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| Home | Ask Your Question | Mortgage Glossary | ||
CommitmentA
promise by a lender
to make a loan
on specific terms
or conditions to a borrower
or builder.
A promise by an investor
to purchase
mortgages from a lender with specific terms or conditions. An agreement,
often in writing, between a lender and a borrower to loan money at a future
date subject to the completion of paper work or compliance with stated
conditions. |
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Related Mortgage Definitions: discount Point Discount Point Fees paid to lenders. 1 point = 1% of the loan amount. On a $100,000 loan 1 point is $1000. Points may be further classified into origination points or discount points. In laymen terms, a point is a fee you pay to a lender or broker. Each point is one percent of ... more... Back End Pionts vs Front End Points Back End Points vs. Front End Points A point is a type of mortgage slang for a percentage point. The technical term for point is loan origination fee. In laymen terms, a point is a fee you pay to a lender or broker ... more... Back End Points vs. Front End Points Back End Points vs. Front End Points A point is a type of mortgage slang for a percentage point. The technical term for point is loan origination fee. In laymen terms, a point is a fee you pay to a lender or broker. ... more... Verification of Deposit Verification of Deposit A document requested by a lender and signed by a borrower's financial institution that verifies the balances of the borrower's financial accounts. Verification of Deposit or VOD should be completed by bank to verify borrower's current and average bank ... more... |
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