Q&A Hero

Question

a. Amortized loan k. Loan origination fee
b. Amortization tables l. Loan-to-value ratio
c. Balloon loan m. Maturity
d. Budget mortgage n. Partially amortized loan
e. Conventional loan o. PITI payment
f. Discount point p. PMI
g. Equity q. Point
h. FHA r. Principal
i. Impound account s. Term loan
j. Loan balance table t. UFMIP
1> balance owing on a loan
2> a loan that requires the borrower to pay interest only until maturity, at which time the full amount of the loan must be repaid
3> refers to a monthly loan payment that includes principal, interest, property taxes, and property insurance
4> an escrow or reserve account into which the lender places the borrower's monthly tax and insurance payments
5> one hundredth of the total amount; 1% of a loan
6> a loan requiring periodic payments that include both interest and principal
7> a payment that is larger than any of the previous payments
8> the end of the life of a loan
9> a loan with a series of amortized payments followed by a balloon payment at maturity
10> shows the principal still owing during the life of a loan
11> a table showing the monthly payments required to completely pay off a loan
12> a one-time charge by the FHA for insuring a loan
13> a private mortgage insurance source to insure lenders against foreclosure loss
14> the expenses a lender incurs in processing a mortgage loan
15> a mortgage wherein the borrower pays principal, interest, taxes and insurance in the same payment
16> the market value of a property less the debt against it
17> Federal Housing Administration
18> a percentage reflecting what a lender will lend divided by the sale price or market value of the property, whichever is less
19> real estate loans that are not insured by FHA or guaranteed by the VA
20> a charge by a lender that will allow them to sell the loan in the secondary market at a discount

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