To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| Back (icon) (htm) |
| Click
to display the previous screen.
|
| Balance (H) (htm) |
| Select
to display the outstanding balance in the Excel spreadsheet.
|
| Balance Type |
| The amount of yearly maint you expect to pay. |
| balloon amount |
| The principal remaining at the end of the term is called a balloon payment. It is always larger than the regular payments. |
| Balloon Amount (htm) |
| Enter
the amount of the final installment, or, in a loan using multiple streams, the
amount of a one-time payment against principal.
|
| Balloon Amount (QS) (htm) |
| Enter
the amount of the balloon you want to leave. When you click the Solve button,
the item you left blank (Term, Amount or Payment) will be calculated for you.
|
| balloon amount [Entries] |
| Enter the amount of the final installment, or, in a loan using multiple streams, the amount of a one-time payment against principal. |
| balloon entries |
| The balloon terms entry frame will popup immediately below your base terms frame. If you have entered the term (number of periods of the entire loan) in the base terms screen you may enter the balloon term (number of periods before the balloon occurs) or the amount of the balloon. |
| balloon equity loans |
| A balloon home equity loan usually has a fixed interest rate (one that doesn't change overthe term of the loan). The loan term is shorter than would be required to repay the loan in full at maturity meaning that a balance must be paid in one lump sum payment, (the balloon payment). For example, to completely repay a loan monthly payments might be required over 30 years, but the loan might have a balloon maturity of 5 years, at which tie the entire balance will be due. |
| balloon loan |
| Any loan calling for periodic payments which will not be sufficient to repay the principal at term (maturity). The loan behaves like a fixed-rate mortgage for a set number of years(usually five or seven) and then must be paid off in full in a single "balloon" payment. |
| Balloon No (htm) |
| Select
if this loan will be fully amortized (no payment at maturity).
|
| balloon payment |
| The outstanding balance at term of a balloon loan. |
| balloon term |
| The term, or final payment when the entire un-amortized amount of a loan (the balloon payment) is due and payable. For example a monthly payment loan calling for a balloon at the end of 5 years would have a balloon term of 60. |
| Balloon Term (htm) |
| Enter
the number of periods before the balloon payment is due.
|
| Balloon Yes (htm) |
| Select
if this loan will have principal remaining at maturity.
|
| Balloon/Hide button (htm) |
| Click
the Balloon button to add a balloon field, or click the Hide button to remove
it, if displayed.
|
| base Loan amount |
| The mortgage amount before any financed mortgage insurance or VA funding fee is added. basisSelect the desired basis, which is the lending term for the method of handling the number ofdays in months and years when calculating interest. The number before the separator is the number of days in a month and the number after is the number of days in a year. 30/360 actual/365 actual/360 actual/actual 30/actual |
| Basis |
| Select the
desired basis, which is the lending term for the method of handling the number
of days in months and years when calculating interest. The number before the
separator is the number of days in a month and the number after is the number
of days in a year.
|
| Basis |
| The basis. This is the interest accrual basis for the loan. Use the following codes. 1 = 30/360, 2 = Actual/365, 3 = Actual/360, 4 = Actual/Actual, 5 = 30/365, 6 = 30/Actual. Required. |
| Basis (htm) |
| Select the
desired basis, which is the lending term for the method of handling the number
of days in months and years when calculating interest. The number before the
separator is the number of days in a month and the number after is the number
of days in a year.
|
| basis point - |
| 1/100th of 1%. For example, 7½ basis points equals . 00075%. |
| Beginning Date (2) (htm) |
| Enter
the date of the first payment in this stream.
|
| Beginning Date (htm) |
| Enter the date when the first payment was due for this payment stream. |
| Bill Interest |
| The interest for each period will be paid rather than accrued (accumulated). |
| biweekly payment mortgage (accelerated loan) |
| An accelerated mortgage that requires payments to reduce the debt every two weeks(instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard fixed-rate mortgage, and they are often drafted from the borrower's bank account. |
| blanket mortgage |
| The mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project. |
| Book of Examples (htm) |
| Click
to see a list of examples of loans of this type.
|
| Book of Examples
Screen (htm) |
| Highlight an existing loan sample to load the information into a
loan screen and click Select. If you want to add a current loan application to
your Book of Examples, fill in the information on the appropriate loan screen,
click the Book of Examples icon, and then click Capture. If you want to modify
an existing sample, load the sample, make your modifications, and click Update.
|
| Borrower's Portion -
$ (htm) |
| Enter the dollar amount that the borrower must provide to fund the buydown.
|
| Borrower's Portion -
% (htm) |
| Enter the percentage of the total buydown amount that the borrower must
provide.
|
| Bottom Margin (htm) |
| Enter
the bottom margin in tenths of an inch, or accept the default.
|
| breach |
| A violation of any legal obligation. |
| bridge or swing loan |
| Securing a loan with the borrowers' equity in their property (which is usually for sale) which allows them to close on a new house while their present home awaits sale. |
| broker |
| A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them. See mortgage broker. |
| Buydown (J) (htm) |
| Select
to display the buydown amount in the Excel spreadsheet.
|
| buydown account |
| An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect. |
| Buydown amount (J) (htm) |
| Insert
a column in the amortization schedule to display the buydown amount.
|
| buydown mortgage or loan |
| A financing technique used to reduce the monthly payments for the first few years of a loan(temporary buydown), or for the entire life of a loan (permanent buydown. Funds in the form of discount points are given to the lender by the builder or seller to buy down or lower the effective interest rate paid by the buyer, thus reducing the monthly payments for a set time. |
| Buydown No (htm) |
| There
will be no buydown associated with this loan.
|
| buydown periods |
| The number of payment periods which will have the interest rate reduced (bought down)due to the buydown arrangement |
| buydown points |
| The number of percentage points by which the rate will be reduced. |
| Buydown Points (htm) |
| Enter
the number of points by which the interest rate will be "bought down"
for this period. For example, if the nominal rate were 8% and you want to buy
it down to 6%, you would enter 2 here as full percent since the program will
convert it to . 02 for you.
|
| Buydown points (I) (htm) |
| Select
to display the number of buydown points in the amortization schedule.
|
| Buydown Terms - # of
Periods (htm) |
| Enter the number of periods to discount the rate.
|
| Buydown Yes (htm) |
| Select
to enter temporary (typically one to three years) or permanent (for the full
term) buydown. Buyer's Points $ |
| buyers points $ |
| The dollar amount required to be deposited to provide to fund the payment reduction. |
| buyers points % |
| The percentage (of the total loan amount) charged to the borrower to discount the loan. |
| Buyer's Points % (htm) |
| Enter
the percentage (of the total loan amount) charged to the borrower to discount
the loan.
|
| Calculate (QAPR) (htm) |
| Compare
correct APR with disclosed APR.
|
| Calculate Button (htm) |
| Click
to analyze all transaction data, apply the calendar math, calculate the
Regulation Z disclosures, prepare amortization schedules, and produce the
results.
|
| Calculate Future Value |
| Indicates whether the future value is being calculated. |
