How to use Borrower in a sentence
One of these is micro-lending, which directly connects the lender with the borrower and which the Internet has made appealingly easy and personal.
Understanding your rights as a borrower.
In what are commonly called loans of money, it is not really the money, but the money's worth, that the borrower wants; and the lender really assigns to him the right to a certain portion of the annual produce of the land and labour of the country, As the general capital of a country increases, so also does the particular portion of it from which the possessors wish to derive a revenue without being at the trouble of employing it themselves, and, as the quantity of stock thus available for loans is augmented, the interest diminishes, not merely "from the general causes which make the market price of things commonly diminish as their quantity increases," but because, with the increase of capital, "it becomes gradually more and more difficult to find within the country a profitable method of employing any new capital" - whence arises a competition between different capitals, and a lowering of profits, which must diminish the price which can be paid for the use of capital, or in other words the rate of interest.
In taking usury also, both the borrower and the lender would share that sin.
All the states have what is called a "legal rate" of interest; and when no rate of interest is specified in the contract between the parties, there is a presumption that the borrower has agreed to pay the legal rate.Advertisement
The amount borrowed will be combined with the amount the borrower still owes on his first mortgage.
Borrowing more than 80% of the home's value will subject the borrowing more than 80% of the home's value will subject the borrower to private mortgage insurance.
And converting debt into secured borrowing, such as a mortgage, puts the property at risk if the borrower defaults.
In bonds, they bet that interest rates will remain low, inflation benign and borrower default levels at unusually low rates.
An interest-only mortgage provides flexibility to the borrower in.. .Advertisement
Visits must only be made at times convenient to the borrower, and you must not overstay your welcome.
Debt settlement is either initiated by the borrower or creditor.
Bankruptcy allows a borrower to come forward and state that he or she is unable to make payments on the borrowed funds.
In this form of bankruptcy, the borrower receives a debt discharge, and no longer has to repay it.
Because the borrower becomes the slave of the lender.Advertisement
It includes a graphic display of how lenders view you as a borrower and how you compare to others in any zip code or state, as well as other categories.
Although it depends on the borrower's particular situation, some debt consolidation loans, like home equity loans, may provide certain tax advantages.
If an internet search yields the result of an unknown lender with fantastic rates, the borrower should really take the time to research the lender before supplying their own personal information.
Without closing the accounts, the borrower runs the risk of winding up with even more debt than he or she had to begin with.
The program is a process in which the debt consolidation company works with creditors and the borrower to structure a more affordable payment plan to help the borrower to get out of debt.Advertisement
The debt consolidation company then makes a payment to the creditors on behalf of the borrower.
Those companies can offer several benefits to the borrower.
This payment is often required to be auto drafted from the borrower's checking or savings account on a monthly basis.
At that time, lending practices were not standardized and lenders based their decisions of whether or not to lend on various criteria including personal relationships with the borrower.
Whether you are the borrower or the lender in the case of debt settlement action, you should familiarize yourself with the terms of the Fair Debt Collection Practices Act.Advertisement
Whenever a borrower ignores requests from the creditor about the debt they owe, they show the lender they have no real intention of paying the debt.
The act of lending money for consolidation should be more about assisting the borrower as opposed to making a profit, although a lender that is not profitable will have problems maintaining operations.
However, you repay the amount you borrower monthly.
A negotiation process may take place where an amount for the settlement is initially proposed by the borrower which is followed by a counteroffer by the creditor.
Of course, this method can have definite drawbacks if the borrower never manages to make the extra principal payments because the total balance will someday come due.Advertisement
A cardholder or borrower's riskiness increases with a missed payment deadline.
This type of card requires the borrower to place a deposit on the card.
By filing for bankruptcy, you've proven to creditors that you are a high risk borrower.
No consolidation option is perfect, but there are some that are better than others depending on the borrower's situation.
The sister necklace reflects the teasing fun of siblings because on the back of the pendant is scrolled in pierce writing, "Prankster Secret-Keeper Roommate Borrower Lender Chaperone Friends."Advertisement
The lender will also want to examine the creditworthiness of the mortgage guarantor, which could be different from the borrower.
Often, the borrower is a company that operates as a corporation or limited liability partnership, while the guarantor may be an individual who has an interest in the company.
Business owners can choose from some of the same Types of Mortgages that a residential borrower would have.
Another consideration for a commercial mortgage borrower are the terms of the note and how they affect the management of the property.
Also, some lenders will allow the borrower to make mortgage payments every two weeks instead of once a month.Advertisement
Adjustable rate mortgages could cost a borrower more in the long run than fixed rate mortgages.
With regular loans, lenders use the borrower's income to determine whether or not the borrower can afford the home.
The webpage for this division allows a borrower to look up properties owned by Chase by inputting geographical information such as town, county, or zip code.
The borrower directly deposits their entire paycheck into their mortgage account.
They promise to beat any bank offer or will pay the borrower $100.Advertisement
During construction, the borrower pays interest only on the total funds used.
It applied to homeowner's insurance charges and related late payment fees imposed by Fairbanks when the borrower already had an existing homeowners' insurance policy.
On the front end, the mortgage broker or lender takes on the risk and as adjustments are made in the rate, the risk shifts from the lender to borrower.
Each borrower pays an insurance premium to provide for this potential difference.
There are some basic requirements that a reverse mortgage borrower needs to meet.Advertisement
The interest rates on the uninsured mortgage can also be very high, resulting in a lower monthly payment to the borrower.
The interest rate, as with the other types of reverse mortgages, has a direct bearing on the monthly payment amount of the borrower.
Borrower should use the home as a primary residence.
Any remaining money is disbursed to the deceased borrower's estate, which is used to pay any remaining creditors and also as inheritance to specified heirs.
The interest rate can greatly affect the payout amount to the borrower, especially if it is adjustable.
If the interest rates go up with an adjustable rate, then the borrower may lose money in the long run.
The goal for any borrower is to obtain a mortgage at the lowest interest rate possible, and to lock in the low rate at the time of the mortgage.
If homeowner's insurance premiums are not current and a natural disaster levels the house, the borrower and the lender are both out on an important investment.
This relevant information may put the financial future into perspective when deciding on what terms will work to the borrower's advantage.
Some mortgage lenders offer loans using Libor rates as the base rate on which to calculate the rate of interest the borrower is charged.
The borrower will pay a lower rate than with a mortgage based on a different base rate.
The borrower expects interest rates to remain stable or drop in the foreseeable future.
The borrower is interested in qualifying for a larger mortgage.
A margin is also added to the rate, so the borrower ends up paying the Libor rate + a certain percentage on top of that rate.
Private Mortgage Insurance (PMI) is a mandatory insurance required by many lenders when the borrower does not supply a down payment of 20% or more.
There is no upper-age limit for a borrower.
Borrower makes 3 percent cash investment in the property.
Payments for private mortgage insurance - Lenders usually require a borrower to have private mortgage insurance if their down payment is less than 20% of the purchase price, unless the mortgage is guaranteed by FHA or the VA.
In the event that the borrower defaults on their mortgage payments, the FHA will compensate the mortgage company.
Falling behind in mortgage payments does not automatically doom the borrower to facing foreclosure.
In the vast majority of instances, lenders would prefer to work with the borrower in an attempt to avoid foreclosure.
Keeping in contact with the borrower may stretch the procedures out a little longer to give borrowers the chance to catch up and stop the foreclosure process, but most foreclosures follow this approximate timeline.
If the borrower does not contact the lender regarding the missed mortgage payment then the lender starts trying to contact the borrower.
The amount of time the borrower is allowed to stay in the home depends on the laws of the state and other factors.
Although foreclosure laws vary by state, after the auction the borrower is not allowed to simply walk away from the entire ordeal.
Payments can be misapplied, incorrect interest rates can be charged and communication to the borrower can be inaccurate.
If the lender does not communicate quickly or clearly with the borrower it is possible that the proceedings can continue for a month or more before the borrower realizes that their home is in the foreclosure process.
The borrower can use the courts to demand that the foreclosure proceedings be stopped.
The borrower can claim that statement errors or administrative errors were made.
A borrower also has the right to file a wrongful foreclosure action in the courts at any time.
If a borrower files a wrongful foreclosure court action and subsequently wins in court, the foreclosure action will be stopped.
If a borrower loses the court action, the foreclosure action continues and the borrower usually has to pay any court costs incurred by the lender or servicer.
Term is the number of years the borrower will be making payments on the mortgage.
In fact, the mortgage lender is considered the lien holder on the home until the mortgage is paid in full by the borrower.
When a foreclosure is completed, the borrower no longer has any entitlement to the home despite any previous payments made.
It allows the borrower to start fresh without obtaining a full refinance.
The process of foreclosing on a home is a costly one for everyone involved, so in some cases it's financially better for the lender to work with the borrower and offer a modification or full refinance.
A mortgage refinance, however, allows the borrower to keep the home.
In most reverse mortgages, the borrower is required to live in the home as their primary place of residence.
The payment on a reverse mortgage comes due when the borrower moves out of the home as a primary residence or dies.
The main difference between a reverse mortgage and a traditional mortgage is the fact that the borrower does not have to make a monthly payment on the mortgage.
This is often part of the documents given to the borrower during the signing process.
Ultimately, the lender must rely on the fact that the potential borrower will be able to maintain a steady income in order to make the monthly payments.
In every foreclosure, however, it begins with the borrower not meeting a financial obligation and ends with the borrower losing ownership of the home.
Instead, at this point, most lenders will attempt to contact the borrower to find out where the payment is.
Make sure you understand both the lender and borrower rights if foreclosure occurs.
Some lenders put prepayment penalties into their loans as a way to make a profit even if the borrower refinances.
The perspective borrower often pays this cost, either directly or in the form of mortgage fees.
Debt obligations of the borrower must not exceed 40 to 42% of his or her personal verifiable income (including the 80% of rent).
These loans allow the borrower to be eligible for about 97 percent financing for one to four unit homes.
The interest rate is based on the borrower's income.
The biggest selling point for lenders that, if the borrower defaults on the mortgage, the FHA promises to pay.
Not all companies that finance mobile homes will accept FHA guarantees, as the loans come with stringent standards to protect both the borrower and FHA.
The broker promises a specific interest rate for the mortgage, but the borrower winds up with a different interest rate that is higher.
If a mortgage broker does not find the best deal for the applicant -and there are indeed good deals to be had- the borrower is not going to be happy and may wind up complaining.
This financing option involves using the borrower's residence as collateral.
Lenders oftentimes offer lower interest rates and better terms for loans secured by collateral because there is a statistically lower chance of the borrower defaulting on these loans.
Collateral becomes the property of the lender if the borrower does not pay as agreed.
Equity is not accessible when it is used as collateral for a second mortgage, reducing the borrower's overall financial worth.
A borrower could try to track down the right lender for his or her financial needs, but this can be a time-consuming prospect.
This may result in another 30 year amortization (or whatever term the lender and borrower agree on), which stretches out the amount of time a homeowner spends paying off his or her home.
Lenders want to ensure the borrower has the financial means to repay the debt.
It can provide the borrower the opportunity to purchase more than one property at a time and cover all loans under one mortgage.
In these instances, the VA pays for the remaining balance and the borrower then owes the money to the VA instead of to the original lender.
How is a potential borrower supposed to keep up on what the current interest rates are for VA mortgages?
Second, because they are geared towards homes exceeding the federal government maximum limit, they provide the borrower with more money.
The borrower holds off paying toward the principal until after the interest-only period expires, which gives the borrower a lower monthly mortgage payment initially.
Some lenders require the borrower to pay more toward the principal after the interest-only period.
In an interest only mortgage, a borrower’s monthly payment consists only of interest for a specific period of time, typically five or seven years.
A borrower can voluntarily pay more than what is required each month, but may incur a penalty charge for doing so.
The interest rate is determined by the mortgage terms, which means that the borrower must accept the rate when they sign the mortgage contract.
After that period of time, the borrower begins repaying the principal balance as well as accumulated interest.
An interest only mortgage allows the borrower to pay just the interest portion of the mortgage for an initial, limited time.
In a conventional mortgage, interest and principle make up the monthly mortgage payment made by the borrower.
Repayment time depends on the borrower's ability to repay and how the funding is used.
Don't close older accounts because it makes you appear as a new borrower which is not necessarily good.
Fixed or variable rates are negotiated between the borrower and the lender subject to SBA maximums, pegged to the prime rate.
Lentell notes that interest rates on SBA loans are negotiated by the borrower and the lender, but typically cannot exceed 2.75 percent above the Wall Street Journal prime rate.
It might also get you a better interest rate, since significant money down makes you a more attractive borrower.
The reasoning behind these insurance product is that in the event the borrower loses their job, in theory, the monthly payments will be made by the insurer until the borrower finds another job.
Geico doesn't decide who pays the bill, because that decision is made by the mortgage lender and the borrower.
Although in general there is no limit on the amount of interest which a borrower may agree to pay, equity has always been ready to grant relief from unconscionable bargains.
There are other factors involved when lenders decide what sort of interest rate to offer a potential borrower.
At this point the borrower no longer owns the home and must move out.
These monthly mortgage payments are covered by the properties tenants who are paying our borrower rent every month.
Personal loans literally mold themselves to reconcile with the financial needs of any borrower.
Click the ' borrower information ' button Books in demand may be renewed for a limited period only.
In addition, if your dispute fails, or the information on your report is not complete, it is possible to provide a borrower statement on your report.
He was a follower of none, an original borrower from all.