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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Listed below is a guide to loan terms. It is a useful list of
definitions of loan terms that may or may not be familiar to
you. Keep it nearby as you will never know when you might need
it for quick reference.
Accrue Process in which interest accumulates on a borrower's
loan.
Amortization A repayment method in which the amount you borrow
is repaid gradually though regular monthly payments of principal
and interest over the term of the loan.
Annual Percentage Rate (APR) The APR shows the cost of a loan
expressed as a yearly interest rate, including the interest and
other fees associated with the loan.
Application First step in the official loan process to gather
and record information about the potential borrower.
Borrower Person who has been approved to receive a loan and is
then obligated to repay it.
Capitalization Adding unpaid accrued interest to the principal
balance. Capitalizing interest increases the principal amount of
the loan and the total cost of the loan.
Collateral Property pledged as security for a loan to ensure
repayment of a loan.
Credit Agencies/Credit Bureaus Organizations that collect
individual consumer credit information and provide credit
reports to potential lenders.
Credit History History of an individual's debt repayment. For
most types of loans, lenders use this information to gauge a
potential borrower's ability to repay a loan.
Credit Rating Grade assigned to denote the net worth and credit
standing of an individual or a business.
Credit Report Record that lists all past and present debts and
the timeliness of their repayment and documents an individual's
credit history.
Debt Amount owed to another that must be repaid.
Default Failure to repay a loan according to the terms of the
loan.
Delinquency Failure of a borrower to make a timely payment on a
loan.
Interest Fee charged for the use of money.
Interest Rate The amount of interest charged on a loan, usually
expressed as a percentage.
Lender Entity that provides loan funds to the borrower.
Depending on the type of loan, the lender may be a bank or other
financial institution.
Loan Money borrowed from a lending institution, usually repaid
with interest.
Loan Applicant Party applying to the lender for a loan.
Note Binding legal document you sign when you get a loan. It
lists the conditions under which you're borrowing and the terms
under which you agree to pay back the loan (also called a
promissory note or a mortgage note).
Payment Periodic (usually monthly) instalments paid to a lender
to be applied toward repaying your loan.
Principal Loan amount borrowed from a lender, not including
interest or additional fees.
Repayment Process of paying back borrowed money.
Term Time limit within which a loan must be repaid.
Variable Interest Rate Interest rate that changes periodically
in relation to an index. Payments may increase or decrease
accordingly.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.