Fully Amortizing Payment

The interest rate adjusted for intra-year compounding. Because interest on a mortgage is calculated monthly, a 6% mortgage actually has a rate of .5% per month. If there were no principal ...

A sale price below market value, where the difference is a gift from the sellers to the buyers. Such gifts are usually between family members. Lenders will usually allow the gift to count ...

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 ...

A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. Unless the lender also agrees, however, ...

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 ...

The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest ...

The upfront and/or periodic charges that the borrower pays for mortgage insurance. There are different mortgage insurance plans with differing combinations of monthly, annual, and upfront ...

A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mortgage under certain conditions. ...

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 ...

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker takes the loan and then packages for the lender. ...

Wondering what is the effect of paying extra principal on a mortgage – if there’s any? Well, it actually does have a big effect and – if you do have available funds to do ...

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 ...

This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. ...

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

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. ...