Fully Amortizing Payment
Definition of "Fully Amortizing Payment"
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term.
Popular Mortgage Terms
The maximum allowable increase in the interest rate on an ARM each time the rate is adjusted. It is usually one or two percentage points. ...
A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent. Mortgage brokers sometimes evolve into ...
A lender offering loans on the Internet who provides mortgage shoppers with the information they need to make an informed decision before applying for a mortgage and guarantees them ...
Equations used to derive common measures used in the mortgage market, such as monthly payment, balance, and APR. ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
Housing expense plus current debt service payments. ...
A contract provision that adjusts the payment on an ARM periodically to make it fully amortizing. ...
To define a home equity line of credit, we can also take a look at how credit cards work. Similarly to credit cards, home equity lines of credit are sources of funds that can be accessed ...
Have a question or comment?
We're here to help.