Mortgage Terms You Should Know
Mortgage Terms You Should Know: Closing Costs: These are costs outside a property’s sales price that must be paid to cover the cost of...
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Mortgage Terms You Should Know: Closing: The famous words everyone wants to hear. Closing! In Real Estate, closing is the delivery of a deed,...
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Mortgage Terms You Should Know: Cap (Payment): A payment cap is a consumer safeguard on an ARM (Adjustable Rate Mortgage) that limits the amount...
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Mortgage Terms you should know: Buyers Agent: This is someone who acts on behalf of, and represents a buyer in a real estate transaction....
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Closed-Ended Credit: This is a loan of a specific amount of money for a specific period of time. You repay this type of loan...
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Balloon Mortgage: This is a mortgage with a low interest rate that stays level for a short time (typically 5 to 7 years), with...
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Amortization: Is the process of paying off a loan through a series of periodic payments to a lender. The payments include two items: interest,...
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Terms you should know…..Agent. An Agent is a person who legally represents another, called a principal, and from whom they derive, express or implied...
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Assumable: An Assumable Loan is one where the buyer assumes responsibility for repaying the unpaid balance of the original loan. Not every home loan...
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The Magic Words: Commitment Letter. The Commitment Letter is a formal notice from a Lender confirming the “Conditional Approval” and detailing the terms agreed upon...
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