What Is A Mortgage Banker?

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

A morgagee is the lender. ...

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 ...

RealEstateAgent.com calculator will compute your initial payments and estimate your future payments. The ARM parameters (Initial Rate, Index, Margin) are necessary for this calculator. ...

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 ...

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 ...

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 ...

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. ...