Mortgage Equations
Definition of "Mortgage Equations"
Equations used to derive common measures used in the mortgage market, such as monthly payment, balance, and APR.
Popular Mortgage Terms
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the ...
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate. ...
A borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
The amount of interest, expressed in dollars, computed by multiplying the loan balance at the end of the preceding period times the annual interest rate divided by the interest accrual ...
Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes. Rate protection can take the form of a ...
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: ...
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 ...
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