How Much Can I Afford ?

Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%. The housing expense, or front ratio, compares ...

A type of purchase in which the buyer assumes the responsibility of making payments on a sellers home. ...

A mortgagor is the borrower. ...

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker takes the loan and then packages for the lender. ...

Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces ...

A subprime mortgage is a mortgage granted to a borrower who is considered subprime-that is, a person with a less-than-perfect credit report. Subprime borrowers have missed payments on a ...

This calculator figures how much interest savings you will have depending on how much extra you pay monthly. Input an extra payment and calculate your interest savings based on the higher ...

A Ginnie Mae is a name for the Government National Mortgage Association (GNMA), which is a government-owned corporation within the U.S. Department of Housing and Urban Development (HUD)> ...

Every ARM is tied to an interest rate index. An index has three relevant features:availibility, level, volatility. All the common ARM indexes are readily available from a published source, ...

The process of making a final determination on approval or rejection of a loan application. Underwriting involves verifying the information that has been obtained from the borrower and ...

A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...

The period between payment changes on an ARM, which may or may not be the same as the interest rate adjustment period. ...

Insurance purchased by the borrower and required by the lender, to protect the property against loss from fire and other hazards. Hazard insurance is also known as homeowner insurance and ...

The amount the borrower promises to repay, as set forth in the loan contract. The loan amount may exceed the original amount requested by the borrower if he or she elects to include ...

The amount invested in a house, equal to the sale price less the loan amount. The House Investment Decision: Lenders impose the upper limit on how much a household can spend for a house. ...

A mortgage lender or mortgage broker. ...