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mortgage loan terms and definitions

. must remain firm How Your Loan Can Change After Closing If you choose an adjustable rate mortgage (arm), your loan amount will change according to the terms of the mortgage. There are many.

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Glossary of Mortgage Terms – NFDM – Commitment (loan): A formal offer by a lender stating the terms under which it agrees to loan money to a homebuyer. Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). These agencies generally.

Use this glossary of mortgage terms to better understand the overall mortgage process as well as any specific mortgage terms that may be unfamiliar to you. A Abstract of title [skip to next word] A written history of all the transactions related to the title for a specific tract of land.

They also base a maximum loan amount on customized loan-to-value thresholds. Secured lenders will often lend a maximum total amount of approximately 70% of a secured asset’s collateral value. Mortgage.

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.

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One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if the mortgage is $200,000, one point equals ,000. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages to cover loan origination costs or to provide additional compensation to the lender or broker.

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15-Year Fixed Mortgage – a fixed-rate home loan that has half the typical term of 30 years. 203k Loan – an FHA loan that allows you to finance home improvements and permanent financing in a single mortgage loan. 3/1 ARM – An ARM that is fixed for the first three years (36 months) of the loan term before becoming annually adjustable.

Mortgages that exceed the conforming-loan limit are classified as nonconforming or jumbo mortgages. The terms and conditions of nonconforming mortgages can vary widely from lender to lender, but the.