Mortgage Glossary
Quit Claim A deed operating as a release; intended to pass any title, interest or claim, which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.
Underwriting The decision whether to make a loan to a potential homebuyers based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount.
Wraparound Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.
Office Hours
Monday | 8AM–5PM |
Tuesday | 8AM–5PM |
Wednesday | 8AM–5PM |
Thursday | 8AM–5PM |
Friday | 8AM–5PM |
Saturday | 8AM–5PM |
Sunday | Closed |
***Disclaimer: This calculator is offered for illustrative and educational purposes only and it is not intended to replace a professional estimate. Calculator results do not reflect all loan types and are subject to individual program loan limits. All calculations and costs are estimates and therefore, Equitable Mortgage (EMC) does not make any guarantee or warranty (express or implied) that all possible costs have been included. The assumptions made here, and the output of the calculator do not constitute a loan offer or solicitation, or financial or legal advice. Please connect with an EMC loan professional for a formal estimate. Every effort is made to maintain accurate calculations; however, EMC assumes no liability to any third parties that rely on this information and is not responsible for the accuracy of rates, APRs or any other loan information factored in the calculations.