The preferred browser when checking first mortgage rates for purchases and refinances is Chrome. If you do not have access to download Chrome, or choose not to, the tooltip details are listed below in order as they appear on the "Check Rates" screen:
Loan Purpose
Purchase: A mortgage that enables the borrower to acquire a property, rather than refinance or pay for home improvements.
Refinance: The process of obtaining a new mortgage, usually at a lower rate, to repay and replace an existing mortgage.
Home Equity Loan or Line of Credit that will remain
A Home Equity Loan or a Home Equity Line of Credit are examples of subordinate financing. These loans are often recorded after your first mortgage which makes them "subordinate". These loans are also called Second Mortgages.
Occupancy Type
Primary Residence: Primary residence is a property that you physically occupy and use as your home.
Second Home: Second home/vacation home is a property that is not your primary residence and that you occupy less than six months a year.
Investment Property: A property that is not occupied by the owner and who, in most cases, receives income off the property.
Project Type
Condominium: A form of property ownership in which the owner holds the title to an individual dwelling, plus interest in common areas of a multi-unit project.
Planned Unit Development: A housing development, where there is a homeowners' association and common areas owned by the homeowners.
Property is not located in a project: The property does not match the description of the project type options (Condominium, Cooperative, Planned Unit Development).
Attachment Type
Attached: A structure or single unit that shares one or more walls with another dwelling.
Single Family/Detached: A free-standing structure or single unit that does not share walls with any other homes.
Construction Type
Manufactured Housing: Any dwelling built on a permanent chassis and attached to a permanent foundation system is a "manufactured home" for the purposes of residential loan applications. Another factory-built housing (not built on a permanent chassis) such as modular, prefabricated, panelized, or sectional housing is not considered manufactured housing. A manufactured home must be a one-family dwelling that is legally classified as real property. The towing hitch, wheels, and axles must be removed, and the dwelling must assume the characteristics of site-built housing. The land on which the manufactured home is situated must be owned by the borrower in fee simple, unless the manufactured home is located in a cooperative or condominium project.
Site Built: A home built and assembled primarily on its permanent site; may include some prefabricated components.
