QualityStocks would like to highlight Loans4Less.Com, Inc. (http://www.qualitystocks.net/stocks1.html">OTCBB: LFLS). The company operates as an online mortgage brokerage firm primarily in the U.S., focused on developing a national loan origination platform for standard “A” paper conforming residential mortgage programs. The company also provides CA rates, terms and costs, daily rate updates, and other market information, as well as real estate commissions.
In the company’s news,
Consumer-oriented online mortgage broker, Loans4Less.com, has learned that one of the challenges facing consumers looking for residential mortgages is simply understanding the many real estate and financing related terms. If a contract, for example, has a term that a buyer or seller doesn’t fully understand, it can lead to serious problems down the road. Simply talking with a professional about a real estate transaction and related financing can be difficult without knowing the language.
To this end, Loans4Less has incorporated a very simple but important consumer tool on their websites. It’s a comprehensive and searchable real estate and financial glossary, covering hundreds of related terms that can pop up in real estate and mortgage transactions. Out of all of them, some of the first few basic ones are listed below. Ask yourself how many of them you know.
• Acceleration Clause – A provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan.
• Adjustment Date – The date the interest rate changes on an adjustable rate mortgage.
• Amortization Schedule – The breakdown of individual payments throughout the life of an amortized loan, showing both principal contribution and debt service (interest) fees.
• Assessment Ratio – The comparative relationship of a property’s assessed value to its market value.
• Assignment – Transfer of ownership of a mortgage usually when the loan is sold to another company.
• Biweekly Mortgage – A mortgage where you make “half payments” every two weeks, rather than one payment per month. This results in making the equivalent of 13 monthly payments per year, rather than 12, significantly reducing the time it takes to pay off a thirty year mortgage.
• Bridge Financing – An interim loan made to facilitate the purchase of a new home before the buyer’s current residence sells and its equity is available to fund the new purchase.
• Buy Down – Extra money paid in a lump sum to reduce the interest rate of a fixed rate mortgage for a period of time. The extra money may be paid by the borrower, in order to have a lower payment at the beginning of the mortgage. Or paid by the seller, or lender, as incentive to buy the property or take on the mortgage.
• Chattel – Any personal property which is not attached to or an integral part of a property. Chattel is not commonly taken into consideration when appraising the value of real property.
• Conventional Mortgage – A traditional, real estate financing mechanism that is not backed by any government or other agency (FHA, VA, etc.).
• Deed Of Trust – A document which transfers title in a property to a trustee, whose obligations and powers are stipulated. Often used in mortgage transactions.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.