Mortgage Bank

A bundle of mortgage characteristics that lenders view as comprising a distinct category. The characteristics used include whether it is an FRM, ARM, or Balloon, the term, the initial ...

A mortgage on which half the monthly payment is paid twice a month. It should be called a 'semi-monthly mortgage' but market practice often trumps logic. In contrast to a biweekly, a ...

Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own ...

You’ve certainly heard a lot about Credit Score and might even have a general idea about its meaning, but if you came to this page you still have some doubts about what is a credit ...

The Real Estate Settlement Procedures Act, a federal consumer protection statute first enacted in 1974. RESPA was designed to protect home purchasers and owners shopping for settlement ...

Trying to find the best deal on a mortgage. It isn't easy to do right, as a summary of the major steps involved will demonstrate. Step 1: Decide if you are a potential shopper. Step 2: ...

Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...

A facility offered by some lenders to mortgage brokers where de jure the brokers become employees of the lender but de facto they retain their independence as brokers. One of the ...

Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%. The housing expense, or front ratio, compares ...

RealEstateAgent.com calculator will compute your initial payments and estimate your future payments. The ARM parameters (Initial Rate, Index, Margin) are necessary for this calculator. ...

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

A mortgagor is the borrower. ...

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-chartered, non- bank, financial services company and the nations largest source of financing ...

A conventional mortgage is a mortgage made by banks and other lending institutions that is not insured by the Federal Housing Administration. ...

A morgagee is the lender. ...

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus a new amount. ...