The amount deposited with a neutral third-party, called an escrow agent, who holds the borrower’s escrow payments to disburse and distribute monies to proper parties involved in a real estate transaction. The difference between the value of a property and any loans or claims outstanding. The law prevents discrimination on the basis of race, color, religion, national origin, sex, marital status, equal rights, age, the use of public assistance programs and the exercise of rights under consumer protection laws.Īn improvement that physically intrudes or trespasses on another’s property.Īnything that affects or limits the title to a property, such as mortgages, leases, easements, deeds or restrictions. A broker commission is generally a percentage of the price of the property or loan.Ī real estate project with many housing units where each unit owner has title to a unit with undivided interest in the common areas and facilities of the project.Ī mortgage loan made for the purpose of building a new home or remodeling an existing one.Ī record of an individual’s debts and payment habits which helps a lender determine whether a potential borrower is likely to repay a loan in a timely manner.Įqual Credit Opportunity Act is the legislation that prevents discrimination during the process of granting credit. The fee charged by a broker or agent for negotiating a real estate of loan transaction. The expense of either obtaining a mortgage loan or transferring real estate from a seller to a buyer, including lawyer's fees, survey charges, title searches and insurance, and recording fees. The annual fee will not be charged during the Repayment Period.A limit on how much an adjustable rate mortgage (ARM) can increase or decrease, which protects the borrower from large increases in the interest rate or monthly payment. The annual fee is waived if you have a Priority Banking Platinum Checking Account. There is a $100 annual fee assessed one year after the Draw Period begins and $100 each year thereafter. Outstanding balances can be converted to fully-amortized, fixed-rate locks during both the Draw Period and Repayment Period. As you pay down the balance on your line of credit, it becomes available to use again.ĭuring the Repayment Period, you can no longer draw on your line of credit and must repay any outstanding balances. Besides an annual fee, there are no monthly payments until you draw on your line and you can even make interest-only payments during the Draw Period. During the draw period you can draw on your line of credit by writing a check or advancing the funds through FHB Online. Depending on the equity in the property, and other factors, your credit line can range from $20,000 to $1,500,000.Ī Home Equity Line of Credit has a Draw Period and a Repayment Period. It is a line of credit secured by your home or other improved property you own.
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