Worst-Case Scenario
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract.
Popular Mortgage Terms
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it becomes fully-amortizing. ...
A mortgage loan transaction in which the lender assumes responsibility for an existing mortgage. A wrap-around can be attractive to home sellers because they may be able to sell their ...
A borrower who doesn't pay. ...
Someone authorized by the original credit card holder to use the holder's card. While authorized users are not responsible for paying any charges, including their own, they are sometimes ...
A lenders requirements regarding how information about income and assets must be provided by the applicant and how it will be used by the lender. The following categories have evolved in ...
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 lender who specializes in lending to sub-prime borrowers. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest ...
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