The maximum allowable ratio of loan-to- value (LTV) on any loan
program. Generally, these are set
by mortgage insurers or by lenders and can range up to 100%, although some programs will go above
100%.
A charge imposed by the lender if the borrower pays off the loan early. The
charge is usually expressed as a percent of the loan balance at the time of prepayment or a specified
number of ...
The process of determining whether a prospective borrower has the ability to repay
a loan. Qualification Versus Approval: To be approved for a loan, a prospective borrower must ...
Same as term Lead Generation Site: A mortgage Web site designed to provide
leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan.
Lenders pay ...
Every ARM is tied to an interest rate index. An index has three relevant features:availibility, level, volatility. All the common ARM indexes are readily available from a published source, ...
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 mortgage on which the interest rate is adjustable based on an interest rate index, and the monthly payment adjusts based on a wage and salary index. Dual index mortgages are not written ...
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 ...
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 ...
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. ...
Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult you tax ...
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 ...
Find a Real Estate Agent
Read why Real Estate Agent rates 5 Stars in over 20 Agents Reviews
Have a question or comment? We're here to help.