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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Listed below is a guide to mortgage terms. It is a useful list
of definitions of mortgage terms that may or may not be familiar
to you.
Apr
This stands for Annual Percentage Rate. It takes into account
all fees and other costs in connection with the mortgage as well
as the lenders interest rate.
Advance
This is the actual amount of money that you borrow including any
additional fees that have been added.
Base Rate The UK 's core interest rate which is set by the Bank
of England.
Bridging Loan
A temporary loan that enables you to complete the purchase of a
new home before completing the sale of your existing property.
Capped Rate
These mortgages have a ceiling above which your payments will
not rise.
Completion
The point at which the money to buy your new home is released to
the seller and ownership is transferred to you.
Conveyance
Legal document which transfers ownership of unregistered
freehold land.
Disbursements
The fees your solicitor has to pay such as; stamp duty, land
registry, search fees, etc which will be added to your
solicitor's bill.
Discounted Variable Rate
For a set period the interest rate charged will be a set
percentage less than the standard variable rate.
Early Redemption Charge
If you repay your mortgage in full before a specified date you
may be asked to pay an early redemption charge.
Equity The difference between the value of your property and the
amount of any outstanding loans secured against it.
Fixed Rate
These mortgages offer a fixed interest rate for a set period of
time.
Freehold The term used to indicate ownership of property and the
land on which it stands.
Interest Only Mortgage
With this type of mortgage, the payments you make each month
simply pay the interest on the amount you borrow. At the end of
the mortgage term you must pay back the amount you originally
borrowed.
Land Registration This is a record held by HM Land Registry
which lists the registered owner of a plot and any legal charge
that may be placed on it.
Lease
A document, which grants possession of a property for a fixed
period of time and sets out the obligations of both landlord and
tenant such as; payment of rent and repairs.
Leasehold
Arrangement between a landlord and tenant where the landlord
agrees for the tenant to lease the property for a fixed period
of time.
Legal Charge
The legal document held by the Land Registry that identifies who
has a claim on your property.
Mortgage
A loan you take out to buy your home.
Mortgage Deed
Legal document that you must sign to say that the lender has a
legal charge over your property.
Mortgage Payment Protection Insurance
This is an insurance that will cover your mortgage payments
should you be unable to work due to an accident, illness or
involuntary redundancy.
Mortgagor
Person who borrows money to buy a property.
Mortgagee
Building society, bank or other company which lends money
against the security of a charge over the property purchased.
Offer Letter
This is the official letter that the lender sends to you once
all the referencing and valuations have been carried out
satisfactorily.
Quotation
Document that illustrates the cost of your mortgage.
Redemption Penalties
These are the charges that some lenders make if you decide to
move your mortgage.
Repossession
When a borrower fails to pay back their loan in accordance with
its terms and conditions, the lender can exercise their legal
right to take ownership of the property.
Repayment Mortgage
The payments you make each month will pay off the interest and
an element of the capital.
Redemption Figure
This is the amount to be repaid to your existing lender when you
move your mortgage.
Sealing Fee
This is the charge made by some lenders when they release the
legal charge over your home.
Searches
Enquiries made at the Land Registry, the Land Charges Register
and Local Authorities to ensure there is nothing to cause
concern about title to the land.
Stamp Duty
A government tax on the price you pay for your home.
Standard Variable Rate This is the normal variable rate charged
by a lender. This rate can go up or down at any time at the
lender's discretion.
Subject to Contract
A provisional agreement made between buyer and seller, before
exchange of contracts, which allows either side to back out
without penalty.
Term
Length of time over which your mortgage loan is to be paid.
Title
Legal right to ownership of a property.
Title Deed
Legal document which transfers ownership of registered land.
Valuation
This is a report produced on behalf of the lender. Lenders use
this to decide whether they will offer a mortgage on the
property.
Valuation Fee
A fee paid by the borrower for the lender's inspection of the
property.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.