No-Change Scenario
Definition of "No-Change Scenario"
On an ARM, the assumption that the value of the index to which the interest rate is tied does not change from its initial level.
Popular Mortgage Terms
A home built entirely in a factory, transported to a site, and installed there. Manufactured homes are distinguished from 'modular,' 'panelized'' and 'pre-cut' homes. Manufactured houses ...
The amount the borrower owes at maturity. ...
The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as poor credit or ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
The longest period for which the lender will lock the rate and points on any program. On most programs, the longest lock period is 90 days; some go to 120 days and a few to 180 days. It ...
A documentation requirement where the applicant's assets are not disclosed. ...
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