The original sum of money borrowed or still owed on a loan, excluding interest. Learn about Principal Balance, its implications, and its difference from Interest.
A detailed overview of a Renegotiated-Rate Mortgage, a type of loan that permits renegotiation of terms at predefined intervals.
A Commitment Letter is an official notification from a lender to a borrower indicating that the loan application has been approved and outlining the terms of the prospective loan.
Recasting a debt involves modifying the terms of an existing loan, typically initiated to avoid default. It includes changes such as adjusted interest rates and extended repayment periods.
A comprehensive explanation of the standby fee, which is a sum required by a lender to provide a standby commitment, and the conditions under which it may be forfeited.
An in-depth explanation of standby loans, including their purpose, characteristics, and implications in financial contexts.
Comprehensive coverage of prepayment penalty clauses in mortgage contracts, including their definition, examples, and applicable disclosure laws.
Comprehensive coverage on Rate-and-Term Refinance, including its definition, examples, key differences with Cash-Out Refinance, and detailed explanations.
