| fixed rate mortgages. First the nomenclature: I - The stated interest rate, for example, 5%/year. This is not the APR (annualized percentage rate). m - The adjustable explained mortgage rate of periods in the time frame of I. I is usually based on a year but it could be based on any amount of time. i - The interest rate for the compounding period which is needed for the calculation. For example, a real adjustable explained mortgage rate mortgage is usually based on a monthly period. In this case i=I/12 where I is based on the normal yearly period. In general i=I/m. Also I needs to be a decimal not a percent thus it also adjustable explained mortgage rate to be divided by 100. n - The total number of periods or payments. Things like mortgages usually cover multiple years. B - The balance, for example, the balance remaining on the mortgage at any point in time. Mortgage lending is a major category of the business of finance in the United States of America. Mortgages are commercial paper and can be conveyed and assigned freely to other holders. In the U.S., the Federal Housing adjustable explained mortgage rate administers the programs colloquially known as "Ginnie Mae", Fannie Mae and "Freddie Mac" (also known as the GSEs or government sponsored entities) to foster mortgage lending and thus to encourage home ownership and construction. These programs work by buying a large number of mortgages from banks and issuing (at a slightly lower interest rate) "mortgage-backed bonds" to investors adjustable explained mortgage rate as MBS or Mortgage Backed |
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