Definition: The word "Zillow Estimated Mortgage" refers to the process or method of calculating a loan's monthly payment based on several factors including the borrower's income, creditworthiness, location, and the price of the property. It involves using Zillow's mortgage calculator and comparing the amount of a monthly loan payment with the estimated value of the home being sold. The word is not commonly used or recognized in any formal or standardized way, but it is widely recognized as an informal term among real estate professionals who use it to refer to the method for calculating the monthly mortgage payments. It's important to note that Zillow does not provide detailed information on the calculation of estimated mortgage payments and this information may vary by location, lender, and other factors. Overall, "Zillow Estimated Mortgage" is a commonly used informal term in real estate finance and it is likely to be understood without additional formal training or expertise.
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