Mortgage Insurance Premium

The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal. ...

A lender that holds the loans it originates in its portfolio rather than selling them. ...

Adjustable rate mortgages on which the interest rate is mechanically determined based on the value of an interest rate index. Indexed ARMs are distinguished from Discretionary ARMs, in that ...

The standards imposed by lenders in determining whether a borrower can be approved for a loan. These standards are more comprehensive than qualification requirements in that they include ...

A payment made after the grace period stipulated in the note, usually 10-15 days. ...

Points paid by a lender for a loan with a rate above the rate on a zero point loan. For example, a lender might quote the following prices: 8%/0 points, 7.5%/3 points, 8.75%/-2.5 points. ...

The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business days of receiving the loan application. ...

The policy of a second mortgage lender toward allowing a borrower to refinance the first mortgage while leaving the second in place. ...

A collateralized debt obligation, also known as CDO, defines a complex financial product. Various loans, mortgages, bonds, and valuables back this commodity, and institutional investors ...