Principal
The portion of the monthly payment that is used to reduce the loan balance.
Popular Mortgage Terms
A lender that provides loans through mortgage brokers or correspondents. ...
A lender offering loans on the Internet who provides mortgage shoppers with the information they need to make an informed decision before applying for a mortgage and guarantees them ...
Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
A comprehensive and time-adjusted measure of loan cost to the borrower. IC on a Mortgage: IC is what economists call an 'internal rate or return.' It takes account of all payments made by ...
The method of financing used when a borrower contracts to have a house built, as opposed to purchasing a completed house. Construction can be financed in two ways. One way is to use two ...
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate. ...
A lender who specializes in lending to sub-prime borrowers. ...
A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...
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