Principal

The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment. ...

Prices that assume a more or less standardized set of transaction characteristics that generally command the lowest prices. Generic prices are distinguished from transaction specific ...

A non-citizen with a green card employed in the U.S. Non-permanent resident aliens are subject to somewhat more restrictive qualification requirements than U.S. citizens. Permanent ...

Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage markets are of two general types. 'Whole ...

The loan balance remaining at the time the loan contract calls for full repayment. ...

Same as term Points: An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to ...

The amount the borrower promises to repay, as set forth in the loan contract. The loan amount may exceed the original amount requested by the borrower if he or she elects to include ...

Limit on the size of payment change on an adjustable rate mortgage. ...

A type of mortgage in which the loan amount is amortized over the full length of the loan (usually 30 yrs), but the loan actually comes due after a few years (usually five or seven). The ...

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defaults on a mortgage. ...

Find out what type of home is in your budget by entering a few numbers into our calculator. Our calculator is based on standard affordability ratios used to determine qualification for ...

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the loan. ...

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation chartered by the federal government to buy pools of mortgages from lenders and sell ...

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus a new amount. ...

This calculator figures how much interest savings you will have depending on how much extra you pay monthly. Input an extra payment and calculate your interest savings based on the higher ...

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-chartered, non- bank, financial services company and the nations largest source of financing ...