A deposit made by a home buyer to show that he or she is serious about buying the house.

The effective rate cap for the purposes of calculating the actual shared appreciation figure. This figure is ONLY used if there is shared appreciation (i.e. shared_appreciation > 0).

Enter
your e-mail address.

Click to display the Technical Support Request
Form.

Enter the e-mail address of the person to whom you want to send this
message, or accept the default value. You should only change the default value
if you have been instructed to do so by someone from Math Corp.

A lien or anything else that affects or limits the fee simple title to a property, such asmortgages, leases, easements, or restrictions.

End of month flag. Y or N. This flag tells the engine whether the payment due dates are to fall at the end of the month or not. For example, if the first payment date is 6/30/2007, should the next payment fall on 7/30/2007 (N) or 7/31/2007 (Y)? If this field is set to Y, the engine makes this and all succeeding payments due on the last day of the month. If this field is set to N, the engine makes all of the payments due on, in this case, the 30th of the month.

Enter
the last page number of the range of pages to print.

Select
your default output option for the output preview screen.

Select
to submit a request for a program change.

Select
to charge interest on the entire construction loan amount, regardless of how
and when it is drawn.

Check this box and click the "Request Output" button to view the entire accrual schedule.

A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.

Displays
error messages caused by problems sending your e-mail.

An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of certain conditions. Deposits by borrowers of funds to pay taxes and insurance premiums when due are examples.

Enter the amount of this escrow payment.

Select the escrow item that applies (mortgage insurance, city tax, property tax,…).

Select
the desired escrow item from the list. If the item you want doesn't display,
type a new name over the current item.

The portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes,hazard insurance, mortgage insurance, lease payments, and other items as they becomedue. Known as "impounds" or "reserves" in some states.

Escrow Tax/Insurance

This flag tells the engine whether the PMI renewal payments that are held in escrow will be used for the final payments in the case of a loan-to-value cutoff or refunded separately. If they are refunded separately, the term of the cutoff will not be credited by the number of months escrowed.

A regulation Z term describing the calculation of the exact number of days between two dates.

Interest calculated on the exact number of days involved in a transaction.

The report on the title of a property from the public records or an abstract of the title.

The balance remaining on the existing mortgage on the home. If there is no mortgage, this value is 0.

Select
to exit ZMath®.

This
indicates if the deposits or withdrawals that are subject to an exponential
growth rate.

Click to
export the worksheet with the specified settings.

Mortgage rate commitments which are for longer than the typical 12 to 30 day locks.

A consumer protection law that regulates the disclosure of consumer credit reports byconsumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

A financing option for a fixed-rate mortgage that offers home buyers a 3 percent downpayment loan with either a 25- or 30-year term. The mortgage features a loan-to-value(LTV) percentage of 97 percent, and is designed to expand homeownership opportunities for people with modest incomes. Borrowers must take a pre-purchase home-buyer educationsession to qualify for a Fannie 97 mortgage.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Over the past 30 years, Fannie Mae hasprovided nearly $2. 5 trillion of mortgage financing for over 30 million families

An income-based community lending model, under which mortgage insurers and Fannie Maeoffer flexible underwriting guidelines to increase a low- or moderate-income family's buyingpower and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer educationsessions.

A quasi-governmental agency that purchases conventional mortgages in the secondary mortgage market from insured depository institutions and HUD approved mortgage bankers. It sells participation sales certificates secured by pools of conventional mortgage loans, their principal and interest guaranteed by the federal government through theFHLMC. It also sells Government National Mortgage Association bonds to raise funds to finance the purchase of mortgages. Popularly known as Freddie Mac.

An agency of the U. S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

See Fannie Mae

The most extensive interest in land that can be enjoyed. It is of perpetual duration.

Enter the fees and charges which should always be included or
always be excluded from a loan calculation. Use the Real Estate Loan Special
Exclusions tab to enter fees and charges which should be excluded from all
mortgages. Totals display at the beginning of the screen.

A loan insured by the Federal Housing Administration (of HUD).

A government-backed mortgage loan supported by the US FHA and the Department of Housing and Urban Development (HUD).

Home inspection made by a lender, VA, FHA or the appraiser after a new home or repairs have been completed.

The total dollar amount your loan will cost you. It includes all interest payments for the life of the loan, any interest paid at closing, your origination fee and any other charges paid to the lender and/or broker.

A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.

Enter
the fee paid to someone who brings a borrower to a lender. If this fee is paid
by the borrower, it is always included in the finance charge.

A lender's agreement to make a loan to a specific borrower on a specific property.

Select to print only the first and last pages of the report.

Select
the first month to skip from the drop-down list.

A mortgage that is the primary (senior) lien against a property.

Click
to display the first page of the results.

The first year property charges (i.e. taxes, insurance, etc.). This variable is Homekeeper specific and has no effect if you are calculating a HECM.

A loan on which the interest rate which stays constant for the entire term of the mortgage.

A type of mortgage loan usually with 30 or 15 year loan terms where the interest rate remains constant throughout the life of the loan. The advantages of a fixed rate loan is your own security that the interest rate will not increase. The disadvantage of a fixed rate loan occurs when interest rates substantially decline below the interest rate of your loan.

Personal property that becomes real property when attached in a permanent manner to realestate.

A Flex ARM Loan combines the features of a Graduated Payment Loan and a Random Rate Loan.

Electing to not lock in the interest rate between the time of application and closing.

Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. It may not cover personal property.

The rate below which the interest rate of an adjustable rate mortgage may not decline.

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property atpublic auction with the proceeds of the sale being applied to the mortgage debt.

The loss of money, property, rights, or privileges due to a breach of legal obligation.

Select to
print a range of pages.

Reduce the balance of a loan to zero at term through regular payments of interest and principal.

An adjustable-rate mortgage (ARM) with a monthly payment sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.

The index plus the margin for an adjustable rate mortgage.

Displays
the borrower's interest rate, calculated by adding the Current Index and the
Margin and rounded by default to the nearest 1/8. Use System Defaults to change
the rounding factor.

The fee paid and forwarded to the Veterans Administration to guarantee a VA home loan provided to a Veteran.

Displays the future value of the account.

Displays
the future value of the account.

See Growing Equity Mortgage

Select to
calculate a growing equity mortgage, where the borrower increases payment
amounts over a specified number of years.

Enter
the terms for a growing equity mortgage, where the borrower increases payment
amounts over a specified number of years. You must enter the interest rate,
periods per year, term, loan amount, prepaids, advance date, date of first
payment, graduation rate, and graduation period or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

Displays
multiple stream identification number(s). When there are more than two streams,
ZMath® modifies this number automatically according to the first principal
payment date.

A document provided at application that provides estimates for all charges which a borrower is likely to incur in connection with a loan closing.

Enter
the recording fees for this loan, as charged by the County Recorder's Office to
enter the Deed, Mortgage, or Deed of Trust and, occasionally, additional
documents, requiring public notice.

A government-owned corporation within the U. S. Department of Housing and UrbanDevelopment (HUD). Created by Congress on September 1, 1968. GNMA performs the samerole as Fannie Mae and Freddie Mac the assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae.

A loan combining a Graduated Payment Mortgage with an Adjustable Rate Mortgage (ARM).

Select to
calculate a mortgage that combines graduated payments with an adjustable rate
mortgage.

Enter
the terms for a graduated payment, adjustable rate mortgage. You must enter the
interest rate, periods per year, term, loan amount, prepaids, advance date, and
date of first payment or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

See Graduated payment Mortgage

Select to
calculate a mortgage which has level payments for one year, at which time they
grow by a specified percentage amount (the graduation rate) for another year.
This continues for a specified number of years (the graduation period). At the
end of any particular year, the payment amount may be adjusted to pay off the
remaining balance over the number of years left to maturity.

Enter
the terms for a graduated payment mortgage. You must enter the interest rate,
periods per year, term, loan amount, prepaids, advance date, and date of first
payment or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

A length of time (usually 15 days) after a mortgage payment is due in which the lender will not charge a late penalty or report the payment as late.

A type of mortgage where the monthly payments start low but increase by a fixed percentage at the end of each year for a specified number of years. At the end of this series of payments, the graduation period, the loan payments are in an amount large enough to to retire the loan at maturity. This means that the payments at the beginning are not sufficient to make the full principal payments and the outstanding balance actually increases.

The number of periods (usually years) in a graduated payment loan that the payment will increase (by the graduation rate) until the loan ois recast.

Enter the number of periods that the payment will increase by the
graduation rate before the loan is recast.

The rate per year that the interest rate on a graduated payment loan will increase.

Enter
the amount by which the payments will be increased for the year. For example,
entering 20 will mean that the payments will increase by 20% for each year
during the graduation period.

The party to whom title to real property is deeded.

The person to whom an interest in real property is conveyed.

The person conveying (or deeding) title to real property to another.

Total income before any expenses are deducted.

The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan. growing-equity mortgage (GEM)A fixed-rate mortgage that provides for payments which increase by a specified percent at the end of each year for a specified number of years. The increasing monthly payment amounts reduce the balance of the mortgage resulting in its being repaid sooner.

Check this box to select the deposit/withdrawal growth rate (linear or exponential).

Check
this box to select the deposit growth rate (linear or exponential).

Check
this box to select the withdrawal growth rate (linear or exponential).

The
growth rate for accounts where the deposits or withdrawals will graduate at a
constant rate.

A mortgage, the payment of which, is guaranteed by a third party.

Amount of money VA will reimburse a lender upon default of a VA mortgage. Also referred to as the amount of entitlement or eligibility.

This is the annual premium for insurance against losses from risks such as fire, wind, hail, flood etc. If you will have homeowners insurance you will want to include that portion of the premium allocable to the real estate. (Exclude that part covering vehicles etc.)

Insurance against physical damage to property from fire, wind, vandalism, and other hazards.