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 ...
To understand what is a subprime mortgage, we need to talk about the subprime definition. Subprime means something that is not in the best conditions and, in this scenario, it refers to a ...
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 ...
Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces ...
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 ...
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. ...
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