mortgage loan terms and definitions

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Drop in mortgage rates is a boon for homebuyers and refinancing – The decline in mortgage costs has cut the payments on a $300,000, long-term home loan by more than $200 a month. Home buys in.

Mortgage Terms and Definitions | Walden Savings Bank – 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.

Mortgage Loans: Essential Information You Need to Know – Important mortgage loan concepts To help prepare you for the bank jargon used in the mortgage loan process, here are some helpful definitions you’ll need to know. APR or APY: Annual percentage rate or.

Mortgage Glossary – The Mortgage Professor – 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.

Loan terminology glossary | UCOP – Loan terminology glossary . The terms and definitions that follow are meant to give simple, informal meaning for words and phrases you may see on our Web site that may not be familiar to you.

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.

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Mortgage Definitions – AmWest Funding – A conventional mortgage is a type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages.

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Explaining common mortgage terms Mortgage Terms Glossary | Mortgage Loans | Pacific. – Mortgage refinancing is usually done to secure better loan terms than your current loan, like a lower interest rate or a lower monthly payment. Reverse Mortgage. A reverse mortgage (also known as a home equity conversion mortgage) is a loan that allows you to get money from the equity in your home without having to make monthly payments.

Mortgage loan – Wikipedia – A mortgage loan or, simply, mortgage is used either by purchasers of real property to raise.. Mortgage loans are generally structured as long-term loans, the periodic payments for which are similar to an. This down payment may be expressed as a portion of the value of the property (see below for a definition of this term).

Understanding mortgage terminology ensures you're getting the right loan product for you. Here's a list of the top terms you need to know.

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