A loan type where a different interest rate can be specified for a number of payment periods. This differs from a variable rate loan in that the rates are declared at the beginning of the loan rather than varying with an index during the term of the loan.

Select
to calculate a random rate loan, which can have up to fifteen different rates.
An annual percentage rate (APR) is calculated, taking into account the various
rates. A random rate loan is not the same as an adjustable or variable rate
loan, because it isn't tied to an index.

Enter the terms for the random rate loan (where you can enter up to
15 different interest rates for different terms). You must enter the interest
rate, periods per year, term, loan amount, prepaids, advance date, date of
first payment, and number of periods for each rate or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

Enter the
monthly rate for this insurance period.

Enter the
interest rate for this series of payments.

For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be. See cap.

Enter
the monthly insurance rate for the first year when collecting an up-front
premium.

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time.

This variable, in conjunction with precision, tells the engine how to round the interest rate. 1 = Down. 2 = Up. 3 = Nearest.

This is the precision that the interest rate (index + margin) should be rounded to (i.e. 0.125, 0.25, etc.).

A fixed-rate mortgage that includes a provision giving the borrower(s) a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term.

Enter
the amount of the real estate appraisal fee, which is excluded from finance
charges for mortgages.

A Federal consumer protection law Federal law which requires the provision of Good FaithEstimates of Closing Costs, prohibits kickbacks for referrals of related services, and standardizes the closing with a required form and format (HUD-1).

Land and its appurtenances, including anything of a permanent nature such as structures,trees, minerals, and the interest, benefits, and inherent rights thereof.

Enter
the number of years until the payment must be recalculated for the term of the
loan.

The acceptance by the proper government office of a properly executed legal documentsuch as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgageetc. , thereby making it a part of the public record.

The process of paying off one loan with the proceeds from a new loan using the same property as security.

This flag tells the engine whether to use the portion of the buydown paid by a party other than the borrower for the calculation of the Annual Percentage Rate. No, do not reflect it. Yes, reflect it. If Yes is chosen, the buydown is part of the credit agreement. If No is chosen, the buydown is not part of the credit agreement.

You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.

Displays
the difference between the loan term and the number of payments entered for the
negotiated rate(s).

The amount of principal that has not yet been repaid.

The original amortization term minus the number of payments that have been applied.

The renewal mortgage insurance rate.

This is the amount of monthly rent you might expect to pay for a house or apartment of the same type and quality as the house you would be buying in this comparison.

How much do you expect your rent to increase each year on equivalent housing? Typically, your landlord will raise your rent 10% each year.

Your monthly premium for insurance covering your personal property (furniture, clothes etc.)while you are renting.

The amount of any required repairs

Enter
the value by which you will identify this report.

Enter
the name of the person or company represented by the reviewer.

Purpose — Output the amount of the reserve PMI paid by the borrower

A mortgage which uses equity in a property to fund periodic payments to the borrower untilthe equity is used up. It is equivalent to an annuity where the equity is the present value which, at a particular rate of interest, funds a stream of payments which will reduce the present value (the equity) to zero at term.

Enter
the name of the person reviewing this report.

Enter
the right margin in tenths of an inch, or accept the default.

In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant. If one owner dies, the undivided estate then passes to the surviving owner(s) in the case of joint tenancy and tenancy by entirety (husband and wife).

You can elect to round up, round down or round to the nearest percent. The usual convention used is round up.

This variable tells the engine how to round the payment amount. Please note that this will not affect interest only or constant payment to principal loans.

At an adjustment period on an ARM loan you may want to round the newly calculated rate. ZMath® permits you to select any of the following methods. Round up, round down, roundto the nearest 1/10, Round to the nearest 1/8, Round to the nearest 1/4, round to thenearest 1/2.

A technique in which a seller deeds property to a buyer and the buyer simultaneously leases the property back to the seller.

Purpose — Allows the user to designate whether the engine calculates a final payment to zero out the amortization schedule or not.

Values 0 = calculate final payment, 1 = same final payment as previous payment, non-zero final balance in amortization schedule, 2 = same final payment as previous payment, adjust interest amount in final payment to zero balance

Click to save the current study, or loan application, as the default
for future studies.

Click
to save modifications.

Click
to save the information on the three Worksheet tabs as the default values for
future loans.

Click
to save the current study file or savings record.

Click
to save the current study, or loan application.

Click to analyze all transaction data, apply the calendar math,
calculate the Regulation DD disclosures, prepare schedules, and produce the
results.

Commonly known as a vacation home. This home is not rented and is occupied by the owners occasionally.

A mortgage that has a lien position subordinate to the first mortgage.

A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.

The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans, and wall street firms.

A loan that is backed by the pledge of real or personal property.

Property which will be pledged as collateral for a secured loan.

Click to
select the highlighted sample file.

The factor you expect to pay for selling the home. ie. 7.5% would be entered as 7.5

This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed

See HUD-1 statement.

The amount of shared appreciation if there is an agreement in place to share the appreciation with the lender. This should be entered as a percentage decimal (i.e. 0.25 for 25%).

Select
to display gridlines in the amortization schedule.

Select to ?. Deselect to ?.

Use Remaining Net Principal Limit for credit line or payment
Initial Disbursement Only

Any loan which will be paid in a single payment of principal and interest at maturity.

Select
when the principal and interest are due in one payment at maturity. The default
interest type is simple, but you can elect to use discount interest by
selecting it from Interest type on the Options and Variations screen.

Enter the terms for the single payment loan (a loan with only one
payment). You must enter the interest rate, loan amount, prepaids, and advance
date. You can choose to enter the maturity date or the number of days to
maturity.

If necessary, select when the end of month payment is due.

Click the Options and Variations button on the toolbar to
enter any variations.

Select
if all payments will be made consecutively from the date of first payment until
maturity.

Select
if the borrower wants to skip consecutive payments each year (for example, July
and August).

A loan which provides for a period each year when payments will be suspended. Forexample a teacher might like to skip the July and August payments each year. You will be asked to specify the first month skipped and the number of consecutive periods which will be skipped.

Click to
calculate the missing field value.

A special tax imposed on property, individual lots or all property in the immediate area, forroad construction, sidewalks, sewers, street lights, etc.

Standard Annuity Reverse Mortgage

The start date of the account.

The
start date of the account.

Enter
the starting page number for the range of pages you want to print.

Click
to display the Options and Variations screen, if the checkbox is selected, or
to display the appropriate loan screen, if the Options and Variations checkbox
isn't selected.

alskdfs

Enter the dollar amount of any finance charges which will
be due after the closing of the construction loan, such as re-appraisal fees,
inspection fees, and so on.

Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.

Click to display the System Defaults dialog box.

Set the values for your copy of ZMath by entering the desired values
in the fields. When finished, click Save.

The amount of tax you paid on the amount you made (the tax divided by taxable income). This is the average rate you paid, as if you were paying the same rate on every dollar you make, not taking into account tax brackets.

The rate at which the last dollars you earn in any one year are taxed. If your earnings have put you in the 36% tax bracket. Every extra dollar you earn will be taxed at 36% until you reach the next bracket, even though your effective tax rate might be, for example, 25%.

Request help, submit a wish list, or file a bug report by selecting
the appropriate radio button and entering the description on the Request tab.

Enter your information, including your name, email address,
and telephone number, on the Properties tab.

View any errors when sending the report by selecting the
Error Log tab.

The term (total number of payments) in the mortgage. If this is zero or a line of
credit only calculation, the engine will calculate the term based on the borrowers’ ages.

The total number of periods required to reduce the borrower's debt to zero or to the negotiated balloon. The term is calculated by multiplying the number of periods in a year by the number of years. (Ex. a five year loan calling for monthly payments would have a term of 60 periods).

Enter
the term (total number of payments) for the construction period.

Enter the
total number of payments necessary to reduce the borrower's debt to zero or to
the negotiated balloon amount. The term is calculated by multiplying the number
of periods in a year by the number of years. For example, a five year loan with
monthly payments (12 periods per year) would have a term of 60. A 30 year loan
calling for semi-annual payments (2 periods per year) would also have a term of
60. Be sure to enter periods here, not years.

Leave
this field empty to solve for the Term of the loan, when you have entered
something for the Loan Amount and Payment Amount.

Enter the total number of

Over how many years would you like to pay off the loan secured by the house in this comparison.
Typical terms are 15 or 30 years.

A process by which a lender uses another party to completely or partially originate, process,underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

Enter
the year(s) for which the corresponding insurance rate applies.

A legal document establishing a person's right to or ownership of real property.

A company that specializes in examining and insuring titles to real estate.

Insurance against loss resulting from defects of title. It protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to either the mortgagor, as an "owner's title policy" or to the mortgagee, as a"mortgagee's title policy. "

Enter the amount of the title insurance premium, which protects the
borrower against losses due to title defects for a specific piece of property.

An examination of city, town, or county records to determine the legal ownership of real estate and that there are no liens or other claims against it. Convenants of record which would adversely affect the marketability or value of title are also reported.

Click
to highlight the current date in the calendar.

Enter
the top margin in tenths of an inch, or accept the default.

Enter the total number of payments for this draw period.

Displays the total of all fees from the Never Included and R. E.
Loan Special Exclusions tabs.

Displays the total of all fees from all three tabs.

Displays
the total of all fees from the Always Included tab.

Enter the number of periods per year for this draw period.