Definition of "Balance"
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.
Popular Mortgage Terms
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage markets are of two general types. 'Whole ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
A mortgage broker who sets a fee for services, in writing, at the outset of the transaction and acts as the borrower's agent in shopping for the best deal. Customers of UMBs pay the ...
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 ...
The maximum allowable ratio of loan-to- value (LTV) on any loan program. Generally, these are set by mortgage insurers or by lenders and can range up to 100%, although some programs will ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the ...
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