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 inadequate documentation.
A mortgage on which half the monthly payment is paid every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. Because of the ...
Monthly payments required on credit cards, installment loans, home equity
loans, and other debts but not including payments on the loan applied for. ...
Interest from the day of closing to the first day of the following month. To
simplify the task of loan administration, the accounting for all home loans begins as if the loan was
closed ...
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 ...
Standards imposed by lenders as conditions for granting loans,
including maximum ratios of housing expense and total expense to income, maximum loan amounts,
maximum loan-to-value ...
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. ...
Interest that is earned but not paid, adding to the amount owed. For example, if the monthly interest due on a loan is $600 and the borrower pays only $500, $100 is added to the amount owed ...
Are you like “OMG! I forgot my mortgage payment! What happens now? Will I have to pay double the value I had to pay?! Are the cops coming to get my house?!”
Calm down. ...
Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult you tax ...
RealEstateAgent.com calculator estimates the tax benefit of buying a home. Input your loan parameters and the month you purchased the home. Since home interest and points are captured in ...
Wondering what is the effect of paying extra principal on a mortgage – if there’s any?
Well, it actually does have a big effect and – if you do have available funds to do ...
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