Qualification Requirements

The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A mortgage interest rate is a rate on a loan secured by a specific property. ...

The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee. ...

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 ...

A computer-driven process for informing the loan applicant very quickly, sometimes within a few minutes, whether the application will be approved, denied, or forwarded to an underwriter. ...

A documentation requirement where the applicant's income is not disclosed. ...

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 ...

A measure of interest cost on a reverse mortgage. ...

Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret. ...

This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. ...

A type of purchase in which the buyer assumes the responsibility of making payments on a sellers home. ...

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 ...

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, ...

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker takes the loan and then packages for the lender. ...

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

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 ...