Calculations used to determine if a borrower can qualify for a mortgage. They consist of two separate calculations that compare a borrower’s debt payments and gross monthly income. The front-end ratio measures a housing expense as a percent of income ratio and the back-end ratio measurers total debt obligations as a percent of income ratio.
The amount of principal that has not yet been repaid. The unpaid loan balance that is still due and payable.
The biweekly loan calculator will show a loan borrower how biweekly mortgage payments will impact the total amount paid on a mortgage loan. The biweekly loan calculator can be used to calculate savings on an assortment of loans not just mortgage loans. Biweekly loan payments can be made on mortgage loans, auto loans, boat loans
Fees a buyer or seller pays a municipality to for the cost of recording a transfer of ownership.
A method of lowering the interest rate on a mortgage, either temporarily or for the entire term of the loan. Often points are paid up front to make up the difference between the rate actually charged on the mortgage and the rate at which the buyer pays. The points or money advanced to reduce the
A legal procedure in which a mortgaged property is sold to pay the outstanding debt in case of default. The legal procedure starts with the borrower defaulting on the repayment terms of the home loan and the lender initiating a process in which they obtain court permission to take possession of the property and sell
Borrowed funds that are not borrowed against some form of existing equity or savings of the borrower are unacceptable sources. Cash advances, loans from family members or personal loans would all be disallowed as sources for the down payment. Cash on hand which is sometimes referred to as mattress money is also a problem. If
Pay attention to the points and fees that are used for the closing costs mortgage calculator. Shop around to find out what the customary fees are in your area are. Unless you believe interest rates have hit the bottom it is generally better to avoid paying points. Run various rate, point and fee options through
For most homeowners, their mortgage payment is the single highest expense every single month. Home refinancing options include reducing the interest rate, changing from an adjustable rate mortgage to a fixed rate mortgage or the other why around and changing the term on the loan. Any one of these options has the possibility of saving
The cost of a major remodeling or home improvement project can have homeowners thinking twice about how it’s going to fit into their budget. Luckily, there are many financing options available to homeowners through mortgage refinancing, making home improvements a viable option.
The first step in a major remodeling project should be to evaluate the cost