A table or schedule that reflects the number of loan payments due on a loan, the amount due on each monthly installment, the amount that is applied to principal on each payment, the amount applied to interest and the declining principal balance.
A loan with a dollar amount that exceeds the statutory size limit purchase by Fannie Mae or Freddie Mac. Also referred to as non conforming loans. Mortgage lenders usually charge a higher interest rate on jumbo home loans and have stricter lending standards on these loans.
A commitment issued to a borrower by the mortgage lender guaranteeing the specified interest rate offer to borrowers. Until a mortgage loan interst rate is locked, the rate may chnage with market conditions. The oposite of rate loack is a loan where the rate is floating.
Mortgage calculators for calculating the future principal balance of balloon mortgage can provide a very valuable footing for weighing the worth of these mortgage loans. Balloon mortgages have a maturity date that comes up prior to the loan fully amortizing. As such, balloon mortgages must be paid off at or before the time of maturity
Combined Annual Income
The annual gross income of all borrowers before taxes.
Down Payment
The amount of the down payment that will be paid to the seller or the difference between the loan amount and the purchase price.
Loan Amount
For a purchase transaction, this is the Purchase Price minus the Down Payment. For a refinance, this is the amount