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.
| hazard insurance |
| Insurance against physical damage to property from fire, wind, vandalism, and other hazards. |
| Hazard Insurance |
| This is the annual premium for insurance against losses from risks such as fire, wind, hail, flood etc. If you will have homeowners insurance you will want to include that portion of the premium allocable to the real estate. (Exclude that part covering vehicles etc.) |
| Header Text (htm) |
| Enter
the desired header text (up to three lines) for the amortization schedule.
|
| HECM Rates |
| Select 'Yes' to use Pre- October 1, 2009 rates.
Select 'No' to choose the latest rates. |
| HECM/FNMA Flag |
| This flag tells the engine whether it is calculating a HECM or a FNMA HomeKeeper program. |
| Help (icon) (htm) |
| Click
to display the ZMath® Help file.
|
| Help (QS) (htm) |
| Click
to display online Help for the Quick Solver.
|
| Help Button (htm) |
| Click
to display the online Help topic for the Fees and Charges Worksheet tabs.
|
| holdback |
| That portion of a loan commitment not funded until some additional requirement such as rental or completion is attained. (2) In construction or interim lending, a percentage of the contractor's draw which is held back. |
| home equity conversion mortgage (HECM) or reverse annuity loan |
| A type of mortgage that enables home owners to convert their equity in their homes into cash, usually in the form of monthly payments. The value of the property is the prime consideration for the lender since the borrower may have reduced income due to retirement etc. The loan is typically repaid after borrower no longer occupies the property or the equity is depleted. |
| Home Value |
| The value of the home at closing. |
| homekeeperSM |
| Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible. |
| homeowner's insurance |
| An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents. |
| housing expense |
| Principal, interest, real estate taxes and hazard insurance (PITI) and mortgage insurance premiums and/or homeowners association/condo fee, when applicable. |
| housing ratio |
| Housing expense/effective gross income. Also called Payment-to-Income Ratio or Front-End Ratio. |
| HUD |
| The U. S. Department of Housing and Urban Development, established by the Housing andUrban Development Act of 1965 to supersede the Housing and Home Finance Agency. It is responsible for the implementation and administration of government housing and urban development programs. Housing Ratio |
| HUD median income |
| Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD). |
| ID Number |
| Enter the loan identification number. This number will appear on the 1/6 Aggregate Escrow Deposit Statement. |
| ID Number (htm) |
| Optional
field that can be used to assign a identifying number to this loan information
for future reference. When saving loan information, you must enter either a
customer name, ID Number, or both.
|
| If declining balance,
then average balance (htm) |
| Select if the declining balance for PMI renewal
calculations should be based on the average balance for the year.
|
| If declining balance,
then beginning balance (htm) |
| Select if the declining balance for PMI renewal
calculations should be based on the beginning balance for the year.
|
| If declining balance,
then ending balance (htm) |
| Select if the declining balance should be based on the
ending balance for the year.
|
| impound |
| That portion of a mortgagor's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as escrows or reserves in some states. |
| income property |
| Real estate developed or improved to produce income. |
| index |
| A published interest rate not controlled by the lender to which the interest rate on an Adjustable Rate Mortgage (ARM) or GPARM loan is tied. Some commonly used indices include 1YTB One Year Treasury Bill Yield, 3YTB Three Year Treasury Note Yield, 5YTB FiveYear Treasury Note Yield, 10YTB Ten Year Treasury Bond Yield, 30YTB Thirty Year TreasuryBond Yield, 6mTB Six Month Treasury Bill Yield, 6mCD Six Month CD Rate, 6mLIB Six MonthLIBOR, 1LIB One Year LIBOR, Prime Interest Rate. A margin is added to the index to determine the fully indexed rate, or ithat will be charged on the ARM or GPARM for the period. |
| Index Rate |
| The value of the interest rate index at the time of origination. |
| Initial Draw |
| The amount ($ or %) of any initial draw requested by the borrower. If the number is 1.0 or less, it is treated as a percentage. If there is no initial draw, this variable should equal
0. |
| initial interest rate |
| The original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Sometimes known as "start rate" or "teaser. " |
| Initial Payment Periods |
| The number of periods before the first payment change. |
| Initial Rate |
| Initial Rate |
| Initial rate periods |
| some stuff |
| installment |
| The regular periodic payment that a borrower agrees to make to a lender. |
| installment debt |
| Borrowed money that is repaid in several successive payments(installments). |
| Insurance No (htm) |
| Select
if there will be no mortgage insurance or credit life/A&H insurance written
on this loan.
|
| Insurance Rate 1, 2 (htm) |
| Enter
the appropriate renewal rates for mortgage insurance payments when there is an
up-front premium.
|
| Insurance Yes (htm) |
| Select
if either mortgage insurance or credit life/A&H insurance will be written
on this loan.
|
| insured mortgage |
| A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount. |
| Interest (G) (htm) |
| Select
to display the interest portion of the payment in the Excel spreadsheet.
|
| Interest Accrue (htm) |
| Select
to accumulate and amortize the interest over the term of the loan. No interest
payments will be made during the loan. |
| Interest Only Interest rate |
| Enter the interest rate which will be charged during the period when only interest payments will be made on this loan. Only the interest is paid during this period. |
| interest only loan |
| n/a |
| Interest Only Loan (htm) |
| Select
to calculate a loan where only the interest is repaid during term. The entire
principal balance is due in one payment at maturity.
|
| Interest Only Period / Repayment Loan (ARM) |
| Enter the terms for an interest only period / adjustable rate loan and click Calculate. You must enter the interest rate, periods per year, term, loan amount, prepaids, advance date, and date of first payment along with the ARM terms or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
The fields on the screen change as you click different
options. For example, if you click Multi-Streams, the Level Payment Installment
Loan (multiple screens) fields display at the bottom of the screen. Also, if
you select any options and variations, these fields display for data entry. |
| Interest Only Period / Repayment Loan (Level) |
| Enter the terms for an interest only / level payment loan (one that has equal
payments for the life of the loan) and click Calculate. You must enter the
interest rate, periods per year, term, loan amount, prepaids, advance date, and
date of first payment or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
The fields on the screen change as you click different
options. For example, if you click Multi-Streams, the Level Payment Installment
Loan (multiple screens) fields display at the bottom of the screen. Also, if
you select any options and variations, these fields display for data entry. |
| Interest Only Periods per Year |
| Enter the number of periods per year during the interest only repayment period. Interest only is paid during this period with the repayment occuring after the interest only period. |
| Interest Only Term |
| Enter the total number of interest only payments during the interest only payment period. |
| Interest Periods Deferred |
| The number of interest periods deferred for a deferred payment annuity. |
| Interest Periods per
year (htm) |
| per year.
|
| Interest Periods
Deferred (htm) |
| The number of interest periods deferred for a deferred payment
annuity.
|
| Interest portion of
pmt (F) (htm) |
| Select to insert a column to display the interest portion of the
payment.
|
| Interest Rate |
| The interest rate you expect to be charged by your lending institution. |
