Graduated Payment Mortgage (GPM)
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it becomes fully-amortizing.
Popular Mortgage Terms
A documentation option where the applicant's income is disclosed and verified but not used in qualifying the borrower. The conventional maximum ratios of expense to income are not ...
Limit on the size of payment change on an adjustable rate mortgage. ...
A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as poor credit or ...
A measure of interest cost on a reverse mortgage. ...
A particular computerized system for doing automated underwriting. Mortgage insurers and some large lenders have developed such systems, but the most widely used are Fannie Mae's 'Desktop ...
The definition of credit risk is at the core of lending. Banks lend money to businesses and individuals and expect to recover the principal and win interest. Banks offer a variety of loans, ...
The dollar amount of interest paid each month. The interest payment is the same as interest due so long as the scheduled mortgage payment is equal to or greater than the interest due. ...
The payment of principal and interest made by the borrower. ...
A lender who offers mortgage loans directly to the public. ...
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