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Bi-weekly payment
Bi-weekly payment In a bi-weekly payment plan, the mortgage servicer is collecting half of your monthly payment every two weeks, resulting in 26 payments over the course […]
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Balloon loan
Balloon loan For mortgages, a balloon loan means that the loan has a larger-than-usual, one-time payment, typically at the end of the loan term. This […]
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Automatic payment
Automatic payment Automatic payments allow you to set up recurring mortgage payments through your bank. Automatic payments can be a convenient way to make sure […]
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Appraisal fee
Appraisal fee An appraisal fee is the cost of a home appraisal of a house you plan to buy or already own. Home appraisals provide […]
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Annual Percentage Rate (APR)
Annual Percentage Rate (APR) An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR […]
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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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