|
Average Interest Rate
The actual average interest rate for a combination of debts based upon a total weighted interest rate calculation. Utilizing each loan balance and interest rate, the calculator determines an average interest rate for multiple debts. |
|
Federal National Mortgage Association (FNMA)
A tax-paying corporation created by Congress to support the secondary market in mortgages on residential properties. FNMA sells residential mortgages to lenders (Conventional, FHA insured, and VA guaranteed). FNMA also purchases pools of mortgages from lenders with securities, also know as Fannie Mae, the largest single holder of home mortgages in the United States. |
|
Mortgage
A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void. |
|
Revolving Loan
A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed. The line of credit can be accessed repeatedly as the balance is paid down. A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card. |
|
