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A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mortgage under certain conditions. ...

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 conventional mortgage is a mortgage made by banks and other lending institutions that is not insured by the Federal Housing Administration. ...

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input parameters. There are various ways that companies compute APR. Mortgage Loan Fees may ...

A type of mortgage in which the interest rate is keyed to a certain economic index and is adjusted as the index rises and falls. If you have this type of mortgage your interest rate could ...

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. ...

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the loan. ...

This calculator will amortize your mortgage over the loan period based on your input. To see a breakdown by payment, select the Full Loan Amortization. ...

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. ...