Paydown Magic | Mortgage Glossary

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.

A notary public's guaranteeing the authenticity of a signature. ...

Provision established either by state statute or court order that permits the defendant to establish ...

Horizontally placed timber that is connected to other timber. Smooth, flat, thin piece of metal ...

Representation on a flat surface of any region that depicts the elevation of that region. ...

Single payment or periodic payments that are made to purchase an annuity. ...

Original cost of property plus additional capital expenditures made to it less the accumulated depre ...

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest ...

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest ra ...

A subdivision is a piece of land divided into several plots in which homes are built. ...

A Buildable acre consists of 43,560 square feet of residentially designated buildable land, after ex ...

An easement is the right given by the landowner to use the property. ...

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...

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