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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... Can I Rely on Newspaper Ads? January 22, 2001 "Every Monday the Philadelphia Inquirer runs ads by 30-odd mortgage lenders and brokers showing loan type, interest rate, points, APR, down payment and lock period. The Inquirer receives its ... more... |
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calculating mortgages related definitions |
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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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More about calculating mortgages Home Mortgages: Think Before You Borrow The Truth behind Pension Mortgages Flexible Mortgages - Offering Relief from the Fixed Mortgage Bad Credit 2nd Mortgage - Should You Get a Second Mortgage? Fixed Rate Mortgage - All You Need to Know Fixed Rate Mortgage vs. Adjustable Rate Mortgage Reverse Mortgages and Government Benefits Reverse Mortgage Putting Your Equity to Work Dallas Mortgage Refinance Buy to Let Mortgages - Boom Time Returns
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