Total Interest Payments
Definition of "Total Interest Payments"
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include upfront cash payments, and it is not adjusted for the time value of money.
Popular Mortgage Terms
An ARM on which the lender has the right to change the interest rate at any time, for any reason, by any amount, subject only to a requirement that the borrower be notified in advance. The ...
Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new ...
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. ...
Compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually ...
A borrower who doesn't pay. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
A mortgage lender that sells all the loans it originates in the secondary market. ...
The number of months for which the initial interest rate holds on an ARM. ...
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