Graduated Payment Mortgage (GPM)
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it becomes fully-amortizing.
Popular Mortgage Terms
The ratio of total housing expense to borrower income. This ratio is used (along with other factors) in qualifying borrowers. ...
A clause in the note that allows the lender to demand repayment of the balance in full. A demand clause is even better (for the lender) than an acceleration clause. An acceleration clause ...
A collateralized debt obligation, also known as CDO, defines a complex financial product. Various loans, mortgages, bonds, and valuables back this commodity, and institutional investors ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
Same as term Interest Rate: The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A mortgage interest rate is a rate on a loan secured by a ...
Equations used to derive common measures used in the mortgage market, such as monthly payment, balance, and APR. ...
The interest rate that is fixed for some specified number of months or years at the beginning of the life of an ARM. ...
The number of months for which the initial interest rate holds on an ARM. ...
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 ...
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