Housing Expense Ratio
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers.
Popular Mortgage Terms
A home built entirely in a factory, transported to a site, and installed there. Manufactured homes are distinguished from 'modular,' 'panelized'' and 'pre-cut' homes. Manufactured houses ...
A transaction in which interest is not paid on interest there is no compounding. For example, if you deposit $1,000 in an account that pays 5% a year simple interest, you would receive ...
A mortgage lender or mortgage broker. ...
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to 3% of the loan ...
The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal. ...
A borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
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