Current Mortgage Rates: Richmond, VA
3.000% (3.001% APR) 30yrs
2.500% (2.617% APR) 15yrs
as of 06/18/21
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Building on Trust™

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Glossary of Mortgage Terms

Search for glossary terms (regular expression allowed)
Term Main definition
Tangible net benefit
The net gain to a borrower from a refinancing, which some proposed legislation would make the responsibility of lenders.
Tax service fee
A fee charged by some lenders at closing to cover the cost of paying taxes on the borrower's property when they come due, or (if the borrower is paying the taxes), verifying that the payment has been made.
Teaser rate
The initial interest rate on an ARM, when it is below the fully indexed rate.
Temporary buy down
A reduction in the mortgage payment in the early years of the loan in exchange for an upfront cash payment provided by the
Temporary lender
A lender that sells the loans it originates, as opposed to a portfolio lender who holds them.
Tenure annuity
An option available to borrowers under a Home Equity Conversion Mortgage to draw a fixed amount monthly for as long as they remain in their house.
Term
The period used to calculate the monthly mortgage payment. The term is usually but not always the same as the maturity. On a 7-year balloon loan, for example, the maturity is 7 years but the term in most cases is 30 years.
Title insurance
Insurance against loss arising from problems connected to the title to property.
Total expense ratio
The ratio of Total housing expense to borrower income.
Total housing expense
Housing expense plus Monthly debt service.
Total interest payments
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include up-front cash payments, and it is not adjusted for the time value of money.
Transaction-Based Reserves
Mandatory loss reserves based on the riskiness of individual transactions. An example is the contingency reserve requirements applicable to private mortgage insurers.
Truth in Lending (TIL)
The Federal law that specifies the information that must be provided to borrowers on different types of loans. Also, the form used to disclose this information.

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