A very large increase in the payment on an ARM that may surprise the borrower. The
term is also used to refer to a large difference between the rent being paid by a first-time home
buyer and the monthly housing expense on the purchased home.
Compiling and maintaining the file of information about the transaction, including the
credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually ...
A lender commitment to make a mortgage loan to a specified borrower, prior to the
identification of the property that will be mortgaged. On a pre-approval, unlike a pre-qualification,
the ...
All the combinations of interest rate and points that are offered on a
particular loan program. On an ARM, rates and points may also vary with the margin and interest rate
maximum. ...
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 ...
The maximum allowable ratio of loan-to- value (LTV) on any loan
program. Generally, these are set
by mortgage insurers or by lenders and can range up to 100%, although some programs will ...
All foreclosures have the same cause - missed payments. Financial difficulties come without notice. You may lose your job overnight, your business may no longer fight with the competition, ...
The time is here: you decided you will buy a home. Congratulations!
But soon after you get motivated to do, conscience kicks in and makes you ask yourself: how much income do I need to buy ...
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 ...
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 ...
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 ...
This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. ...
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