Margin

A margin is the percentage difference between the index for a particular loan and the interest rate charged. It is a number predetermined by the lender. The margin is a fixed percentage point that is added to the index to compute the interest rate. The margin remains fixed for the entire term of the...

Monthly Payment Options (“Pick a Pay”)

The popular terminology is “pick a pay” or “payment option”. The payment options that are listed on your billing statement every month vary depending on the programs available from the lender. Simply choose the payment that best fits your needs. The most popular options are minimum payment (negative amortization), interest only, 15 year amortization, and 30 year...

Months Rate Fixed

The number of months the rate is fixed for an ARM. During the specific period of the loan, the interest rate and the monthly payment will remain fixed.

Mortgage Amount

Expected balance for your mortgage.

Mortgage Broker

A mortgage broker is an individual or company that arranges financing for borrowers. The mortgage broker matches lenders with borrowers who meet the lenders criteria and directly or indirectly placing mortgage loans for others in the primary market for consideration.

« Older Entries Next Entries »

logo logo logo logo