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Our website incorporate all the best available home mortgage in one place
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Whether you are searching for the best rates for home loans, second mortgage
rate, or refinancing, you will find your best deal here. The mortgage
payment calculator and interest payment calculator on each site to help
you making wise decisions.
Our advice is you should fill out mortgage application form
from more than one companies listed in this site. Most broker companies
are willing to offer their lowest interest rate and at the same time,
compete with each other to gain your business.
The loan forms are quite simple and should take you only
a few minutes to complete. So why not browse these great home mortgage
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adjustable-rate mortgage (ARM)
A mortgage in which the interest changes periodically, according to corresponding
fluctuations in an index. All ARMs are tied to indexes.
adjustment date
The date the interest rate changes on an adjustable-rate mortgage
amortization
The loan payment consists of a portion which will be applied to pay the
accruing interest on a loan, with the remainder being applied to the principal.
Over time, the interest portion decreases as the loan balance decreases,
and the amount applied to principal increases so that the loan is paid
off (amortized) in the specified time.
amortization schedule
A table which shows how much of each payment will be applied toward principal
and how much toward interest over the life of the loan. It also shows
the gradual decrease of the loan balance until it reaches zero.
annual percentage rate (APR)
This is not the note rate on your loan. It is a value created according
to a government formula intended to reflect the true annual cost of borrowing,
expressed as a percentage. It works sort of like this, but not exactly,
so only use this as a guideline: deduct the closing costs from your loan
amount, then using your actual loan payment, calculate what the interest
rate would be on this amount instead of your actual loan amount. You will
come up with a number close to the APR. Because you are using the same
payment on a smaller amount, the APR is always higher than the actual
not rate on your loan.
appraisal
A written justification of the price paid for a property, primarily based
on an analysis of comparable sales of similar homes nearby.
appraised value
An opinion of a property's fair market value, based on an appraiser's
knowledge, experience, and analysis of the property. Since an appraisal
is based primarily on comparable sales, and the most recent sale is the
one on the property in question, the appraisal usually comes out at the
purchase price.
appraiser
An individual qualified by education, training, and experience to estimate
the value of real property and personal property. Although some appraisers
work directly for mortgage lenders, most are independent.
appreciation
The increase in the value of a property due to changes in market conditions,
inflation, or other causes.
assessment
The placing of a value on property for the purpose of taxation.
assessor
A public official who establishes the value of a property for taxation
purposes.
asset
Items of value owned by an individual. Assets that can be quickly converted
into cash are considered "liquid assets." These include bank
accounts, stocks, bonds, mutual funds, and so on. Other assets include
real estate, personal property, and debts owed to an individual by others.
assignment
When ownership of your mortgage is transferred from one company or individual
to another, it is called an assignment.
assumable mortgage
A mortgage that can be assumed by the buyer when a home is sold. Usually,
the borrower must "qualify" in order to assume the loan.
assumption
The term applied when a buyer assumes the seller's mortgage.
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