fixed-rate mortgage
Stable housing loan
A fixed-rate mortgage is a home loan where the interest rate remains constant throughout the loan's term, typically 15 or 30 years.
Monthly payments stay predictable regardless of market fluctuations: They locked in a fixed-rate mortgage before rates climbed.
Contrast with adjustable-rate mortgages, where rates change periodically.
One who loans money
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
- underwritingRisk evaluation and acceptance
- underwriterOne who assumes financial risk
preapproval · creditworthiness · credit score · debt-to-income · collateral · securitization · origination · servicer
Gradual debt reduction schedule
- principalChief school administrator
- interestAttention, stake, or fee
- monthly paymentRecurring scheduled remittance
- payment scheduleTimetable for installments
installment · escrow · balance · payoff · biweekly · coupon · due date
Yearly borrowing cost
- interest rateCost of borrowing money
- loan termDuration of borrowed money
- maturityFull growth achieved
- pointsUnits of tally
Lender seizes mortgaged property
- defaultPreset standard option
- delinquencyCriminal or neglectful behavior
- lienClaim securing debt
- underwaterBelow the surface
negative equity · forbearance · modification · short sale · bankruptcy · repossession
Initial payment toward purchase
- closingFinal stage of something
- closing costsFees finalizing property purchase
- realtorLicensed property seller
- appraisalEstimation of worth
inspection · title · deed · escrow · property · homeownership · purchase · offer
Able to be foreseen
- consistentNot varying or contradicting
- steadyFixed, not fluctuating
- unchangingNot varying at all
- lockedFastened with a mechanism
guaranteed · reliable · secure · budgeting · certainty · protection · hedge
Obtain new loan terms
- cash-outConvert assets to currency
- break-evenNo net gain
- closing costsFees finalizing property purchase
- appraisalEstimation of worth
Rate that changes periodically
- ARMReduced instruction processor standard
- variableProne to fluctuation
- hybridThing of mixed parentage
- balloonInflatable rubber sac
conventional · FHA · VA · jumbo · conforming
lender
One who loans money
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
- underwritingRisk evaluation and acceptance
underwriter · preapproval · creditworthiness · credit score · debt-to-income · collateral · securitization · origination · servicer · qualifying
amortization
Gradual debt reduction schedule
- principalChief school administrator
- interestAttention, stake, or fee
- monthly paymentRecurring scheduled remittance
payment schedule · installment · escrow · balance · payoff · biweekly · coupon · due date
APR
Yearly borrowing cost
- interest rateCost of borrowing money
- loan termDuration of borrowed money
- maturityFull growth achieved
foreclosure
Lender seizes mortgaged property
- defaultPreset standard option
- delinquencyCriminal or neglectful behavior
- lienClaim securing debt
underwater · negative equity · forbearance · modification · short sale · bankruptcy · repossession
downpayment
Initial payment toward purchase
- closingFinal stage of something
- closing costsFees finalizing property purchase
- realtorLicensed property seller
appraisal · inspection · title · deed · escrow · property · homeownership · purchase · offer · contract
predictable
Able to be foreseen
- consistentNot varying or contradicting
- steadyFixed, not fluctuating
- unchangingNot varying at all
locked · guaranteed · reliable · secure · budgeting · certainty · protection · hedge
refinance
Obtain new loan terms
- cash-outConvert assets to currency
- break-evenNo net gain
- closing costsFees finalizing property purchase
adjustable-rate
Rate that changes periodically
balloon · conventional · FHA · VA · jumbo · conforming
- mortgageshome loan, home loans, down payment, refinancing, refinance
- fixed-rate loans
- SecuritizationABS, CDO, CMO, tranche, tranches
fixed, fixing, mortgage, unfixed, fixer, fixedly, mortgages, mortgaged, mortgaging