Mortgage Program
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 rate period or the index on an ARM, whether it is FHA-insured or VA-guaranteed, and if it is not FHA or VA whether it is 'conforming' (eligible for purchase by Fannie Mae or Freddie Mac) or 'non-conforming.'
Popular Mortgage Terms
Cost-of-Funds Index, one of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage. ...
A mortgage lender or mortgage broker. ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
The specific interest rate series to which the interest rate on an ARM is tied, such as 'Treasury Constant Maturities, One-Year,' or 'Eleventh District Cost of Funds.' ...
A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units. The requirements of warrantability include ...
A mortgage on which the borrower gives up a share in future price appreciation in exchange for a lower interest rate and/or interest deferral. SAM's in the private market had a brief ...
Equations used to derive common measures used in the mortgage market, such as monthly payment, balance, and APR. ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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