Search results
Results from the WOW.Com Content Network
A mortgage is a long-term loan from a financial institution that helps you purchase a home, with the home itself serving as collateral. Mortgage payments typically consist of principal (the amount ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance.
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...
Fixed-rate mortgage: A fixed-rate mortgage has the same interest rate throughout the length of the loan, so every payment will be the same. This predictability makes fixed-rate mortgages the most ...
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
A mortgage note represents a home loan for a given borrower. The note is a security instrument that allows the loan to be grouped with other mortgages after closing and sold to investors.
An interest-only mortgage is a home loan that allows borrowers to make interest-only payments for a set amount of time, typically between seven and 10 years, at the start of a 30-year term.
The denominator of a Rule of 78s loan is the sum of the integers between 1 and n, inclusive, where n is the number of payments. For a twelve-month loan, the sum of numbers from 1 to 12 is 78 (1 + 2 + 3 + . . . +12 = 78). For a 24-month loan, the denominator is 300. The sum of the numbers from 1 to n is given by the equation n * (n+1) / 2.