Minimum Down Payment
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 $100,000 house or $20,000 on a $200,000 house. The minimum down payment ratio is equal to one minus the maximum LTV. If the maximum LTV is 95%, for example, the minimum down payment is 1 - .95 = .05, or 5%.
Popular Mortgage Terms
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The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
A borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
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The amount the borrower owes at maturity. ...
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