Dual Index Mortgage

The period used to calculate the monthly mortgage payment. The term is usually but not always the same as the maturity, which is the period over which the loan balance must be paid in ...

The minimum allowable ratio of down payment to sale price on any loan program. If the minimum is 10%, for example, it means that you must make a down payment of at least $10,000 on a ...

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 ...

Total costs charged to the borrower that must be paid at closing, by the borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be divided into ...

Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...

Advice on where to go to get a mortgage. A borrower can always select a loan provider by throwing a dart at the Yellow Pages. A referral is of value if it raises the probability of a ...

Authorization by the lender for the borrower to pay taxes and insurance directly. This is in contrast to the standard procedure, where the lender adds a charge to the monthly mortgage ...

Having the builder borrow the money needed for construction. ...

Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces ...

The time is here: you decided you will buy a home. Congratulations! But soon after you get motivated to do, conscience kicks in and makes you ask yourself: how much income do I need to buy ...

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

A type of purchase in which the buyer assumes the responsibility of making payments on a sellers home. ...

Are you like “OMG! I forgot my mortgage payment! What happens now? Will I have to pay double the value I had to pay?! Are the cops coming to get my house?!” Calm down. ...

RealEstateAgent.com calculator estimates the tax benefit of buying a home. Input your loan parameters and the month you purchased the home. Since home interest and points are captured in ...

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defaults on a mortgage. ...

Wondering what is the best  lease purchase mortgage definition?A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to ...