Definition of "Maturity"
The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment.
Popular Mortgage Terms
A revers mortgage program administered by Fannie Mae. ...
The present value of a house, given the elderly owner's right to live there until she dies or voluntarily moves out, under FHA's reverse mortgage program. ...
A written document evidencing the lien on a property taken by a lender as security for the repayment of a loan. The term 'mortgage' or 'mortgage loan' is used loosely to refer both to the ...
Refinancing for an amount in excess of the balance on the old loan plus settlement costs. When the main objective of a refinancing is to raise cash, the relevant question is whether the ...
A borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
The period you must retain a mortgage in order for it to be profitable to pay points to reduce the rate. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers. ...
Inserting provisions into a loan contract that severely disadvantage the borrower, without the borrowers knowledge, and sometimes despite oral assurances to the contrary. Prepayment ...
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