Mortgage - Free Calculators

Terminologies for Alphabet M-P

Terms for M 100% Mortgage A 100% mortgage is a home loan that is equal to the total sale price or appraised value ... MACRS MACRS (Modified Accelerated Cost Recovery System) is a rule established by the Economic ... Medium-term Notes Medium-term Notes (MTNs) are corporate notes which a company offers its investors .... Monetary Policy Monetary Policy refers to the process of managing a nation's money supply in order to ... Monthly Income Monthly Income refers to an individual's basic monthly salary, plus any additional ... Mortgage Finance Mortgage Finance is a financing mechanism for the purchase or refinance of real estate, with... Maturity Date Maturity Date is a last day, when the total principal balance of a mortgage deal, comes due.... Maximum Financing Maximum financing involves a loan amount that is within 5% of the highest loan-to-value ... Monthly Commitments A loan commitment refers to a written document which states that a mortgage company ... Mortgage Calculator Mortgage Calculator which is used for calculating borrower's mortgage payments. As we ... Mortgage Indemnity Guarantee The Mortgage Indemnity Guarantee is a one ''off fee'' that a lender pays to an insurance ... Mortgage Interest Deduction Mortgage Interest Deduction is a federal tax reduction to borrowers. This tax reduction is ... Mortgage-Backed Securities (MBS) Mortgage Backed Securities are parcels of mortgage loans grouped by the Government ... Multifamily Mortgage Multifamily mortgages are residential loans meant for properties that are occupied by more ...Terms for N National Association of Realtors The National Association of Realtors (NAR) was founded as the National Association of ... Net Effective Income Net Effective Income is the borrower's gross income minus federal income tax. Net... No-Point Mortgage No-Point Mortgage or a low-point loan is a type of mortgage which requires no points. It ... Non Performing Asset Non Performing Asset is an asset that is not effectively producing income. It means an asset... Note Rate Note Rate is the mortgage rate stated on a promissory note. It is also known as the Nominal ... Negative Amortization Negative Amortization implies an increase in mortgage debt when monthly payments on a ... Net Cash Flow Net Cash Flow is the monthly operating income that remains after deducting monthly housing... Net Closing Costs Net Closing Costs is the total of all the closing costs quoted by a lender, minus any credit... No Equity Loan No Equity Loan is a home equity loan program that allows a borrower to take out a loan up ... Non Assumption Clause Non Assumption Clause is a clause stated in a mortgage contract, which does not allow for ... Non Liquid Assets Non Liquid Assets refer to possessions that cannot be transformed easily into cash ... Notary Fee Notary Fee is a fee charged by a licensed notary public to certify the signature on the loan ... Notice of Default Notice of Default is a formal notice stating that a borrower has late payments or missed ...Terms for O Open Mortgage Open mortgage is a kind of home loan that allows a borrower to make a partial or full ... Option Option is a provision in a contract that gives the option holder, the right and not the obligation ... Open-End Lease Open-End Lease is a kind of rental agreement where the lessee is obligated to purchase ... Owner Financing Owner financing or Carry Back Loan is a home-financing method in which the buyer borrows ... Offset Mortgage An offset mortgage is a flexible mortgage which allows a borrower to keep balances such .... One Account Mortgage One Account Mortgage is a type of mortgage which allows a borrower to put all his money ... One Year Adjustable 1 Year Adjustable Rate Mortgage (ARM) is a mortgage in which the initial interest rate ...Terms for P Package mortgage Package Mortgage is a mortgage agreement that provides home financing including ... Partial Entitlement Partial Entitlement is the sum of money guaranteed under VA loan to an eligible veteran ... Percentage Point Percentage points are utilized to describe the variation in interest rates or inflation rates ... Prepaids Mortgage lenders often require you to make advance payments at the time of loan closing ... Principal Principal is the original loan amount specified on your mortgage note. When you make the ... Private Mortgage Insurance Private mortgage insurance (PMI) is an amount paid by a private insurance company to a ... Processing Fee Processing fee is a kind of fee required to prepare a mortgage loan application and ... Promissory Note A promissory note or a mortgage note is a legal document that states that a borrower ... Purchase Money Mortgage Purchase money mortgage is a home financing technique by which a buyer borrows from ... Partial Payment Partial Payment is a loan payment that is not enough to cover the scheduled monthly ... Participation Mortgage Participation Mortgage is a type of mortgage, which is made by one or more lender. It ... Pension Mortgage Pension Mortgage is a kind of interest only mortgage, which is backed by a pension plan. It... PITI Pension Mortgage is a kind of interest only mortgage, which is backed by a pension plan. It ... Planned Unit Development Planned Unit Development (PUD) refers to a type of residential, commercial or industrial ... Pledge Account Mortgage A Pledge Account Mortgage allows you to use a savings account as the collateral for ... Portable Mortgage Portable Mortgage is a type of mortgage, which can be transferred from one property ... Power of Attorney Power of Attorney is a written legal document that allows a person to make legal decisions ... Pre-Foreclosure Sale Your mortgage lender may choose to foreclose your property when you fail to pay your ... Pre-Qualification and Pre-Approval Pre-Qualification - The prospective purchaser or builder normally obtains pre-qualification... Preferred Stocks Preferred stocks entitles the shareowners to receive a fixed dividend, that are senior to ... Prepayment Penalty Borrowers are often required to pay an amount of charge to the lender on account of ... Private Label MBS Private Label Securities are those mortgage backed securities MBS which do not conform to ... Private Mortgage Private Mortgage is a type of mortgage, which is granted by the private lenders. Features... Public Auction Public auction is a gathering at a pre-announced location where the lender sells off the ... Purchase Agreement Purchase Agreement refers to a legal document stating the terms and conditions under ...