Mortgage Company
A mortgage lender that sells all the loans it originates in the secondary market.
Popular Mortgage Terms
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
The interest rate or rates and upfront fees paid to the lender and mortgage broker. Some upfront charges are expressed as a percent of the loan, and some are expressed in dollars. The ...
Authorization by the lender for the borrower to pay taxes and insurance directly. This is in contrast to the standard procedure, where the lender adds a charge to the monthly mortgage ...
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
The amount the borrower owes at maturity. ...
The provision of the U.S. tax code that allows homeowners to deduct mortgage interest payments from income before computing taxes. Points and origination fees are also deductible, but not ...
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 ...
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term. ...
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