Payoff Month
Definition of "Payoff Month"
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term.
Popular Mortgage Terms
A mortgage Web site designed to provide leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan. Lenders pay for leads, and these sites are an ...
The interest rate or rates and upfront fees paid to the lender and mortgage broker. Some upfront charges are expressed as a percent of the loan, and some are expressed in dollars. The ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
A mortgage on which the interest rate is adjustable based on an interest rate index, and the monthly payment adjusts based on a wage and salary index. Dual index mortgages are not written ...
Fees assessed by lenders when payments are late. Late fees are usually 4% or 5% of the payment. A borrower with a 6% mortgage for 30 years who pays a 5% late charge every month raises his ...
The process of determining whether a prospective borrower has the ability to repay a loan. Qualification Versus Approval: To be approved for a loan, a prospective borrower must ...
Acceptance of the borrower's loan application. Approval means that the borrower meets the lender's Qualification Requirements and also its Underwriting Requirements. In some cases, ...
A mortgage lender that sells all the loans it originates in the secondary market. ...
The assumption of a mortgage, with permission of the lender, from a borrower unable to continue making the payments. ...
Have a question or comment?
We're here to help.