Pay-Down Magic
Definition of "Pay-Down Magic"
Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret.
Popular Mortgage Terms
A lender that holds the loans it originates in its portfolio rather than selling them. ...
The interest rate adjusted for intra-year compounding. Because interest on a mortgage is calculated monthly, a 6% mortgage actually has a rate of .5% per month. If there were no principal ...
A contribution to a borrower's down payment or settlement costs made by a home seller, as an alternative to a price reduction. ...
The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal. ...
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 ...
Same as term Qualification: The process of determining whether a prospective borrower has the ability to repay a loan. ...
Often referred to as a “second mortgage”, a home equity loan is a type of loan where the borrower disposes to the lender its equity to the home as collateral. To ...
The assumption of a mortgage, with permission of the lender, from a borrower unable to continue making the payments. ...
A reverse mortgage program administered by FHA. ...
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