{"id":7312,"date":"2023-10-03T05:46:59","date_gmt":"2023-10-03T03:46:59","guid":{"rendered":"https:\/\/albermoya.com\/?p=7312"},"modified":"2023-10-03T05:49:03","modified_gmt":"2023-10-03T03:49:03","slug":"finance-3","status":"publish","type":"post","link":"https:\/\/albermoya.com\/en\/finance-3\/","title":{"rendered":"Finance in Mortgage Transactions in Real Estate"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Elementos_de_una_Transaccion_Hipotecaria\" >Elements of a Mortgage Transaction<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Promissory_Note_Nota_Promisoria\" >Promissory Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Mortgage_Hipoteca\" >Mortgage<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Mecanica_de_una_Transaccion_Hipotecaria\" >Mechanics of a Mortgage Transaction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Hipotecacion_Hypothecation\" >Mortgage (Hypothecation)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Componentes_Financieros\" >Financial Components<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Original_Principal_Principal_Original\" >Main Original (Original Main)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Loan_Balance_Saldo_del_Prestamo\" >Loan Balance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Interest_Interes\" >Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Tasa_Anual_de_Porcentaje_Annual_Percentage_Rate_%E2%80%93_APR\" >Annual Percentage Rate (APR)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Point_Punto\" >Point<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Loan_Origination_Fee_Tarifa_de_Origen_del_Prestamo\" >Loan Origination Fee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Plazo_Term\" >Term (Term)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Pago_Payment\" >Payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Down_Payment_Pago_Inicial\" >Down Payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Loan-to-Value_Ratio_Relacion_Prestamo-Valor\" >Loan-to-Value Ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Equity_Equidad\" >Equity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Transacciones_con_Trust_Deed_Escritura_de_Fideicomiso\" >Trust Deed Transactions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Promissory_Note_Nota_Promisoria-2\" >Promissory Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Deed_of_Trust_Escritura_de_Fideicomiso\" >Deed of Trust<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Mecanica_de_una_Transaccion_con_Trust_Deed\" >Mechanics of a Trust Deed Transaction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Nota_Promisoria_Promissory_Note\" >Promissory Note<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Clausulas_de_la_Hipoteca\" >Mortgage Clauses<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Pago_de_Capital_e_Intereses_Cargos_por_Pagos_Adelantados_y_Atrasados\" >Payment of Principal and Interest: Early and Late Payment Charges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Fondos_para_Impuestos_y_Seguros\" >Funds for Taxes and Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Cuenta_de_Fideicomiso_Escrow_Account\" >Escrow Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#PITI\" >PITI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Cargos_y_Gravamenes\" >Charges and Liens<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Seguro_de_Propiedad_o_Peligros\" >Property or Hazard Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ocupacion_Preservacion_Mantenimiento_y_Proteccion_de_la_Propiedad\" >Occupation, Preservation, Maintenance and Protection of Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Proteccion_de_los_Derechos_del_Prestamista_en_la_Propiedad\" >Protection of Lender&#039;s Rights in Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Seguro_Hipotecario\" >Mortgage Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Inspeccion\" >Inspection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Condena\" >Sentence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Transferencia_de_la_Propiedad_o_Interes_Beneficiario_del_Prestatario\" >Transfer of Property or Beneficial Interest of Borrower<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Derecho_del_Prestatario_a_la_Reinstalacion\" >Borrower&#039;s Right to Reinstatement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Liberacion\" >Release<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Clausula_de_Escalacion_Escalation_Clause\" >Escalation Clause<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Calificacion_de_Prestamos\" >Loan Qualification<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ley_de_Igualdad_de_Oportunidades_de_Credito_Equal_Credit_Opportunity_Act_%E2%80%93_ECOA\" >Equal Credit Opportunity Act (ECOA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Calificacion_por_Ingresos\" >Income Qualification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-42\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Calificacion_por_Efectivo\" >Cash Qualification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-43\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Patrimonio_Neto_Net_Worth\" >Net Worth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-44\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Evaluacion_de_Credito\" >Credit Evaluation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-45\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Compromiso_de_Prestamo\" >Loan Commitment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-46\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Relacion_Prestamo-Valor_Loan-to-Value_Ratio_%E2%80%93_LTV\" >Loan-to-Value Ratio (LTV)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-47\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Leyes_que_Afectan_las_Transacciones_Hipotecarias\" >Laws Affecting Mortgage Transactions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-48\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ley_de_Veracidad_en_Prestamos_y_Regulacion_Z_Truth-in-Lending_and_Regulation_Z\" >Truth-in-Lending and Regulation Z Act<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-49\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ley_de_Igualdad_de_Oportunidades_de_Credito_Equal_Credit_Opportunity_Act_%E2%80%93_ECOA-2\" >Equal Credit Opportunity Act (ECOA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-50\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ley_de_Procedimientos_de_Establecimiento_de_Bienes_Raices_Real_Estate_Settlement_Procedures_Act_%E2%80%93_RESPA\" >Real Estate Settlement Procedures Act (RESPA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-51\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ley_Nacional_de_Seguro_contra_Inundaciones_National_Flood_Insurance_Act\" >National Flood Insurance Act<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-52\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#El_Mercado_Hipotecario\" >The Mortgage Market<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-53\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Oferta_y_Demanda_de_Dinero\" >Money Supply and Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-54\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Control_de_la_Reserva_Federal_sobre_la_Oferta_de_Dinero_entre_Bancos\" >Federal Reserve Control over the Money Supply between Banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-55\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Sistema_de_Bancos_de_Prestamos_Hipotecarios_Federal_Home_Loan_Bank_System_%E2%80%93_FHLBS\" >Federal Home Loan Bank System (FHLBS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-56\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Corporacion_Federal_de_Seguros_de_Depositos_Federal_Deposit_Insurance_Corporation_%E2%80%93_FDIC\" >Federal Deposit Insurance Corporation (FDIC)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-57\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Mercado_Hipotecario_Primario\" >Primary Mortgage Market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-58\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Mercado_Hipotecario_Secundario\" >Secondary Mortgage Market<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-59\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Papel_de_FNMA_GNMA_y_FHLMC\" >Role of FNMA, GNMA and FHLMC<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-60\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Originador_de_Prestamos_Hipotecarios_vs_PrestamistaBanquero_vs_Corredor_Mortgage_Loan_Originator_vs_LenderBanker_vs_Broker\" >Mortgage Loan Originator vs. Lender\/Banker vs. Broker (Mortgage Loan Originator vs. Lender\/Banker vs. Broker)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-61\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Tipos_de_Hipotecas\" >Types of Mortgages<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-62\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Hipotecas_Convencionales_Conventional_Mortgages\" >Conventional Mortgages<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-63\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Programas_de_Prestamos_del_Gobierno\" >Government Loan Programs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-64\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Prestamos_de_Tasa_Fija_Amortizados_vs_Prestamos_Ajustables\" >Amortized Fixed Rate Loans vs. Adjustable Loans<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-65\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Caracteristicas_de_los_Prestamos_Ajustables\" >Characteristics of Adjustable Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-66\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Prestamos_Hipotecarios_Personalizados\" >Personalized Mortgage Loans<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-67\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Parcialmente_Amortizado_con_Pagos_Adicionales_Balloon_Payment\" >Partially Amortized with Additional Payments (Balloon Payment)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-68\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Prestamos_de_Interes_Solamente_Interest-Only_Loans\" >Interest-Only Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-69\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Hipoteca_Quincenal_Biweekly_Mortgage\" >Biweekly Mortgage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-70\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Hipoteca_de_Paquete_Package_Mortgage\" >Package Mortgage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-71\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Prestamos_de_Capital_Home_Equity_Loans\" >Equity Loans (Home Equity Loans)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-72\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Hipoteca_de_Compra_de_Dinero_Purchase_Money_Mortgage\" >Purchase Money Mortgage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-73\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Hipoteca_de_Anualidad_Inversa_Reverse_Annuity_Mortgage\" >Reverse Annuity Mortgage<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-74\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Prestamos_FHA\" >FHA Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-75\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Prestamos_VA\" >VA Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-76\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Cierre_de_una_Transaccion_Hipotecaria\" >Closing of a Mortgage Transaction<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-77\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Proceso_de_Cierre\" >Closing process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-78\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Costos_de_Cierre\" >Closing Costs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-79\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Recision_Right_of_Rescission\" >Recision (Right of Rescission)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-80\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Ejecucion_de_la_Hipoteca\" >Mortgage Foreclosure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-81\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Insolvencia_Foreclosure\" >Insolvency (Foreclosure)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-82\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Short_Sale_Venta_Corta\" >Short Sale<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-83\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Deed_in_Lieu_of_Foreclosure_Escritura_en_Lugar_de_Insolvencia\" >Deed in Lieu of Foreclosure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-84\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Proceso_de_Insolvencia\" >Insolvency Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-85\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Modificacion_de_Prestamo_Loan_Modification\" >Loan Modification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-86\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Asesoramiento_en_Insolvencia\" >Insolvency Advice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-87\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Consejos_para_Comprar_una_Casa_con_Hipoteca\" >Tips for Buying a House with a Mortgage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-88\" href=\"https:\/\/albermoya.com\/en\/finance-3\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p>Mortgage transactions are a fundamental part of the real estate market in the United States. To better understand this process, it is essential to know the key English terms and concepts used in the industry. Here, we present a detailed guide to these terms, divided into various categories:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elementos_de_una_Transaccion_Hipotecaria\"><\/span>Elements of a Mortgage Transaction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Promissory_Note_Nota_Promisoria\"><\/span>Promissory Note<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>promissory note<\/strong> It is a legal document in which the borrower agrees to repay the loan. It contains information about the amount borrowed, the repayment term, the interest rate, and the promise of repayment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mortgage_Hipoteca\"><\/span>Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A <strong>mortgage<\/strong> is a collateral used in a mortgage transaction. It is used to pledge the property as collateral for the loan. If the borrower defaults on payments, the lender can foreclose and take possession of the property.<\/p>\n<ul>\n<li><em>promissory note: promise to repay loan<\/em><\/li>\n<li><em>mortgage: pledge of property as collateral for loan<\/em><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Mecanica_de_una_Transaccion_Hipotecaria\"><\/span>Mechanics of a Mortgage Transaction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The process of a mortgage transaction involves several essential steps:<\/p>\n<ol>\n<li><strong>Delivery of the <em>Promissory Note<\/em> and the mortgage<\/strong>: The borrower delivers to the lender the <em><strong>promissory note<\/strong> <\/em>and the <em><strong>mortgage<\/strong><\/em> as a guarantee.<\/li>\n<li><strong>Delivery of Funds and Registration of a Lien<\/strong>: The lender delivers the funds to the borrower and records a lien (<em>lien<\/em>) on the property as collateral.<\/li>\n<\/ol>\n<ul>\n<li><em>borrower gives lender promissory note and mortgage<\/em><\/li>\n<li><em>lender gives borrower funds and records to lien<\/em><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Hipotecacion_Hypothecation\"><\/span>Mortgage (Hypothecation)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>mortgage<\/strong> refers to the use of real property as collateral for a mortgage loan. If the borrower defaults on payments, the lender has the right to take possession of the property.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Componentes_Financieros\"><\/span>Financial Components<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Original_Principal_Principal_Original\"><\/span>Main Original (Original Main)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>main original<\/strong> is the amount of borrowed capital on which interest payments are calculated.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Loan_Balance_Saldo_del_Prestamo\"><\/span>Loan Balance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>loan balance<\/strong> is the remaining principal not paid at any time during the life of the loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Interest_Interes\"><\/span>Interest<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>interest<\/strong> It is the charge for the use of borrowed money. It can be a fixed or variable rate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tasa_Anual_de_Porcentaje_Annual_Percentage_Rate_%E2%80%93_APR\"><\/span>Annual Percentage Rate (APR)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>Annual Percentage Rate (APR)<\/strong> It includes both interest and all other financial charges. Lenders must disclose the APR on residential properties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Point_Punto\"><\/span>Point<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A <strong>point<\/strong> It is equal to one percent of the loan amount and is used to purchase lower interest rates.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Loan_Origination_Fee_Tarifa_de_Origen_del_Prestamo\"><\/span>Loan Origination Fee<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>loan origination fee<\/strong> is a fee charged by the lender at the time of loan origination to obtain a required return.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Plazo_Term\"><\/span>Term (Term)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>term<\/strong> refers to the period of time over which interest and principal payments will be made.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Pago_Payment\"><\/span>Payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>payment<\/strong> It is the periodic payment of interest and\/or principal made by the borrower.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Down_Payment_Pago_Inicial\"><\/span>Down Payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>down payment<\/strong> is the borrower&#039;s cash payment that is applied to the purchase price of the property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Loan-to-Value_Ratio_Relacion_Prestamo-Valor\"><\/span>Loan-to-Value Ratio<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>loan-to-value ratio<\/strong> It is the ratio between the loan amount and the total value of the property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Equity_Equidad\"><\/span>Equity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>equity<\/strong> is the borrower&#039;s cash investment in the property at closing. Next, it is the difference between the market value and the loan balance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Transacciones_con_Trust_Deed_Escritura_de_Fideicomiso\"><\/span>Trust Deed Transactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Promissory_Note_Nota_Promisoria-2\"><\/span>Promissory Note<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a <strong>transaction with trust deed<\/strong>, the <strong>promissory note<\/strong> It is the trustor&#039;s (borrower&#039;s) promise to repay the loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Deed_of_Trust_Escritura_de_Fideicomiso\"><\/span>Deed of Trust<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>deed of trust<\/strong> is a document that transfers title to property to the trustee (third party) on behalf of the beneficiary (lender) until the loan is repaid.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mecanica_de_una_Transaccion_con_Trust_Deed\"><\/span>Mechanics of a Trust Deed Transaction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a trust deed transaction, the deed of trust transfers title from the borrower\/trustor to a third-party trustee. This trustee holds title on behalf of the lender\/beneficiary until the loan is paid in full.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Nota_Promisoria_Promissory_Note\"><\/span>Promissory Note<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>promising note<\/strong> is a legal instrument in which the borrower declares the amount owed, the term, the interest rate, and the promise to pay. It is a negotiable instrument transferable to third parties.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Clausulas_de_la_Hipoteca\"><\/span>Mortgage Clauses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Pago_de_Capital_e_Intereses_Cargos_por_Pagos_Adelantados_y_Atrasados\"><\/span>Payment of Principal and Interest: Early and Late Payment Charges<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The borrower must make timely payments in accordance with the terms of the promissory note. Late payments or early payments may trigger penalties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fondos_para_Impuestos_y_Seguros\"><\/span>Funds for Taxes and Insurance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The borrower must make monthly payments to cover property taxes and insurance. You may also need to pay flood insurance and mortgage insurance premiums.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cuenta_de_Fideicomiso_Escrow_Account\"><\/span>Escrow Account<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A <strong>Escrow Account<\/strong> It is a reserve account for periodic payments of taxes and insurance. The Real Estate Settlement Procedures Act (RESPA) limits the funds the lender may require for this purpose.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"PITI\"><\/span>PITI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The borrower&#039;s monthly payment for principal and interest is called <strong>P&amp;I payment (principal and interest)<\/strong>. The amount that includes the escrow payment is called <strong>PITI (principal, interest, taxes, insurance)<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cargos_y_Gravamenes\"><\/span>Charges and Liens<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The borrower is responsible for paying any fees, liens or other expenses that may take priority over the mortgage or trust instrument.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Seguro_de_Propiedad_o_Peligros\"><\/span>Property or Hazard Insurance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Borrower must maintain homeowner&#039;s insurance as required by lender.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ocupacion_Preservacion_Mantenimiento_y_Proteccion_de_la_Propiedad\"><\/span>Occupation, Preservation, Maintenance and Protection of Property<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The borrower must occupy and maintain the property in accordance with the lender&#039;s requirements. Illegal use or abandonment is not permitted.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Proteccion_de_los_Derechos_del_Prestamista_en_la_Propiedad\"><\/span>Protection of Lender&#039;s Rights in Property<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lender can take steps to protect its rights in the property if the borrower jeopardizes its value. The costs of these actions would be charged to the borrower.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Seguro_Hipotecario\"><\/span>Mortgage Insurance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lender may require private mortgage insurance (PMI) to protect the lender in the event of a borrower defaulting. This applies to loans not backed by FHA or VA and with a down payment of less than 20%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Inspeccion\"><\/span>Inspection<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lender may inspect the property if it has reasonable grounds to fear damage to the collateral.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Condena\"><\/span>Sentence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If the property is condemned or taken by eminent domain, the lender reserves a claim on the resulting proceeds.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Transferencia_de_la_Propiedad_o_Interes_Beneficiario_del_Prestatario\"><\/span>Transfer of Property or Beneficial Interest of Borrower<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If the borrower sells the property without the lender&#039;s approval, the lender may demand immediate repayment of the loan balance. This is known as <strong>alienation clause<\/strong> either <strong>due-on sale clause<\/strong>, which allows the lender to avoid unapproved loan assumptions. The obligation to repay the loan before the scheduled due date is called <strong>acceleration<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Derecho_del_Prestatario_a_la_Reinstalacion\"><\/span>Borrower&#039;s Right to Reinstatement<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If the lender declares the borrower in default, the borrower has the right to reinstatement by taking certain actions, generally paying the missed payments plus the lender&#039;s expenses. This clause is called <strong>redemption clause<\/strong> and gives the borrower time to satisfy its obligations and avoid a forced sale.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Liberacion\"><\/span>Release<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An agreement to release a lien obligation when the borrower has repaid the loan in full. This clause, also known as <strong>release clause<\/strong> either <strong>default clause<\/strong>, may require the lender to execute a <strong>satisfaction of mortgage<\/strong> either <strong>release of mortgage<\/strong>, or in the case of a trust deed, direct the trustee to execute a <strong>release deed<\/strong> either <strong>deed of reconveyance<\/strong> in favor of the borrower.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Clausula_de_Escalacion_Escalation_Clause\"><\/span>Escalation Clause<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>escalation clause<\/strong> allows the lender to increase the interest rate on the loan.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Calificacion_de_Prestamos\"><\/span>Loan Qualification<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Ley_de_Igualdad_de_Oportunidades_de_Credito_Equal_Credit_Opportunity_Act_%E2%80%93_ECOA\"><\/span>Equal Credit Opportunity Act (ECOA)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lender must evaluate the applicant based on their own income and credit information. You cannot deny credit based on several factors, including income from part-time work, future plans to have a family, location factors, or protected classes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Calificacion_por_Ingresos\"><\/span>Income Qualification<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Income qualification assesses the borrower&#039;s ability to repay the loan. Income ratios include <strong>proportion of income to 25-28%<\/strong> for conventional loans and <strong>31% for FHA loans<\/strong>. Debt ratios include <strong>36% for conventional loans<\/strong> and <strong>43% for FHA loans and 41% for VA loans<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Calificacion_por_Efectivo\"><\/span>Cash Qualification<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lender verifies the borrower&#039;s sources of cash for the down payment. The additional cash improves the income rating assessment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Patrimonio_Neto_Net_Worth\"><\/span>Net Worth<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>net worth<\/strong> is the amount by which the applicant&#039;s assets exceed debts and serves as an additional source of reserves.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Evaluacion_de_Credito\"><\/span>Credit Evaluation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lender obtains credit reports to evaluate the applicant&#039;s payment history.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Compromiso_de_Prestamo\"><\/span>Loan Commitment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>loan commitment<\/strong> is a written promise by the lender to make a loan under specific terms.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Relacion_Prestamo-Valor_Loan-to-Value_Ratio_%E2%80%93_LTV\"><\/span>Loan-to-Value Ratio (LTV)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>loan-to-value (LTV) ratio<\/strong> It is the ratio between the loan amount and the value of the property. For example, an LTV of 80% means that the loan is 80% of the value of the property.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Leyes_que_Afectan_las_Transacciones_Hipotecarias\"><\/span>Laws Affecting Mortgage Transactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Ley_de_Veracidad_en_Prestamos_y_Regulacion_Z_Truth-in-Lending_and_Regulation_Z\"><\/span>Truth-in-Lending and Regulation Z Act<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>Truth in Lending Act and Regulation Z<\/strong> Require lenders to disclose finance charges and APR before closing. They also provide the borrower with the right to terminate the loan in certain cases.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ley_de_Igualdad_de_Oportunidades_de_Credito_Equal_Credit_Opportunity_Act_%E2%80%93_ECOA-2\"><\/span>Equal Credit Opportunity Act (ECOA)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>ECOA<\/strong> prohibits discrimination in the granting of credit based on factors such as race, religion, national origin, gender, marital status, age, and dependency on public assistance. Real estate agents who assist in qualification must also comply.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ley_de_Procedimientos_de_Establecimiento_de_Bienes_Raices_Real_Estate_Settlement_Procedures_Act_%E2%80%93_RESPA\"><\/span>Real Estate Settlement Procedures Act (RESPA)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>Real Estate Establishment Procedures Act (RESPA)<\/strong> standardizes closing practices and ensures buyers understand closing costs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ley_Nacional_de_Seguro_contra_Inundaciones_National_Flood_Insurance_Act\"><\/span>National Flood Insurance Act<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Borrowers of \u201cfederally related loans\u201d must obtain flood insurance if the property is located in a designated flood risk area.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"El_Mercado_Hipotecario\"><\/span>The Mortgage Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Oferta_y_Demanda_de_Dinero\"><\/span>Money Supply and Demand<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The relationship between money supply and demand affects interest rates, consumer prices, and the availability of mortgage money.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Control_de_la_Reserva_Federal_sobre_la_Oferta_de_Dinero_entre_Bancos\"><\/span>Federal Reserve Control over the Money Supply between Banks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Federal Reserve buys and sells Treasury bonds to influence the money supply and interest rates. It also establishes reserve requirements for member banks and establishes the discount rate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sistema_de_Bancos_de_Prestamos_Hipotecarios_Federal_Home_Loan_Bank_System_%E2%80%93_FHLBS\"><\/span>Federal Home Loan Bank System (FHLBS)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He <strong>Mortgage Loan Banking System<\/strong> It is the equivalent of the Federal Reserve for savings and loan associations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Corporacion_Federal_de_Seguros_de_Depositos_Federal_Deposit_Insurance_Corporation_%E2%80%93_FDIC\"><\/span>Federal Deposit Insurance Corporation (FDIC)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>FDIC<\/strong> insures deposits up to $250,000 per depositor, per insured bank and per account ownership category.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mercado_Hipotecario_Primario\"><\/span>Primary Mortgage Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The primary mortgage market involves the origination of mortgage loans directly to borrowers. This includes banks, savings and loan associations, life insurance companies, and other lenders.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mercado_Hipotecario_Secundario\"><\/span>Secondary Mortgage Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The secondary mortgage market purchases existing loans to provide liquidity to primary lenders. Some of the key players in this market include Fannie Mae, Ginnie Mae, Freddie Mac, investment firms, and life insurance companies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Papel_de_FNMA_GNMA_y_FHLMC\"><\/span>Role of FNMA, GNMA and FHLMC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>FNMA (Federal National Mortgage Association)<\/strong> purchases loans backed by FHA, VA, and conventional loans, and issues guarantees on mortgage-backed securities.<\/li>\n<li><strong>GNMA (Government National Mortgage Association)<\/strong> guarantees payments on certain types of government-backed loans.<\/li>\n<li><strong>FHLMC (Federal Home Loan Mortgage Corporation)<\/strong> buys and bundles mortgages, and sells mortgage-backed securities.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Originador_de_Prestamos_Hipotecarios_vs_PrestamistaBanquero_vs_Corredor_Mortgage_Loan_Originator_vs_LenderBanker_vs_Broker\"><\/span>Mortgage Loan Originator vs. Lender\/Banker vs. Broker (Mortgage Loan Originator vs. Lender\/Banker vs. Broker)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Mortgage Loan Originator<\/strong>: Apply for and negotiate mortgage loans. Requires an MLO license.<\/li>\n<li><strong>Mortgage Broker<\/strong>: An intermediary that connects mortgage borrowers with lenders, but does not use its own funds to originate loans.<\/li>\n<li><strong>Lender\/Banker<\/strong>: A person or entity that finances or services loans for others and\/or sells mortgages in the secondary market.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Tipos_de_Hipotecas\"><\/span>Types of Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Hipotecas_Convencionales_Conventional_Mortgages\"><\/span>Conventional Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Originated by banks and other private financial institutions.<\/li>\n<li>No government insurance or guarantees, such as FHA or VA.<\/li>\n<li>They typically require a 20% down payment, although smaller payments may require PMI (Private Mortgage Insurance).<\/li>\n<li>The assumptions must be approved.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Programas_de_Prestamos_del_Gobierno\"><\/span>Government Loan Programs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>FHA (Federal Housing Administration)<\/strong>: Federally insured loans for qualified borrowers. 15 or 30 year terms, specific income and debt requirements, and a minimum 3% down payment.<\/li>\n<li><strong>VA (Veterans Administration)<\/strong>: Federally guaranteed loans for qualified veterans and active duty service members. No down payment required.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Prestamos_de_Tasa_Fija_Amortizados_vs_Prestamos_Ajustables\"><\/span>Amortized Fixed Rate Loans vs. Adjustable Loans<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Amortized Fixed-Rate<\/strong>: Payments that include increasing increases in principal that reduce the loan balance over time. The interest rate is constant.<\/li>\n<li><strong>Adjustable Loans<\/strong>: The interest rate fluctuates based on an index, which can lead to changing payments. They can include <strong>negative amortization<\/strong> if payments do not fully cover the interest owed.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Caracteristicas_de_los_Prestamos_Ajustables\"><\/span>Characteristics of Adjustable Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Mechanics<\/strong>: Rate adjusts up or down based on index, payments may or may not change.<\/li>\n<li><strong>Negative Amortization<\/strong>: The loan balance increases if payments are less than what is owed based on the balance and rate.<\/li>\n<li><strong>Rate and Payment Limits<\/strong>: Set the maximum amounts that the interest rate or payments can increase in any adjustment period or over the life of the loan.<\/li>\n<li><strong>Index and Margin<\/strong>: The interest rate is linked to various financial indices, and the margin is the fixed spread between the index and the interest rate.<\/li>\n<li><strong>Promotional Rates<\/strong>: To attract borrowers, adjustable loans may have low initial rates that increase in later periods.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Prestamos_Hipotecarios_Personalizados\"><\/span>Personalized Mortgage Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Parcialmente_Amortizado_con_Pagos_Adicionales_Balloon_Payment\"><\/span>Partially Amortized with Additional Payments (Balloon Payment)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Regular payments do not completely reduce the loan balance, resulting in a large balloon payment.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Prestamos_de_Interes_Solamente_Interest-Only_Loans\"><\/span>Interest-Only Loans<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Payments consist of interest only, and the principal balance is paid in full at maturity in one lump sum payment.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Hipoteca_Quincenal_Biweekly_Mortgage\"><\/span>Biweekly Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Payments are made every two weeks, which reduces the total interest paid and shortens the risk period for the lender.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Hipoteca_de_Paquete_Package_Mortgage\"><\/span>Package Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Includes personal property financing along with the mortgage loan.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Prestamos_de_Capital_Home_Equity_Loans\"><\/span>Equity Loans (Home Equity Loans)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Funds are taken using home equity as collateral, and can be used for any purpose.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Hipoteca_de_Compra_de_Dinero_Purchase_Money_Mortgage\"><\/span>Purchase Money Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>A seller finances part of the purchase price of the property using the property as collateral. It usually accompanies a primary mortgage.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Hipoteca_de_Anualidad_Inversa_Reverse_Annuity_Mortgage\"><\/span>Reverse Annuity Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The homeowner offers the equity in the home to a lender in exchange for periodic payments. The debt balance increases over time.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Prestamos_FHA\"><\/span>FHA Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>FHA loans<\/strong> They are secured loans made by approved lenders to qualified borrowers. Here are some key aspects:<\/p>\n<ul>\n<li><strong>Loan Term<\/strong>: It can be 15 or 30 years.<\/li>\n<li><strong>Qualification Ratios<\/strong>: Borrowers must meet 31% income and 43% debt ratios.<\/li>\n<li><strong>Minimum Down Payment<\/strong>: Requires an initial payment of 3.5%.<\/li>\n<li><strong>Mortgage Insurance<\/strong>: Borrowers must pay monthly mortgage insurance and a down payment, which can be financed.<\/li>\n<li><strong>Buyer Eligibility<\/strong>: Borrowers must meet certain income and credit requirements, and the property must meet minimum safety and habitability standards.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Prestamos_VA\"><\/span>VA Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>VA loans<\/strong> They are available to eligible veterans and active duty members. Some important aspects are:<\/p>\n<ul>\n<li><strong>No Down Payment Required<\/strong>: VA loans do not require a down payment.<\/li>\n<li><strong>Loan Term<\/strong>: The terms are usually 15 or 30 years.<\/li>\n<li><strong>Government Guarantee<\/strong>: The government guarantees a portion of the loan to help lenders offer favorable terms.<\/li>\n<li><strong>Certificate of Eligibility<\/strong>: Borrowers must obtain a <strong>Certificate of Eligibility<\/strong> (VA COE) to prove your eligibility.<\/li>\n<li><strong>Closing Financing<\/strong>: Closing costs can be financed into the loan.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Cierre_de_una_Transaccion_Hipotecaria\"><\/span>Closing of a Mortgage Transaction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Proceso_de_Cierre\"><\/span>Closing process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Closing a mortgage transaction involves a series of steps:<\/p>\n<ol>\n<li><strong>Document Preparation<\/strong>: The necessary documents are prepared, including the promissory note, the mortgage and other agreements.<\/li>\n<li><strong>Document Review<\/strong>: Documents are reviewed and signed by the borrower and the lender.<\/li>\n<li><strong>Closing Funds<\/strong>: The necessary funds are provided to cover the down payment and closing costs.<\/li>\n<li><strong>Document Registration<\/strong>: Mortgage and property documents are recorded in the registry of deeds.<\/li>\n<li><strong>Delivery of Property<\/strong>: The title of the property is transferred to the borrower, and he or she is given the keys to the property.<\/li>\n<li><strong>Payment to the Real Estate Agent<\/strong>: The real estate agents involved in the transaction receive their commissions.<\/li>\n<li><strong>Payment to Other Intermediaries<\/strong>: Payments are made to lenders, mortgage brokers and other intermediaries.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Costos_de_Cierre\"><\/span>Closing Costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Closing costs may include:<\/p>\n<ul>\n<li><strong>Origination Expenses<\/strong>: Lender fees for loan origination.<\/li>\n<li><strong>Title Expenses<\/strong>: Fees related to the search and issuance of the property title.<\/li>\n<li><strong>Insurance<\/strong>: Title insurance premium and mortgage insurance, if necessary.<\/li>\n<li><strong>Taxes and Government Fees<\/strong>: Transfer taxes and other government charges.<\/li>\n<li><strong>Real Estate Agent Fees<\/strong>: Commissions paid to real estate agents.<\/li>\n<li><strong>Other Costs<\/strong>: Inspections, appraisals and other property-related costs.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Recision_Right_of_Rescission\"><\/span>Recision (Right of Rescission)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>He <strong>right of termination<\/strong> allows the borrower to cancel certain types of real estate transactions within three business days of closing.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ejecucion_de_la_Hipoteca\"><\/span>Mortgage Foreclosure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If the borrower fails to comply with the terms of the loan, the lender can foreclose and take possession of the property. This is done through a legal process known as <strong>foreclosure<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Insolvencia_Foreclosure\"><\/span>Insolvency (Foreclosure)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>insolvency<\/strong> is the legal process by which the lender takes possession of the borrower&#039;s property due to default on payments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Short_Sale_Venta_Corta\"><\/span>Short Sale<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In a <strong>Short sale<\/strong>, the homeowner sells the property for less than what is owed on the loan, and the lender accepts this as full or partial payment of the loan.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Deed_in_Lieu_of_Foreclosure_Escritura_en_Lugar_de_Insolvencia\"><\/span>Deed in Lieu of Foreclosure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A <strong>deed in lieu of foreclosure<\/strong> is an agreement in which the borrower voluntarily transfers property to the lender rather than face bankruptcy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Proceso_de_Insolvencia\"><\/span>Insolvency Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The bankruptcy process involves several steps, which can vary by state and local laws:<\/p>\n<ol>\n<li><strong>Insolvency Notice<\/strong>: The lender notifies the borrower of the default and gives him the opportunity to catch up on payments.<\/li>\n<li><strong>Loss Mitigation<\/strong>: The borrower and lender can work together to find a solution, such as a loan modification or short sale.<\/li>\n<li><strong>Judicial Auction or Judicial Sale<\/strong>: If a solution is not found, the property is sold at a judicial auction to recover the debt.<\/li>\n<li><strong>Expulsion<\/strong>: If the buyer does not vacate the property after the auction, the lender can initiate eviction proceedings to regain possession.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Modificacion_de_Prestamo_Loan_Modification\"><\/span>Loan Modification<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A <strong>loan modification<\/strong> It is an agreement between the borrower and the lender to change the terms of the loan, usually to reduce monthly payments and avoid default.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Asesoramiento_en_Insolvencia\"><\/span>Insolvency Advice<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Borrowers facing possible bankruptcy can benefit from bankruptcy counseling offered by nonprofit organizations and government agencies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Consejos_para_Comprar_una_Casa_con_Hipoteca\"><\/span>Tips for Buying a House with a Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some important tips for buying a home with a mortgage include:<\/p>\n<ul>\n<li><strong>Budget<\/strong>: Determine how much you can pay monthly and how much you can pay as a down payment.<\/li>\n<li><strong>Credit Score<\/strong>: Maintain a good credit score and correct any errors on your credit report.<\/li>\n<li><strong>Compare Offers<\/strong>: Get offers from multiple lenders and compare interest rates and terms.<\/li>\n<li><strong>Closing Costs<\/strong>: Be prepared for closing costs, which can be significant.<\/li>\n<li><strong>Mortgage Insurance<\/strong>: Understand how mortgage insurance works and how it will affect your payments.<\/li>\n<li><strong>Professional advice<\/strong>: Consider working with a real estate agent and financial advisor.<\/li>\n<li><strong>Pre approval<\/strong>: Get pre-approved to find out how much you can spend on a home.<\/li>\n<li><strong>Property Inspection<\/strong>: Conduct a complete inspection of the property before purchasing.<\/li>\n<li><strong>Termination Rights<\/strong>: Learn your termination rights and how to cancel an agreement if necessary.<\/li>\n<li><strong>Long Term Planning<\/strong>: Consider your long-term financial situation and how changes in interest rates may affect your payments.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The process of obtaining a mortgage and purchasing a home is a significant step in many people&#039;s lives. It is important to understand the key aspects of mortgages, how home loans work, and the rights and responsibilities of both the borrower and the lender. It is also crucial to be financially prepared before purchasing a home and explore all available options to find the mortgage loan that best suits your financial needs and goals. By working with trusted real estate and financial professionals, you can increase your chances of success in the home buying process and maintain a successful long-term real estate investment.<\/p>","protected":false},"excerpt":{"rendered":"<p>Las transacciones hipotecarias son una parte fundamental del mercado de bienes ra\u00edces en los Estados Unidos. Para entender mejor este proceso, es esencial conocer los t\u00e9rminos y conceptos clave en ingl\u00e9s utilizados en la industria. Aqu\u00ed, presentamos una gu\u00eda detallada de estos t\u00e9rminos, dividida en diversas categor\u00edas: Elementos de una Transacci\u00f3n Hipotecaria Promissory Note (Nota [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[93],"tags":[215,216],"class_list":["post-7312","post","type-post","status-publish","format-standard","hentry","category-comprar-real-estate","tag-finanzas","tag-hipoteca"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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