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Lease-Purchase Mortgage Loan

An alternative financing option that allows low- and moderate-income home buyers to lease a home from a nonprofit organization with an...

Certificate Of Eligibilit

A document issued by the federal government certifying a veteran's eligibility for a Department of Veterans Affairs (VA) mortgage....

Commitment Letter

A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer. Also known as a "loan commitment."...

Credit Repository

An organization that gathers, records, updates, and stores financial and public records information about the payment records of...

Standard Payment Calculation

The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments...

Interest Rate Floor

For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage...

Negative Amortization

A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest...

Government Mortgage

A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the...

Interest Rate Ceiling

For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage...

Creditor

A person to whom money is...