Housing Bank
A government-owned or -affiliated lender that makes home loans directly to consumers. With minor exceptions, government in the U.S. has never loaned directly to consumers, but housing banks have been widespread in many developing countries. In the first two decades after World War II, about 50 housing banks were formed in the same number of countries.
Popular Mortgage Terms
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term. ...
Same as term Interest Rate: The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A mortgage interest rate is a rate on a loan secured by a ...
A particular combination of loan, borrower, property, and transaction characteristics that lenders use in setting prices and underwriting requirements. ...
The frequency of rate adjustments on an ARM after the initial rate period is over. The rate adjustment period is sometimes but not always the same as the initial rate period. As an example, ...
A borrower who doesn't pay. ...
A borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
The interest rate that is fixed for some specified number of months or years at the beginning of the life of an ARM. ...
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