Zero Balance
The amount the borrower owes at maturity.
Popular Mortgage Terms
An agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrowers delinquency. ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
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. ...
A documentation rule where the borrower discloses assets and their source but the lender does not verify the amount. ...
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to 3% of the loan ...
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it becomes fully-amortizing. ...
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. ...
The definition of interest is extremely important in today’s business environment where lending and borrowing money are the power stations of our economy. A widespread definition of ...
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