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The 360-Day Year: Does It Matter to Borrowers?
2 May 2005 "I'm closing tomorrow on a 30-year fixed-rate mortgage at 5.375% for $161,000.. In looking at the HUD1 closing statement, I found that the prepaid interest was calculated on a 360-day basis. Should they not be using a 365-day year in the calculation? Won?t I ... more...

Are Mortgage Assumptions a Good Deal?
November 17, 2003, Revised December 20, 2005 ?I have been offered a deal where I take over the home seller?s mortgage. What are the pros and cons of doing this?? Benefit of Mortgage Assumptions to Buyers When a homebuyer assumes responsibility for a home seller?s ... more...

mortgages calculation related definitions

Mortgage Broker
Mortgage Broker A company or a qualified person that obtains mortgages for borrowers by finding lending institutions, insurance companies or private sources to lend the money. If a person, mortgage broker called a loan officer. A mortgage broker works for you, not for the ... more...

Adjustable Rate Mortgage, ARM
Adjustable Rate Mortgage (ARM) Also known as a variable rate mortgage. The interest rate on these mortgages changes periodically. Variable or adjustable loans are loans whose interest rate fluctuates over the period of the ... more...

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Get Free mortgages calculation Quotes and Estimates
Get instant on-line mortgage rate quote and closing cost estimate. Only put your loan numbers. No contact info required. Compare offers from top mortgage lenders... more...

Flexible Mortgage Tips
Outlined below are some useful flexible mortgage tips. The most prominent addition in recent years to the mortgage industry has been the flexible mortgage. As the name implies, it offers greater flexibility than the traditional mortgage.Flexible mortgages are fast becoming the most popular way of ... more...

Income Multiples Are Dead!
Income multiples in the mortgage market are coming to an end which is good news for borrowers.Usually, you will go to a mortgage broker who will search the mortgage market for the best deal for you and your particular circumstances. They will then work out what you can borrow, which is usually ... more...

Repayment of Loans Lessening the Bitterness of the Process
So how have you planned the repayment? Dont tell if you havent started the plannings yet. It is high time the plannings and the decisions be made regarding the repayment of the loan. The amount of loan is a sizeable figure and planning for the repayment on the D-day will only make the repayment ... more...

What Is A FICO Score?
Your FICO score or credit score as its commonly called is a very important calculation that can control whether or not you are eligible to receive credit and if eligible the terms you can receive credit under. Failure to understand the impact this score can have on you future purchasing power and ... more...

Applying for Credit Cards Online
In the olden days, about 10 years ago, before the internet, consumers would have to fill in applications for credit cards, loans, mortgages and so on by hand. Its hard to believe now, but this lengthy process was the norm, with requests for extra documentation and references going backwards and ... more...

Flexible Mortgage Guide
Here is a useful flexible mortgage guide. Flexible mortgages are loans which allow you to increase or decrease the size of your repayments within certain limits. This type of mortgage is relatively new.Flexible mortgages come in all shapes and sizes. The most basic flexible mortgage runs along ... more...

California Second Mortgages
A mortgage is a long-term loan for a large amount, commonly taken for a property or a house. It is a kind of home loan except that it is termed for longer. Mortgages are available through a bank, private lenders, or property sellers.One advantage of considering a mortgage loan over other kinds of ... more...

Mortgages for Dummies: Understand and Fix Your FICO Score
FICO stands for Fair Issac and Company; they are a credit agency many lenders use when reviewing your credit. If you have a poor credit rating, these are the people that have designated it as poor.Fair Issac and Company are not required by law to disclose how they calculate your FICO score; ... more...

Fair Isaac Corporation Credit or FICO Score
As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. FICO, put simply, is a person's credit score. A credit score can be used by a potential lender in making a judgement on whether to grant you credit or ... more...

Buy To Let Mortgages 'To Let' in Reasonable Capital Growth with Financial Obligation
Every individual needs a home and every home needs an owner. Perhaps you are already a homeowner. If you can afford why not buy a home and let it out on rent. It can be immensely rewarding if you need a loan. Buy to let is when a buyer buys a property to let it out for commercial purposes. ... more...