 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| CLICK to SAVE $$$$ Money |
| Add us to your FAVORITES and Check Back Often for More Real Life Information and ESOs on Various Topics |
| Thank you for Visiting and/or Sharing! |
Overview Everyday Life Self Relationships Parenting Spirituality Making a Difference College Life Career Homes
| © Copyright 2009. All rights reserved. |
Disclaimer
All information is provided as is. Additional research, information verification, and professional consultation should be done before using any
information provided on this site or any site linked to from this site. We make no guaranties as to accuracy, content, truthfulness, quality, or
fitness for a particular purpose of any of the information presented on this site. We do not assume any legal liabi ty or responsibility for any
incorrect, misleading, outdated, or missing information. Additionally, we do not assume any legal liability or responsibility for the contents,
offers and/or actions of any off site pages and/or web sites that are referenced in this site or are linked to from this site. All web pages
presented on this site are subject to copyright law protection, whether stated or implied - all rights reserved.
All information is provided as is. Additional research, information verification, and professional consultation should be done before using any
information provided on this site or any site linked to from this site. We make no guaranties as to accuracy, content, truthfulness, quality, or
fitness for a particular purpose of any of the information presented on this site. We do not assume any legal liabi ty or responsibility for any
incorrect, misleading, outdated, or missing information. Additionally, we do not assume any legal liability or responsibility for the contents,
offers and/or actions of any off site pages and/or web sites that are referenced in this site or are linked to from this site. All web pages
presented on this site are subject to copyright law protection, whether stated or implied - all rights reserved.
| Become a fan on FACEBOOK, you'll get the RealESO updates. |
| Real Life Information... on Home Related Topics - Mortgage Information |
Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are
usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing
so will increase the loan amount and the total costs.
Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It
is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a
refinancing, when the amount financed is greater than 80 percent of the appraised value.
Thrift institution is a general term for savings banks and savings and loan associations.
Transaction, settlement, or closing costs may include application fees; title examination, abstract of
title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement
documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real
Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time
of application or within three days of application. The good faith estimate lists each expected cost either as
an amount or a range.
Back to: Mortgage Overview
usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing
so will increase the loan amount and the total costs.
Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It
is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a
refinancing, when the amount financed is greater than 80 percent of the appraised value.
Thrift institution is a general term for savings banks and savings and loan associations.
Transaction, settlement, or closing costs may include application fees; title examination, abstract of
title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement
documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real
Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time
of application or within three days of application. The good faith estimate lists each expected cost either as
an amount or a range.
Back to: Mortgage Overview
Mortgage Glossary - Terms and Definitions
Annual percentage rate (APR) is the cost of credit expressed as a yearly
rate. The APR includes the interest rate, points, broker fees, and certain other
credit charges that the borrower is required to pay.
Conventional loans are mortgage loans other than those insured or
guaranteed by a government agency such as the FHA (Federal Housing
Administration), the VA (Veterans Administration), or the Rural Development
Services (formerly know as Farmers Home Administration, or FmHA).
rate. The APR includes the interest rate, points, broker fees, and certain other
credit charges that the borrower is required to pay.
Conventional loans are mortgage loans other than those insured or
guaranteed by a government agency such as the FHA (Federal Housing
Administration), the VA (Veterans Administration), or the Rural Development
Services (formerly know as Farmers Home Administration, or FmHA).
Escrow is the holding of money or documents by a neutral third party prior to
homeowner pays money for taxes and insurance.
Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both
the interest rate and the monthly payments (for principal and interest) stay the
same during the life of the loan.
The interest rate is the cost of borrowing money expressed as a percentage
rate. Interest rates can change because of market conditions.
Loan origination fees are fees charged by the lender for processing the loan
and are often expressed as a percentage of the loan amount.
homeowner pays money for taxes and insurance.
Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both
the interest rate and the monthly payments (for principal and interest) stay the
same during the life of the loan.
The interest rate is the cost of borrowing money expressed as a percentage
rate. Interest rates can change because of market conditions.
Loan origination fees are fees charged by the lender for processing the loan
and are often expressed as a percentage of the loan amount.
Adjustable-rate loans, also known as
variable-rate loans, usually offer a lower initial
interest rate than fixed-rate loans. The interest
rate fluctuates over the life of the loan based on
market conditions, but the loan agreement
variable-rate loans, usually offer a lower initial
interest rate than fixed-rate loans. The interest
rate fluctuates over the life of the loan based on
market conditions, but the loan agreement
generally sets maximum and minimum rates. When interest rates rise, generally
so do your loan payments; and when interest rates fall, your monthly payments
may be lowered.
so do your loan payments; and when interest rates fall, your monthly payments
may be lowered.
Lock-in refers to a written agreement guaranteeing a home buyer a specific
interest rate on a home loan provided that the loan is closed within a certain period
of time, such as 60 or 90 days. Often the agreement also specifies the number of
points to be paid at closing.
A mortgage is a document signed by a borrower when a home loan is made that
gives the lender a right to take possession of the property if the borrower fails to
pay off the loan.
Overages are the difference between the lowest available price and any higher
price that the home buyer agrees to pay for the loan. Loan officers and brokers are
often allowed to keep some or all of this difference as extra compensation.
interest rate on a home loan provided that the loan is closed within a certain period
of time, such as 60 or 90 days. Often the agreement also specifies the number of
points to be paid at closing.
A mortgage is a document signed by a borrower when a home loan is made that
gives the lender a right to take possession of the property if the borrower fails to
pay off the loan.
Overages are the difference between the lowest available price and any higher
price that the home buyer agrees to pay for the loan. Loan officers and brokers are
often allowed to keep some or all of this difference as extra compensation.
Advertisements 1a |
Try a free sample Personal Astrology Profile from Astrology.com!
Browse the best in Christian products at FamilyChristian.com.
Hungry? - Order food fast and easy with Delivery.com. Earn points towards prizes and cash on every order!
Get free shipping on your first order from PhotoWorks when you use the coupon code MYFIRSTORDER! Hurry, this offer won't last forever!
Photo Gifts!
Photo Items/Gifts!
FREE STAMPS
Stamps.com: Get Up to $25 in FREE Postage!
| Buy your Unique 1-Page Photo Calendars, Perpetual Calendars & Weekly/Yearly Planners at www.JTCcreations.com Many great styles using your photos or ours. FREE U.S. S&H when you order today with Promo Code "RFS1"! |
