KEY DEFINITIONS .................................1
EXAMPLES.............................................6
Monthly Mortgage (P&I) Payment .......6
Interest-Only Payment
(Calculation) ......................................6
Interest-Only Payment (Entry).............7
Term of a Loan ....................................7
Interest Rate........................................8
Loan Amount .......................................8
Loan Amount Based on Sales Price
and Down Payment...........................9
Date Example......................................9
Setting Tax and Insurance.................10
PITI Payment, Total Payment and
Interest-Only Payment ....................10
Quarterly Payment ............................12
Estimated Tax Savings ......................13
Rent vs. Buy ......................................14
ARM Payment —
Lifetime Cap .........15
Amortization ......................................17
APR and Total Finance Charges,
Including Mortgage Insurance.........18
Appreciation ......................................19
Bi-Weekly Loans ...............................20
Setting Qualifying Ratios ...................21
Qualifying Loan Amount ....................22
“Restricted” vs. “Unrestricted”
Qualifying ........................................24
TABLE OF CONTENTS
