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RESIDUAL INCOME
The amount of money left over after you have paid all of your ordinary and necessary debts including the mortgage. This calculation is typically used with VA loans.
MORTGAGE GLOSSARY
A
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B
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C
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D
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E
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F
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G
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H
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I
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J
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K
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L
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M
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N
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O
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P
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Q
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R
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S
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T
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U
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V
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W
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X
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Y
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Z
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0-100
A
Adjustable Rate Mortgages (ARMS)
Adjustable Rate Refi (Refinance)
Amortization
Annual Percentage Rate (APR)
Assumable Loans
B
Bad Credit Refi (Refinance)
Balloon Loans
BC & D Lender or Loan
Buydown
C
Cash-Out Refi
Closing
Closing Costs
Conventional Mortgage
Convertible ARM
Cosigner
Credit Report
Credit Score
D
Debt Consolidation
Debt Ratio
Default
Discount Rate
Down-payment
E
Effective Rate
Equity
Escrow
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F
FHA (Federal Housing Authority) Loan
Fixed Rate Mortgages
Fixed Rate Refi (Refinance)
Foreclosure
Fully Amortizing Payment
Fully Indexed Interest Rate
G
Government Loans
Graduated Payment Mortgages
Growing Equity Mortgage
H
Home Equity Line of Credit (HELOC)
Home Equity Loan (second mortgage)
Housing Ratio
Hybrid ARM
I
Index
Interest Due
Interest Only Loan
Interest Only Refi (Refinance)
Interest Rate
J
Jumbo (or Non-Conforming) Loans
Jumbo Loan Refi
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K
L
Lenders Margin
Lien
Loan to Value (LTV) Ratio
Lock-in
M
Mortgage
Mortgage Broker
Mortgage Company
Mortgage Insurance
Mortgage Lender
Mortgage Reduction Programs
Mortgage Term
N
Negative Amortization
Negative Points
O
Option ARM
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P
PITI
PMI (Private Mortgage Insurance)
Points
Prepayment Penalty
Pre-Approval
Pre-qualification
Principal
Property Appraisal
Q
Qualification
R
Rate Protection
Refinancing
Residual Income
S
Second Mortgage
Servicing
Sub-Prime Borrower
Sub-Prime Lender
T
Term
Truth in Lending Law
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U
Underwriter
Uniform Residential Loan Application (1003)
V
VA (Veterans Administration) Loan
W
Wrap-around Mortgage
X
Y
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Z
0-100
80/10/10, 80/15/5, and 80/20/0 loan plans
100% Loan
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Type of Loan
Mortgage Refinance
Home Equity Loan or Line
Debt Consolidation
New Home Loan
In what state is the property in question located?
-- State --
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Washington DC
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
What is the property type?
-- Property Type --
Single family residence
Multi-family residence
Condominium
Mobile home
Manufactured home
Historical Federal Funds Rate
30-Year Fixed Rate
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15-Year Fixed Rate
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*National Rates