Deferred Payment Loan: A loan which allows the borrower to defer all the monthly principal and interest payments until the maturity date of the promissory note, at which time the outstanding principal loan balance and all accrued interest is due and payable.
Downpayment: The difference between the purchase price of real estate and the loan amount. The borrower is advances to employees in cash flow statement for providing the funds for the downpayment. Employee: An Appointee who has actively begun to serve in his or her full-time position. Equity: The difference between the fair market value of a property and the current indebtedness secured on the property.
Escrow: A situation in which a third party, acting as the agent for the buyer and the seller, carries out the instructions of both and assumes the responsibilities of handling all the paperwork and disbursement of funds at settlement or at closing. Escrow Holdback : Funds retained by the escrow company after the close of escrow until repairs andor required termite work has been completed. Evidence of Insurance : Written documentation from a hazard insurance company that a homeowners policy is in existence on a property.
Typically, this is NOT an insurance policy, but a commitment from the insurance company to provide a policy for a specific property at a specific time and premium amount.
The costs associated with loans of up to 500 can range from 15 to 40 of the entire loan amount, and the charges associated with loans of more than 500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a 20 nonsufficient funds fee as well as 15 of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
Non-payment may involve debt collection practices as it is set by applicable law. The majority of the lenders in our network do not intend to sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message.
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