Mortgage Term Definition
Many mortgage firms must borrow funds on a short-term basis in order to originate loans which are to be sold later in the secondary mortgage market (or to investors). When the prime rate of interest is higher on short-term loans than on mortgage loans, the mortgage firm has an economic loss which is offset by charging a warehouse fee.
Mortgage definition is – a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.
Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Annual Percentage Rate (APR): A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan. The APR reflects the cost of your mortgage loan as a yearly rate.
However, borrowers must also be aware of the rates that will apply after a teaser rate expires. They should clearly understand the payment terms and requirements detailed in their loan contract before.
typically applied to the term of a home loan or mortgage; the life span of a mortgage; for example, a 15-year loan matures in 15 years, the period of time in which the debt must be paid off. Mortgage a legal document between a mortgagor and a mortgagee that establishes a home and/or property as security for a home loan.
Going back to Mdm Ho’s Facebook post, the Temasek CEO noted that in Singapore, CPF contribution rates have been gradually.
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Definition of loan term: Period over which a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term. See also loan terms.
Box home loans offers loans for 15, 20, and 30 year terms on Fixed Rate Mortgages and 5 and 3 year terms on Adjustable Rate Mortgages. Mortgage Insurance An insurance policy intended to protect the lender against the losses that may occur if a borrower defaults on their payments.
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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.