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【文章內(nèi)容簡(jiǎn)介】 ge: Mortgage Interest Rates Points The next table further illustrates this point, showing the effective rate on the % mortgage if the mortgage is paid in full at various points. Note that right around year 6, the effective annual rate on the % mortgage is about the same as effective annual rate on the 12% mortgage (%). 21 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Characteristics of the Residential Mortgage: Effective Rate of Interest 22 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Characteristics of the Residential Mortgage: Loan Terms Mortgage loan contracts contain many legal terms that need to be understood. Most protect the lender from financial loss. ? Collateral: usually the real estate being finance ? Down payment: a portion of the purchase price paid by the borrower 23 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Characteristics of the Residential Mortgage: Loan Terms Mortgage loan contracts contain many legal terms that need to be understood. Most protect the lender from financial loss. ? PMI: insurance against default by the borrower ? Qualifications: includes credit history, employment history, etc., to determine the borrowers ability to repay the mortgage as specified in the contact 24 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Characteristics of the Residential Mortgage: Loan Terms Lenders will also order a credit report from one of the credit reporting agencies. ? The score reported is called the FICO. ? The range is 300 to 850, with 660 to 720 being average. ? Payment history, debt, and even credit card applications can affect your credit score. 25 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Characteristics of the Residential Mortgage: Loan Amortization Mortgage loans are amortized loans. This means that a fixed, level payment will pay interest due plus a portion of the principal each month. It is designed so that the balance on the mortgage will be zero when the last payment is made. The next table shows a typical amortization table for a 30year mortgage at %. 26 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Characteristics of the Residential Mortgage: Loan Amortization Schedule 27 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Types of Mortgage Loans ? Insured vs. Conventional Mortgages: if the down payment is less than 20%, insurance is usually required ? FixedRate Mortgages: the interest rate is fixed for the life of the mortgage ? AdjustableRate Mortgages: the interest rate can fluctuate within certain parameters 28 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Types of Mortgage Loans ? Other Types – GraduatedPayment Mortgages (GPMs) – Growing Equity Mortgages (GEMs) – SharedAppreciation Mortgages (SAMs) – Equity Participation Mortgages – Second Mortgages – Reverse Annuity Mortgages (RAMs) ? The following table lists additional characteristics on all the loans. 29 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Types of Mortg
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