Mortgage Glossary
Definitions and explainations of mortgage terminology.
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Mortgage Glossary
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Interest Only Mortgage - An Interest Only Mortgage is a mortgage that allows a borrower to pay only interest on the loan for some or all of the term of the loan. During the Interest Only period of the mortgage, the loan is not amortized and no principal is paid down. |
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Mortgage Glossary
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ITIN Mortgage - An ITIN Mortgage is a mortgage with an ITIN number (Individual Taxpayer Identification Number) instead of a Social Security Number. ITINs are issued to undocumented immigrants by the IRS for the purpose of filing and paying federal income taxes. Lenders currently offering ITIN mortgages include Banco Popular and Hispanic Financial Group . |
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Mortgage Glossary
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LIBOR - Acronym that stands for London Inter-Bank Offer Rate. It is used as the interest rate index for some ARMs and is based on the interest rates banks charge each other. |
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Mortgage Glossary
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The Loan to Value Ratio (LTV) is a percentage calculated by dividing the loan amount by the value of the property. The value of the property is the lower of the sales price or its appraised value. |
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Mortgage Glossary 
