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mortgage payment definition

Mortgage 101 - Defining some commonly used terms when dealing with mortgages

Albert talks about some commonly used terms when dealing with mortgages: amortization period, term, payment frequency, closed vs open mortgages ...

How your loan size affects your mortgage rate (and what to do about it)

$800 By funding that loan. So either lenders stop making smaller loans, or they have to charge more to cover their costs.

So in this case, there might be a "low loan amount" add-on of three more points. The total origination would be $1,400, allowing the lender to cover its costs and earn $400 on the loan.

Covering low loan amount charges

On its face, 3.5 points seems like a huge charge. But remember, for a $40,000 mortgage, that's only $1,400. But you don't even have to come up with that.

Your lender can cover the extra fees by taking your mortgage rate a little higher. For instance, three points can be covered with a .5 to .75 percent addition to the interest rate.

Your principal and interest with a $40,000 loan at 4.o percent would be $191. At 4.625 percent, it's just $15 more ($206 a month). Unlikely to break your bank.

Going big with jumbo and super-jumbo loans

On the other end of the spectrum lie jumbo and super-jumbo mortgages. Jumbo loans are those that exceed the conforming loan limits established by Freddie Mac and Fannie Mae, and super-jumbo loan amounts can run into the millions.

Delinquent mortgage

Delinquent mortgage What is a delinquent mortgage?

A mortgage becomes delinquent when the borrower doesn’t make the required payments. If the borrower continues to fall behind, the lender may foreclose on the property, taking it back from the borrower. There are other options to resolve the borrower’s delinquency, including modifying the loan to make it easier to keep up with payments.

Deeper definition

A mortgage is a long-term loan that allows a borrower to buy a home or other real estate without paying the full purchase price upfront and to pay back the amount over a set period of time, with interest.

The property the person is buying is collateral for the loan, and the lender has the right to repossess it if the borrower doesn’t keep up with monthly payments and sell it to earn back what the borrower owes.

There’s another effect on the borrower. A delinquent mortgage can hurt the person’s credit like any other unpaid debt.

Is there an official definition of biweekly mortgage payments versus semimonthly and monthly?

We just refinanced our home with our credit union and specifically asked for biweekly payments to pay off faster. They said it would be just a slighty higher interest rate. Biweekly is on our closing papers.

I had a similar problem with my re fi also .... You really need to go to a real estate attorney as these things are very compliocated and can get very "Iffy" depending on the language of the contracts signed ...

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