Search results
Results from the WOW.Com Content Network
Balloon payment mortgage - A mortgage most commonly used in commercial real estate. The Balloon payment mortgage does not fully amortize over the term of the note, which leaves a balance due at maturity, known as a "balloon payment." Interest only mortgage - A type of mortgage where the borrower pays only the accruing interest on the principal ...
Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. [2] A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule.
Unpaid principal balance (UPB) is the portion of a loan (e.g. a mortgage loan) at a certain point in time that has not yet been remitted to the lender. [1]For a typical consumer loan such as a home mortgage or automobile loan, the original unpaid principal balance is the amount borrowed, and therefore the amount the borrower owes the lender on the origination date of the loan.
A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
Whether you’ve fallen behind on mortgage payments due to a recent job loss, unforeseen expenses or another type of financial hardship, it’s important to understand your options for getting ...
(The minimum payment is based on a typical 30-year amortization with the initial rate of the loan.) A payment-option ARM, however, could result in negative amortization, meaning the balance of ...
The peculiar feature of closed-end credits is that they preserve the same interest rate level and the loan principal is not increased after the disbursement of funds or after the partial repayment. Opposed to closed-end credits there are also open-end credits that are also known as revolving credit [1] lines. The most widespread among them are ...
The closing disclosure contains all of the details of your mortgage, including an itemized list of closing costs. It’s similar to the loan estimate — which you might also receive a copy of ...