Terms you come across while taking a Mortgage Loan in Mumbai

The following mortgage terms can be helpful in understanding the mortgage loan in Mumbai better. You can always seek consultation of our financial expert at Riddhi Siddhi Multi Service in case of any financial query Liabilities: Your debts and other financial obligations. rnLien: A claim or charge on property for payment of a debt. A mortgage is a lien, meaning the lender has the right to take the title to your property if you don’t make the mortgage payments. Loan: Money you borrow from a bank or other lender with a written promise to pay it back later. Banks and other lenders charge you fees and interest to borrow money. rnLoan Estimate: the piece of paper which gives a detailed overview of the costs associated with your mortgage loan in Mumbai followed by other features of your loan. rnLoan Officer: The person who takes care of loan and financing on behalf of bank or financing company. He is the person who can answer your questions for taking a mortgage loan in Mumbai, provide written information explaining loan products and help you fill out a loan application. Loan Origination Fees: Fees your mortgage lender charges to process loan application. Lock-In Agreement: A written agreement from your lender guaranteeing a specific mortgage interest rate for a certain amount of time. Mortgage: A loan using your home as collateral. It may also be used to indicate the amount of money you borrow, with interest, to purchase your house. To understand mortgage in detail, you can ask any Riddhi Siddhi Multi Service consultant for advice. Mortgage Broker: A home finance professional who specializes in bringing together borrowers and lenders to facilitate real estate mortgages. Mortgage Insurance: Insurance that protects mortgage lenders against loss in the event of default by the borrower. If you make a down payment of less than twenty percent, your lender will generally require mortgage insurance. Mortgage Lender: The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property review and the mortgage loan application process through closing. Mortgage Note: The legal document whaich is the proof of your indebtedness and formal promise to repay the amount of mortgage loan in Mumbai in accordance to the terms you’ve agreed to. Mortgage Rate: The interest rate you pay to borrow the money to buy your house. Mortgage Servicer: The financial institution or entity that is responsible for collecting your mortgage loan payments. Principal: The amount of money you had borrowed with associated interest from the lender to buy your house. This does not include amount of interest you have to pay when you borrow the money. The principal balance is the money owed in your Mortgage Loan in Mumbai minus the amount you repaid. Real Estate Professional: An individual who provides services in buying and selling homes. Title Insurance: Insurance providing protection against loss arising from problems connected to the title to your property. Underwriting: The process that your lender employees to analyze your eligibility to receive a mortgage loan. Underwriting involves detailed analysis of your capability to repay the mortgage loan.