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faq's

What are overages?
They are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation.

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What are points?
They are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs.

What is private mortgage insurance (PMI)?
It protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.

What is a thrift institution?
It is a general term for savings banks and savings and loan associations.

What is a balloon mortgage?
It is a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, a "balloon" or lump sum payment is due at the end of the term. Balloon mortgages frequently contain a provision to refinance when the balloon payment is due.

What is a line of credit?
A line is an extension of credit with the flexibility to allow the borrower to draw it up, pay it down, and then draw it back up again. It is usually written for one year with the bank being given the option to renew the line at the end of the year. The decision to renew differs with each bank, but usually relates to how well the borrower handles the line and meets credit obligations in terms of time repayment.

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