Terminology

Darrell Davidson · Joined: 25 Apr 2005 Posts: 6 Location: Fountain Hills, AZ

I'd like to learn what some of the terminology that I see LO's using in the groups I frequent means. Things like HELOC,No Seasoning Refi, Co-Brokering, etc. I see things like this all the time and would just like to know some of the language and what it means.
Any input is appreciated!

Thanks,
Darrell

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Well those three are easy enough.

HELOC = Home Equity Line Of Credit
No-Seasoning = There is no restriction on how long you need to be on title in order to get your full appraised value for the property. (Normally you have to be on title for 6 to 12 months or you will have to use the purchase price if it is less.)
Co-Brokering = I send a deal to you that I'm not able to do (license restrictions or other reasons) and you complete the deal and pay me.

Some other very common ones are for ratios.

LTV = Loan to Value. This is the percentage of your loan compared to the value of your home. The value is determined by an appraisal or purchase price, whichever is less (on a purchase) or by an appraisal (for refi, as long as seasoning req's have been met.)
DTE = Debt to Income. How much is your outgoing debt compared to your gross monthly income.

That's all i'm doing for now, Haven't even smelled the coffee yet ;)

Darrell Davidson · Joined: 25 Apr 2005 Posts: 6 Location: Fountain Hills, AZ

That helps a lot when I'm talking to someone regarding their credit and what we and they need to do to better their situation. I appreciate the input Travis.

Thanks Again!

Darrell

lenderama · Joined: 08 Aug 2005 Posts: 22

Here's the biggest list I could find

http://support.lioninc.com/support/faqs/category.asp?a=4&q=101

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

thanks for the tips.