Free online dictionary of mortgage industry terms.. adjustable rate mortgage, ARM: a type of mortgage loan characterized by interest rates that automatically.
Check out our mortgage glossary to get up to speed.. You are here: Home / Glossary.. See also: non-conforming loan. construction loan: A short-term loan.
The amount of a mortgage loan divided by the appraised value or sales price. Loan officer The person at a lending institution who solicits loans, acts as the representative for the lending institution, and represents the borrower at the lending institution.
Mortgage terminology can be confusing at times, so we created a mortgage glossary to help define the terms you will come across when applying for a loan.
Home financing terminology and abbreviations can confuse even the most savvy homebuyers. See our list of common FHA loan and mortgage-related terms.
The transfer of a mortgage from one person to another. Assumable mortgage A mortgage loan which allows a new home buyer to take over the obligation of making loan payments with no change in the terms of the loan. Assumable loans do not have a due-on-sale clause. The lender has to be notified and agree to the assumption.
Commercial Building Financing Commercial loan interest rates can move quickly with the market so many investors are constantly trying to stay on top of the most recent interest rates to know if they’re getting a good rate from their local lender or if they should shop around.
A glossary of commonly used mortgage terms and definitions.. Costs: Any fees paid by the borrowers or sellers during the closing of the mortgage loan.
A 10-year fixed mortgage is a mortgage loan that keeps the same rate of interest throughout the loan’s 10-year life. In most cases, fixed-rate mortgages are fully amortizing, so that the debt will be paid off at the end of the 10-year term. 11th District Cost of Funds Index – COFI
Glossary of Mortgage Terms Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. annual percentage rate (APR): A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan.
Glossary Of Home Loan terms. adjustable rate mortgage (arm) A mortgage with an interest rate that can adjust at pre-determined intervals. An ARM loan is typically fixed for the first 2, 3, 5, 7 or 10 years and can adjust annually thereafter.
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