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Listings for Mortgages Key Terms (106)

 

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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