Sentences with phrase «changes during the loan term»

Fixed - Rate Mortgage: A mortgage in which the interest rate does not change during the loan term.

The margin is disclosed when applying for a loan and never changes during the loan term.

Not exact matches

Even a small change in your mortgage rate could lower your monthly payment, and greatly reduce the total interest you pay during your loan term.

(A) The term and principal amount of the loan; (B) An explanation of the type of mortgage loan being offered; (C) The rate of interest that will apply to the loan and, if the rate is subject to change, or is a variable rate, or is subject to final determination at a future date based on some objective standard, a specific statement of those facts; (D) The points and all fees, if any, to be paid by the borrower or the seller, or both; and (E) The term during which the financing agreement remains in effect.

Look for the following information in the ad, or ask the lender these questions: * Will the interest rate or the monthly payments change during the term of the loan?

Flexible Terms: During the refinancing process, you can choose to change the terms of the Terms: During the refinancing process, you can choose to change the terms of the terms of the loan.

If you are aware of any likely change to your circumstances during the term of your loan that could increase your expenditure or reduce your income please give us a call on 0800 169 8503 to apply.

Conversion Clause A provision in some ARMs that allows you to change the ARM to a fixed - rate loan at some point during the term.

Fixed interest rates stay the same throughout the entire term of the loan, while variable interest rates may change during the term of the loan.

In this case, the interest rate on the loan (a percentage you agree to pay on the funds borrowed) may change during the term of the loan depending on the economy.

If terms change during that time, you have a right to refuse the loan and you are entitled to a refund of all application fees.

If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).

Adjustable rate mortgage (ARM): This type of loan features an interest rate that fluctuates during the term of the loan in accordance with changes in the index rate, which in turn is determined by current market conditions.

Since it's a short term loan, it's reasonable to expect that your circumstances won't change much if at all during the term of the loan, so the fact that your income is sufficient to repay the amount borrowed — and as long as you don't have a record of defaulting on similar short - term loans — is all the lenders need to know.

Fixed - Rate Mortgage A mortgage in which the interest rate does not change during the entire term of the loan.

Fixed - rate Mortgage: A mortgage in which the interest rate does not change during the entire term of the loan, most often 15 years or 30 years.

If scheduled variations in regular periodic payment amounts occur that are not caused by changes to the interest rate during the loan term, the creditor shall disclose that the loan product has a «Step Payment» feature.

In addition, the final rule and commentary are consistent with Dodd - Frank Act section 1032 (a) because the features of mortgage loan transactions and settlement services will be more fully, accurately, and effectively disclosed to consumer in a manner that permits consumers to understand the costs, benefits, and risks associated with the mortgage loan and settlement services, if consumers receive the disclosures reflecting all of the terms and costs associated with their transactions at or before consummation, and if consumers are permitted a right to inspect the disclosures for changed terms during the business day before consummation.