Cumulative Interest
Definition of "Cumulative Interest"
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and it is not adjusted for the time value of money.
Popular Mortgage Terms
Housing expense plus current debt service payments. ...
A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent. Mortgage brokers sometimes evolve into ...
A facility offered by some lenders to mortgage brokers where de jure the brokers become employees of the lender but de facto they retain their independence as brokers. One of the ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
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The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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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 ...
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