An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
Making interest-only payments will result in larger payments being due at the end of the interest-only payment period.
Interest-only loan A loan for which you pay only the interest due for a portion of the loan term.
Origination fee A fee imposed by a lender to cover certain processing expenses in connection with making a mortgage loan.In most cases, you can withdraw funds up to your available credit limit for the first 10 years (your draw period) using convenience checks, debit cards or money transfer via Online Banking.Broker fees Fees charged by a real estate broker or a mortgage broker for providing assistance in a real estate transaction.Coinsurance A sharing of insurance risk between the insurer and the insured.Leaving one job and starting another is often exciting.I still doubt that if document is picked up by the drawee before maturity date said 90dys from bl date, does the collecting bank make a payment immediately or block the money pending for payment at its maturity date?Appraisal contingency, a contingency in a sales contract that the property must appraise at a value that is equal to or greater than your offering price.The loan term is used to determine the payment amount, repayment schedule and total interest paid over the life of the loan.In most cases, it is also the rate used to calculate the monthly payments.Fannie Mae Federal National Mortgage Association, a government-sponsored enterprise that buys and securitizes mortgages for resale in the secondary market.Installment loan A loan that is repaid in equal payments, known as installments.See also: Account termination fee Prequalification The process of providing financial and other information (such as employment history and proposed collateral) by a prospective borrower in order for the lender to preliminarily estimate how much the borrower may obtain for the purchase of a home.Back to top M Manufactured housing A structure that has been partially or entirely constructed at another location and moved onto the property (on a permanent foundation).It is provided to the IRS along with your tax return.Cost of Funds Index (cofi) An index that is used to determine interest rate changes for certain adjustable-rate mortgages (ARMs).Co-signer A second person who signs your loan and assumes equal responsibility no sex until marriage dating for payment of the loan but receives no benefit from the loan proceeds.Cap A limit on how much a variable interest rate can increase.Conventional loans are available to all qualifying borrowers and are not insured or guaranteed by the federal government.Note rate The interest rate stated in a mortgage note.Initial rate The starting interest rate.
Curtailment A payment that reduces the principal balance of a loan.
Exactly, the collecting bank is authorized to deliver the documents only when payment is made AT maturity.