Total Annual Loan Costs (TALC)
A measure of interest cost on a reverse mortgage.
Popular Mortgage Terms
A borrower who doesn't pay. ...
The federal law that specifies the information that must be provided to borrowers on different types of loans. Also, the form used to disclose this information. Truth in Lending (TIL) is ...
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 ...
The period you must retain a mortgage in order for it to be profitable to pay points to reduce the rate. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
A particular computerized system for doing automated underwriting. Mortgage insurers and some large lenders have developed such systems, but the most widely used are Fannie Mae's 'Desktop ...
Interest from the day of closing to the first day of the following month. To simplify the task of loan administration, the accounting for all home loans begins as if the loan was closed ...
An interest rate index that is used on some ARMs. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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