mortgage terms for dummies

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Mortgage Glossary – The Mortgage Professor – The period used to calculate the monthly mortgage payment. The term is usually but not always the same as the maturity. On a 7-year balloon loan, for example, the maturity is 7 years but the term in most cases is 30 years. For articles on the subject, see Mortgage Term.

Mortgage Terms "For Dummies": Understanding Mortgage Jargon – Mortgage Terms For "Dummies": Understanding Mortgage Jargon—– If you are a first-time homebuyer chances are you may not be well versed with the countless mortgage terms and definitions that loom over the buying process.

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How Mortgages Work | HowStuffWorks – In simple terms, a mortgage is a loan in which your house functions as the collateral. The bank or mortgage lender loans you a large chunk of money (typically 80 percent of the price of the home), which you must pay back — with interest — over a set period of time.

A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make. Borrowers are still responsible for paying taxes and insurance on the.

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How to Estimate Proceeds of Selling Your House – dummies – Add to your balance any penalties that your mortgage lender may charge you for prepaying. Of course, if you bought our Home Buying Kit For Dummies (Wiley) when you bought your home, you avoided mortgages with a prepayment penalty.. If you have any doubts at all about whether your mortgage has a prepayment penalty, find out. You can either check your loan agreement (issued to you at the time.

what can you afford mortgage calculator Home Affordability Calculator – How Much House Can I Afford. – The home affordability calculator from helps you estimate how much house you can afford. Quickly find the maximum home price within your price range.

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