Mortgage Loan Terms And Definitions

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.

Mortgage definition is – a conveyance of or lien against property (as for securing a. is a mortgage with a large payment made near or at the end of a loan term.

FHA Loans. A loan insured by the FHA. The FHA does not loan money, but instead provides insurance to lenders on loans that meet the administration’s specific guidelines, which can include requirements for credit, down payments, and income. Learn more in Mortgage Glossary of Terms: Part 2. Be an Informed, Confident Borrower

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A glossary of personal finance terms you need to know. Discover the definition of financial words and phrases

B/C Loan: B/C loan refers to the class of debt facilities provided to borrowers with less-than-optimal credit qualifications. B/C loans have higher interest rates and more restrictive terms due to the higher level of risk involved for the lender.

Introduction to Mortgages: Basic Mortgage Terminology Definitions of Common Mortgage Terms . One of the most important, and confusing, decisions that people make is buying a home and taking out a Mortgage to pay for the house. There are many factors that come into play for people looking to buy a house.

Introduction to Mortgage Loans | Housing | Finance & Capital Markets | Khan Academy Balloon Loan or Balloon Mortgage: Most loan terms feature regular monthly payments that are carefully calculated to repay the loan over a set amount of time .

A mortgage is a loan from a bank or a financial institution that helps the borrower purchase a house.. Deeper definition. Before getting a mortgage, the borrower agrees to certain terms and.

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Mortgage: A mortgage is a debt instrument , secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages.

The Online Glossary of Mortgage Loan Terms is a excellent place to learn the Mortgage Business Terminology. The compiled list is created to educate you on some of the highly used terms during the Mortgage Loan Process.Take some time to browse and understand the "lingo."