Zero Balance

The period used to calculate the monthly mortgage payment. The term is usually but not always the same as the maturity, which is the period over which the loan balance must be paid in ...

A payment made by the borrower over and above the scheduled mortgage payment. If the additional payment pays off the entire balance it is a prepayment in full; otherwise, it is a partial ...

Equations used to derive common measures used in the mortgage market, such as monthly payment, balance, and APR. ...

After reaching a certain annual income, you might be interested in finding the definition of a jumbo mortgage.  What is a jumbo loan?  It is something like a mortgage with ...

The interest rate used in calculating the initial mortgage payment in qualifying a borrower. The rate used in qualifying borrowers may or may not be the initial rate on the mortgage. On ...

A comprehensive and time-adjusted measure of loan cost to the borrower. IC on a Mortgage: IC is what economists call an 'internal rate or return.' It takes account of all payments made by ...

The policy of a second mortgage lender toward allowing a borrower to refinance the first mortgage while leaving the second in place. ...

On an ARM, the assumption that the value of the index to which the interest rate is tied does not change from its initial level. ...

The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...