A payment made by the borrower over and above the scheduled mortgage payment. If the
additional payment pays off the entire balance it is a prepayment in full; otherwise, it is a partial
prepayment.
The assumption that the index value to which the interest rate on an ARM is tied follows the same pattern as in some prior historical period. In meeting their disclosure obligations in ...
A short-term loan, usually from a bank, that 'bridges' the period between the closing of a home purchase and the closing of a home sale. To qualify for a bridge loan, the borrower must have ...
A second mortgage offered at preferential (subsidized) terms to those who qualify.
For example, a labor union may offer members who are first-time home buyers a silent second to
finance ...
A document that evidences a debt and a promise to repay. A mortgage loan
transaction always includes a note evidencing the debt, and a mortgage evidencing the lien on the
property. ...
The largest loan size permitted on a particular loan program. For programs
where the loan is targeted for sale to Fannie Mae or Freddie Mac, the maximum will be the largest
loan ...
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 ...
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 ...
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. ...
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, ...
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 ...
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