Definitions:
| 1st Remaining Balance | The balance on the first loan. |
| 2nd Remaining Balance | The balance on the second loan. |
| Balloon Payment | Large payment that's usually due at the end of the payment schedule. |
| Face Value | The value of the note at creation: Sales price minus the down payment, if in first position. |
|
Loan to Value 70% in these examples: |
The Ratio between the total loans on the
property and the property value.
Example #1. With a $100,000.00 property value, a 1st loan of $70,000 and no second loan the LTV would be 70%. $70,000 divided by $100,000 equals 70%. Example #2. With a $100,000.00 property value, a 1st loan of $40,000 and a 2nd loan of $30,000 the LTV would be 70% ($40,000 + $30,000 = $70,000). $70,000 divided by $100,000 equals 70%. |
| Note Balance | The amount remaining to be paid on the note. |
| SFR- Owner Occupied | Single Family Residence as a home purchase. |
| SFR- Rental | Single Family Residence as a rental. |
