Definition of "Equity"
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home.
Popular Mortgage Terms
A mortgage loan for 125% of property value. Since such loans are only partly secured, they have many of the characteristics of unsecured loans, including relatively high interest rates. ...
A contract provision that adjusts the payment on an ARM periodically to make it fully amortizing. ...
Trying to find the best deal on a mortgage. It isn't easy to do right, as a summary of the major steps involved will demonstrate. Step 1: Decide if you are a potential shopper. Step 2: ...
A reverse mortgage program administered by FHA. ...
Limit on the size of payment change on an adjustable rate mortgage. ...
A revers mortgage program administered by Fannie Mae. ...
A payment made by the borrower over and above the scheduled mortgage payment. If the additional payment pays off the entire balance it is a prepayment in full; otherwise, it is a partial ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
Prices that assume a more or less standardized set of transaction characteristics that generally command the lowest prices. Generic prices are distinguished from transaction specific ...
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