The mortgage encyclopedia: an authoritative guide to mortgage programs, practices, prices, and pitfalls

Description

A basic reference guide to mortgage issues guides readers through the salient issues surrounding borrowing money to buy property, offering explanations of the various fees and explaining basic mortgage terminology. Original. 15,000 first printing. Abstract: Features definitions and explanations of common mortgage-related terms, as well as arcane mortgage terminology. This book provides advice on issues such as whether to use a mortgage broker's, the benefits of paying points versus a larger down payment, and the hazards of cosigning a loan. It identifies common mortgage myths and misperceptions.  Read more... Content: Terms of Use Want to learn more? Topics Introduction Acknowledgments A A-Credit Acceleration Clause Accrued Interest Adjustable Rate Mortgage (ARM) Adjustment Interval Affordability Agreement of Sale Alternative Documentation Amortization Annual Percentage Rate (APR) Application Application Fee Appraisal Appraisal Fee Appraiser Approval APR ARM Assignment Assumable Mortgage Assumption Auction Sites Authorized User Automated Underwriting Automated Underwriting System B Balance Balloon Balloon Mortgage Bimonthly Mortgage Biweekly Mortgage Bridge Loan. Builder-Financed ConstructionC Cap Cash-Out Refi Closing Closing Costs Closing Date Co-Borrowers COFI Conforming Mortgage Construction Financing Contract Chicanery Conversion Option Correspondent Lender Co-Signing Cost-of-Savings Index (COSI) Credit Report Credit Score Cumulative Interest Current Index Value D Deadbeat Debt Consolidation Deed in Lieu of Foreclosure Default Deferred Interest Delinquency Demand Clause Direct Lender Discount Points Discretionary ARM Documentation Requirements Down Payment ""Dual-Apper"" Dual Index Mortgage Due-on-Sale Clause E. Effective Rate80/10/10 and 80/15/5 Loan Plans Equity Escrow Account F Fallout Fannie Mae FHA Mortgage FICO Score Financing Points First Mortgage Fixed-Rate Mortgage (FRM) Float Float-Down Forbearance Agreement Foreclosure Freddie Mac Fully Amortizing Payment Fully Indexed Rate G Generic Prices Gift of Equity Good Faith Estimate (GFE) Government National Mortgage Association (GNMA) Grace Period Graduated Payment Mortgage (GPM) H Hazard Insurance Historical Scenario Homebuyer Protection Plan Home Equity Conversion Mortgage (HECM) Home Equity Line. Home Equity Line of Credit (HELOC)Home Equity Loan Home Keeper Homeowner's Equity Housing Bank Housing Expense Housing Expense Ratio Housing Investment I Indexed ARMs Initial Interest Rate Initial Rate Period Interest Accrual Period Interest Cost (IC) Interest Due Interest-Only Mortgage (Option) Interest Payment Interest Rate Interest Rate Adjustment Period Interest Rate Ceiling Interest Rate Decrease Cap Interest Rate Floor Interest Rate Increase Cap Interest Rate Index Internet Mortgages J Jumbo Mortgage Junk Fees L Late Fees Late Payment Lead-Generation Sites. LenderLoan Amount Loan ""Flipping"" Loan Officer Loan Provider Loan-to-Value Ratio (LTV) Lock Commitment Letter Locking the Loan Lock-Jumper Lock Period M Mandatory Disclosure Manufactured Home Margin Market Niche Maturity Maximum Loan Amount Maximum Loan-to-Value Ratio Maximum Lock Minimum Down Payment Monthly Debt Service Monthly Housing Expense Monthly Total Expense Mortgage Mortgage Auction Site Mortgage Bank Mortgage Broker Mortgage Company Mortgage Equations Mortgage Insurance Mortgage Insurance Premium Mortgage Lender Mortgage Payment Mortgage Price.