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A loan with an mortgage rate that changes periodically, according to an "index", such as Treasury Bills or the LIBOR index. Monthly payments can go up or down when the mortgage rate is adjusted.
Caps are limits on the amount that the mortgage rate on an Adjustable Rate Mortgage (ARM) can change at any one adjustment and (usually) over the life of the loan. They protect the borrower from huge increases in the monthly payment in a rising mortgage rate environment. Rarely, a cap may apply to the payment amount rather than to the rate. Under certain conditions, payment caps can cause the loan balance to increase rather than decrease.
A loose term which generally refers to a fixed-rate conforming loan other than an FHA or VA loan.
A table which shows the distribution of monthly payments - how much will be applied toward principal and how much toward interest over the life of the loan.
A figure which attempts to reflect the total cost of a loan, expressed as a yearly rate. Because the APR takes the total cost of credit into account, it can never be lower, and is almost higher than the stated note rate or advertised rate. Within reason, the APR allows you to compare different types of mortgages based on the total cost.
An opinion of the fair value of a property, generally by a qualified and/or licensed professional an appraise.
The valuation placed on property for the purpose fixing the amount property taxes.
A fixed rate mortgage with monthly payments which are not large enough to pay off the loan during the term. Balloons end after a specific time, usually one to five years, after which the entire remaining balance must be paid in a lump sum.
1/100th of a point. One point is equal to one percent of the mortgage loan amount; therefore, one basis point equals 1/100 of one percent.
A mortgage insured by the Federal Housing Administration. Typically, FHA mortgages require somewhat lower down payments and less stringent qualification requirements.
A mortgage with an mortgage rate that remains constant for the life of the loan. The mortgage rate rate is set when the loan is made and never changes. Also see Balloon Mortgage.
Insurance purchased by the borrower to partially protect the lender against loss if the borrower defaults. Normally required for loans with an LTV greater than 80% (20% down). FHA loans and most first buyer programs require mortgage insurance regardless of the LTV.
A condition where the loan balance goes up, rather than down, as payments are made. If a payment is not large enough to cover the interest due the difference is added to the principal.
A refinance with the fees and charges are added to the new mortgage amount instead of being paid up front.
A mortgage which does not conform to credit or other standards, or to the maximum loan limits set by Fannie Mae and Freddie Mac. See Jumbo Loan.
A fee charged by a lender to cover certain expenses associated with the loan origination. Usually stated as a percentage of the face value of the loan (points).
A point is equal to one percent of the mortgage amount.
The process of verifying the documentation and analyzing the risk associated with granting a mortgage.
A residential mortgage made to an eligible military veteran. The loan is guaranteed by the Department of Veterans Affairs to protect the lender against loss in the event of default.
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