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
The array of laws and regulations dictating the information that must be disclosed to mortgage borrowers, and the method and timing of disclosure. ...
The interest rate or rates and upfront fees paid to the lender and mortgage broker. Some upfront charges are expressed as a percent of the loan, and some are expressed in dollars. The ...
A very large increase in the payment on an ARM that may surprise the borrower. The term is also used to refer to a large difference between the rent being paid by a first-time home buyer ...
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
Someone recommended you should reach out to Freddie Mac and you came here looking for him. No, he's not a registered real estate agent at The OFFICIAL Real Estate Agent Directory ...
A documentation option where the applicant's income is disclosed and verified but not used in qualifying the borrower. The conventional maximum ratios of expense to income are not ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
The monthly index is a ratio of monthly interest costs to total funds, expressed as a percentage. Annualized interest, the numerator, is calculated by multiplying the deposit balances at ...
Have a question or comment?
We're here to help.