Should I Pay Extra Each Month?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation chartered by the federal government to buy pools of mortgages from lenders and sell ...

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-chartered, non- bank, financial services company and the nations largest source of financing ...

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mortgage carries a higher interest rate than a conventional mortgage. ...

A second mortgage is a type of mortgage on property that has alien already on the first mortgage. This mortgage is usually on the remaining equity in the home. ...

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 ...

Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult you tax ...

A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to buy. Often constructed so the monthly rent payment covers the owners ...

The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment. ...

Prices that assume a more or less standardized set of transaction characteristics that generally command the lowest prices. Generic prices are distinguished from transaction specific ...

A non-citizen with a green card employed in the U.S. Non-permanent resident aliens are subject to somewhat more restrictive qualification requirements than U.S. citizens. Permanent ...

Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage markets are of two general types. 'Whole ...

The loan balance remaining at the time the loan contract calls for full repayment. ...

Same as term Points: An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to ...

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 ...

Limit on the size of payment change on an adjustable rate mortgage. ...