What Is Loan Amortization?

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

A mortgagor is the borrower. ...

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

Private mortgage insurance is insurance that protects mortgage lenders against default on loans by providing a way for mortgage companies to recoup the costs of foreclosure. PMI is usually ...

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

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 ...

A mortgage is a legal document that pledges your property as security (like collateral) for a loan. ...

A loan with no down payment. ...

An option exercised by the borrower, at the time of the loan application or later, to 'lock in' the rates and points prevailing in the market at that time. When lenders 'lock/' they ...

Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new ...

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

An interest rate index that is used on some ARMs. ...

Compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually ...

On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...

A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as poor credit or ...