Annual income
Annual income Annual income is a factor in a mortgage loan application and generally refers to your total earned, pre-tax income over a year. Annual […]
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Amount financed
Amount financed It means the amount of money you are borrowing from the lender, minus most of the upfront fees the lender is charging you.
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Amortization
Amortization Amortization means paying off a loan with regular payments over time, so that the amount you owe decreases with each payment. Most home loans […]
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Adjustable Rate Mortgage (ARM)
Adjustable Rate Mortgage (ARM) An adjustable rate mortgage (ARM) is a type of loan for which the interest rate can change, usually in relation to […]
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Ability-to-repay rule
Ability-to-repay rule The ability-to-repay rule is the reasonable and good faith determination most mortgage lenders are required to make that you are able to pay back […]
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5/1 Adjustable Rate Mortgage
5/1 Adjustable Rate Mortgage A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where “5” is the number of years your […]
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