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Mortgage Professor about calculating mortgages: | |||||||||||||||||||||||
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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