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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.

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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.

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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.

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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.

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.

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.

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.

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

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.

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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.