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 amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract. Paying less than the scheduled amount results in delinquency. On most mortgages, the scheduled payment is the fully amortizing payment throughout the life of the loan.
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.
Line Of Credit Vs Mortgage Loan But in the meantime, while you’re living there, that gain is locked up, out of reach – unless you access the equity with a home equity loan or a home equity line of credit, known as a HELOC. These two.
environment and without hidden terms or special understandings existing between. The Base Loan Amount is the mortgage amount prior to the addition of any.
Mortgage Glossary on Prime Mortgage Loans | 203(b): FHA's single family. Assumption Clause: a provision in the terms of a loan that allows the buyer to take.
We define mortgage, and other industry terms for home buyers. Discover helps you understand common mortgage terms and meanings.. HOME FINANCING GLOSSARY. Fees incurred in a real estate or mortgage transaction and paid by borrower and/or seller during a mortgage loan closing. These.
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The Online Glossary of Mortgage Loan Terms is a excellent place to learn the mortgage business terminology. The compiled list is created to educate you on some of the highly used terms during the Mortgage Loan Process.Take some time to browse and understand the "lingo." Refinancing: Replacing existing mortgage with a new loan.
A high ratio loan is a loan whereby the loan value is high relative to the property value being used as collateral. Mortgage loans that have high loan ratios have a loan value that approaches 100% of.
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.