Mortgage: A mortgage is a debt instrument , secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages.
Mortgage Terms And Definitions. Amortization: a payment plan that enables you to reduce your debt gradually through monthly payments. The payment includes principal and interest. amount financed: on the Truth in Lending form, the loan amount less "prepaid finance charges", which are lender fees paid at closing.
Interest Only Commercial Mortgage Calculator Mortgage Calculator – Commercial – Mortgages.ie – mortgage interest calculator mortgage calculator. Moving House. Moving House. Home » Commercial » Mortgage Calculator. Mortgage Calculator.. To estimate your monthly repayments over a given period of time, please enter the mortgage amount required. This is only an estimate. Actual rates are set on a case by case basis.Our business.
B/C Loan: B/C loan refers to the class of debt facilities provided to borrowers with less-than-optimal credit qualifications. B/C loans have higher interest rates and more restrictive terms due to the higher level of risk involved for the lender.
A glossary of personal finance terms you need to know. Discover the definition of financial words and phrases
Glossary of Mortgage Terms 1003 form commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application. Acceptance a verbal or written acceptance of an offer to buy a home, made from the seller to the buyer. Acre a land measurement commonly used in U.S. property negotiations.
Reverse Mortgage Glossary of Terms. Adjustable Rate: An interest rate that will change during the life of the loan based on an index.. Annuity: An insurance product that pays out an income stream and is often used as part of a retirement strategy. Appraisal: A professional estimate of the value of your home based on the features of the property and comparable sales in the area.
The terms of such loans, including approval and receipt, are therefore most often contingent on the borrower’s credit score. Borrowers must generally have high credit ratings to be approved for.
Glossary Of Home Loan Terms. Adjustable Rate Mortgage (ARM) A mortgage with an interest rate that can adjust at pre-determined intervals. An ARM loan is typically fixed for the first 2, 3, 5, 7 or 10 years and can adjust annually thereafter.
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15-Year Fixed Mortgage – a fixed-rate home loan that has half the typical term of 30 years. 203k Loan – an FHA loan that allows you to finance home improvements and permanent financing in a single mortgage loan. 3/1 ARM – An ARM that is fixed for the first three years (36 months) of the loan term before becoming annually adjustable.