What Is A Convertible ARM?

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. ...

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 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 ...

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 ...

This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. ...

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

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)> ...

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus a new amount. ...

The provision of the U.S. tax code that allows homeowners to deduct mortgage interest payments from income before computing taxes. Points and origination fees are also deductible, but not ...

A lenders requirements regarding how information about income and assets must be provided by the applicant and how it will be used by the lender. The following categories have evolved in ...

A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate. ...

A biweekly mortgage on which biweekly payments are applied to the balance every two weeks, rather than monthly, as on a conventional biweekly. ...

The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...

On an ARM, the assumption that the value of the index to which the interest rate is tied does not change from its initial level. ...

Deeding the property over to the lender as an alternative to having the lender foreclose on the property. ...

Also known as Jumbo Loans, the best Jumbo Mortgage definition is something like: a mortgage whose loaned values are larger than the limits set by the two federal agencies (Fannie ...