An interest rate which remains the same for an agreed amount of time. All lenders are required to provide a mortgage applicant with an estimate based on its experience of what the closing costs will be. A form of revolving credit in which one's home serves as collateral . That portion of a mortgagor's monthly payment held by the lender to pay for taxes, fire insurance, flood or earthquake insurance, and mortgage insurance as they become due and payable. The cost of borrowing money.
Money earned on deposit accounts is called dividends .
IRA Individual Retirement Account. A government-sponsored retirement savings plan, offering tax incentives to individuals. An asset that can easily be converted into cash. Loan Money given to a person who agrees to repay it at a certain time. The ratio of a loan's current balance to the original loan amount.