What is the difference between a charge card and a credit card?
Credit cards and charge cards are tools for making purchases without the need of cash. However, there functionalities and repayment mechanisms diverge significantly.
What is this per diem interest on my mortgage Loan Estimate?
Per diem interest is the daily interest charged on your mortgage. Typically, mortgage lenders collect interest from the date of the mortgage
What is the VA funding fee?
The VA funding fee is a one-time payment that most veterans, service members, and survivors need to make when they get a VA home loan. This fee helps keep the VA loan program running and makes it possible for the VA to offer loan.
What is the FHA Flip Rule?
A rule that prohibits the purchase of a property using FHA financing that has been recently sold in the past 90 days.
What are mortgage reserves?
Mortgage reserves refer to the funds that a borrower have after closing on a mortgage. These reserves are typically measured in terms of the number of months' worth of mortgage payments.