Mortgage Term Definition

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A written document evidencing the lien on a property taken by a lender as security for the repayment of a loan. The term "mortgage" or "mortgage loan" is used loosely to refer both to the lien and the loan. In most cases, they are defined in two separate documents: a mortgage and a note.

Definitions of Common Mortgage Terms One of the most important, and confusing, decisions that people make is buying a home and taking out a Mortgage to pay for the house. There are many factors that come into play for people looking to buy a house.

Mortgage Dictionary. Payment Shock – a sudden, large increase in the monthly mortgage payment as a result of an adjustable-rate mortgage or through a refinance with new financing terms. Piggyback Mortgage – a second mortgage that closes simultaneously with the first mortgage to reduce the total necessary down payment.

Single Payment Note Bank Rate Loan Calculator The Bankrate mortgage calculator will require certain information to be entered concerning the mortgage in question. Variables such as the loan amount, the loan term, the interest rate, and the value of the property will be needed to produce a helpful mortgage calculation.promissory note single-payment loan 284 Chapter 8 Loans single-payment loans. section 8-1 single-payment loans 285 Anita Sloane’s bank granted her a single-payment loan of $7,200 for 91 days at 12 percent ordinary interest. What is the maturity value of the loan?Bankrate Com Calculator Mortgage Balloon payment qualified mortgages qualified mortgages: Transitional definition of creditors eligible to originate balloon-payment qualified mortgages. Qualified Mortgages: Shifts the annual percentage rate (APR) threshold for Small Creditor and Balloon-Payment QMs from 1.5 percentage points above the average prime.free mortgage calculator Online – Calculate Mortgage Payments With Our Simple Mortgage Rate Calculator & Compare The Best Mortgage Offers.

A call loan is a loan that the lender can demand to be repaid at any time. It is "callable" in a sense that is similar to a callable bond. The key difference is that with a call loan the lender has.

An FHA 203(k) loan is a type of government-insured mortgage that allows the borrower to take out one loan for two purposes – home purchase and home renovation. An FHA 203(k) loan is wrapped around.

The repayment of a mortgage loan by installments with regular payments to cover the principal and interest. Amortization term The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.

A no-appraisal loan. mortgage and takes the place of the first mortgage. The homeowner makes monthly or biweekly payments on the refinanced mortgage just as they did on the original mortgage.

Mortgage – A legal document that pledges property to a creditor for the repayment of the loan, and is the term used to describe the loan itself. Some states use the term First Trust Deeds to refer to mortgage loans. Mortgagee – The lender in a mortgage agreement.

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