Simple Interest Mortgage
Definition of "Simple Interest Mortgage"
A mortgage on which interest is calculated daily based on the balance on the day of payment, rather than monthly, as on the standard mortgage.
Popular Mortgage Terms
A mortgage on which half the monthly payment is paid twice a month. It should be called a 'semi-monthly mortgage' but market practice often trumps logic. In contrast to a biweekly, a ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
Limit on the size of payment change on an adjustable rate mortgage. ...
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
Same as term Lead Generation Site: A mortgage Web site designed to provide leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan. Lenders pay ...
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. ...
A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...
The portion of the monthly payment that is used to reduce the loan balance. ...
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 ...
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