Primary Residence
Definition of "Primary Residence"
The house in which the borrower will live most of the time, as distinct from a second home or an investor property that will be rented.
Popular Mortgage Terms
Refinancing for an amount in excess of the balance on the old loan plus settlement costs. When the main objective of a refinancing is to raise cash, the relevant question is whether the ...
The portion of the monthly payment that is used to reduce the loan balance. ...
One of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
The frequency of rate adjustments on an ARM after the initial rate period is over. The rate adjustment period is sometimes but not always the same as the initial rate period. As an example, ...
Housing expense plus current debt service payments. ...
On an ARM, the assumption that the value of the index to which the interest rate is tied does not change from its initial level. ...
A measure of interest cost on a reverse mortgage. ...
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
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