The Mortgage Dictionary

The Mortgage Dictionary

By Alexander HernandezBusinessEducationInvesting
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The Mortgage Dictionary episodes

  • What is Freddie Mac?
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Freddie Mac is a federally charted corporation that purchases residential mortgages, securitized them and sells them to investors. this provides lenders with funds for new homebuyers. Freddie Mac is also known as a government-sponsored enterprise.
    1 min
  • What is a HELOC?
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Home Equity Line Of Credit is a mortgage loan, which is usually in the second lien position. This allows a borrower to obtain cash against the equity of a home up to a predetermined amount.
    1 min
  • What is Hazard Insurance?
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Hazard insurance is protection against a specific loss, such as fire, wind, etc over a period of time that is secured by the payment of a regularly scheduled premium.
    1 min
  • What is Homestead?
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Homestead credit is a tax credit program offered by some state governments that provided reductions in property taxes to eligible households.
    1 min
  • What is Front End Ratio?
    Mortgage Dictionary 
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Front End Ratio is a percentage comparing a borrower's total monthly costs to buy a house with gross monthly income. Those monthly costs include mortgage principal, interest, insurance, and real estate taxes.
    1 min
  • What is a Good Faith Estimate?
    Mortgage Dictionary 
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    A good faith estimate is an estimate of all closing fees including pre-paid and escrow items as well as lender charges. Must be given to the borrower within three days after submission of a loan application.
    1 min
  • What is FSBO?
    Mortgage Dictionary 
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription: 
    FSBO is an acronym for, for saleby owner. FSBO is a home that is offered for sale by the owner without the benefit of a real estate professional.
    1 min
  • What is Fair Credit Reporting Act?
    Mortgage Dictionary 
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Fair Credit Reporting Act is a federal act to ensure that credit bureaus are fair and accurate protecting the individuals privacy rights enacted in 1971 and later revised in October 1997
    1 min
  • What is Fair Housing Act?
    Mortgage Dictionary 
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    The Fair Housing Act is a law that prohibits discrimination in all facts of the home buying process on the basis of race, color, national origin, religion, sex, familial status and/or disability.
    1 min
  • What is Eminent Domain?
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    Alex Hernandez | Mortgage Loan Officer | NMLS #1605167
    St. George Utah | Equal Housing Lender
    Transcription:
    Eminent domain is when a government takes private property for public use. The owner receives payment for its fair market value.
    1 min

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