is a HUD-1 form (estimated or final)?
- What is a lender credit?
- What is a loan estimate?
- What is a condition?
- What is cash to close?
- What is Loan Approval and Final Approval?
- What is Power of Attorney (POA)?
- What are impounds? Should I get impounds?
- What are underwriting fees?
- What are comparable sales (“comps”)?
Getting Pre-Approved
- What is principal?
- What is mortgage insurance?
- What is a W-2?
- What is PITIA?
- What is an automated underwriting system?
- What is depreciation?
- What is a debt to income ratio?
- What is credit?
- What is an investment property?
- What are cash reserves?
- Can you pre-approve me right now without pulling my credit?
- Why do you ask for so much paperwork up front?
- What is debt?
- What is the PACE program?
- What is a first-time homebuyer (FTHB)?
- What is pre-qualification?
- What is a 1003/1008 form?
- What is a co-borrower?
- What is a "Benefit to Borrower"?
- What is a homeowners association (HOA)?
- What is a mortgage lender?
- What is a loan default?
- What is a loan modification?
- What is a loan?
- What is a LTV/CLTV (loan-to-value/combined loan-to-value) ratio?
- What is a mortgage?
- What is a borrower(s)?
- What is a Short Sale?
- What is the main difference between mortgage insurance for Conforming loans vs. FHA loans?
Post-Close
Making Offers
- What does "For Sale by Owner" mean?
- What is fair market value?
- What is an offer?
- What are inspections?
- How will JVM’s fast close help me if sellers don’t want to close quickly?
- What is a purchase agreement?
- What is a Buyer's Agent or Selling Agent?
- What is a listing agent (or seller's agent)?
- What is a contingency?
Loan Products
- What is Freddie Mac?
- What is a home equity line of credit (HELOC)?
- What is a jumbo loan?
- What is an assumable mortgage?
- What is a jumbo mortgage?
- What is Fannie Mae?
- What is private mortgage insurance?
- What is an FHA loan?
- What is a construction loan?
- What is a non-QM loan?
- What is an ARM loan?
- Will my loan have a pre-payment penalty or a balloon payment?
- What are reserves and why are they required for some loan products?
- What is a first/second combination (combo) loan?
- What is an investment property loan?
- Is a “no money out of pocket” loan the same as a “no cost” loan?
- What is a streamline loan?
- What is a VA loan?
- What is a subordinate loan?
- What is a second mortgage?
- What is a rate and term refinance?
- What is a cooperative (co-op)?
- What is a "no-cost" refinance?
- What is a conforming loan?
- What is the mortgage insurance premium (MIP) and upfront mortgage insurance premium (UFMIP)?
- What is a conventional mortgage?
- What is a conventional loan?
- What is a cash out refinance?
- What is a fixed-rate mortgage?
Mortgage Interest Rates
- What is prime rate?
- What is a cap?
- What is a rate lock?
- What is a rebate or yield spread premium?
- What is a refi boom?
- What is APR?
- What is an interest rate?
- What are origination fees?
- What are discount points?
- What are basis points?
- Why is my credit score online so much higher than the one you are reporting?
- Does it matter if my spouse/partner has a low credit score?
- What is an amortization schedule?
- What is amortization?
- What is a property address?