Fallout

On an ARM, the current value of the interest rate index, plus the margin. ...

An independent contractor who offers the loan products of multiple lenders, called wholesalers. Mortgage brokers do not lend. They counsel borrowers on any problems involved in qualifying ...

A payment made after the grace period stipulated in the note, usually 10-15 days. ...

The amount the borrower promises to repay, as set forth in the loan contract. The loan amount may exceed the original amount requested by the borrower if he or she elects to include ...

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 ...

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

The present value of a house, given the elderly owner's right to live there until she dies or voluntarily moves out, under FHA's reverse mortgage program. ...

Charging unwary borrowers interest rates and/or fees that are excessive relative to what the same borrowers could have found had they shopped the market. ...

This calculator will amortize your mortgage over the loan period based on your input. To see a breakdown by payment, select the Full Loan Amortization. ...

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

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

A conventional mortgage is a mortgage made by banks and other lending institutions that is not insured by the Federal Housing Administration. ...

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

A Ginnie Mae is a name for the Government National Mortgage Association (GNMA), which is a government-owned corporation within the U.S. Department of Housing and Urban Development (HUD)> ...

A morgagee is the lender. ...