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
One of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage. ...
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The amount the borrower owes at maturity. ...
In general, a Down payment is a one-time payment a buyer makes to diminish the risks of the seller of expensive goods like a car, or a house. In Real Estate, the home buyer makes a down ...
Total costs charged to the borrower that must be paid at closing, by the borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be divided into ...
The most recently published value of the index used to adjust the interest rate on an indexed ARM. ...
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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 ...
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