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
Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes. Rate protection can take the form of a ...
A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as poor credit or ...
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. ...
A measure of interest cost on a reverse mortgage. ...
A borrower who does not meet the underwriting requirements of mainstream lenders. Sub-prime borrowers pay more than prime borrowers and are sometimes taken advantage of. ...
A documentation option where the applicant's income is disclosed and verified but not used in qualifying the borrower. The conventional maximum ratios of expense to income are not ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own ...
A mortgage on which half the monthly payment is paid every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. Because of the ...
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