5 common mortgage mistakes. From not understanding basic terms to skipping comparison shopping, borrowers often miss out on savings.
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An outline of common mortgage terms you should know.
The same is true of common mortgage terms. You can learn them. In fact, you must: This is your money – and 10 to 30 years of your life. To get you started, here are some common mortgage terms to know. Amortization. With each mortgage payment, some of the money reduces the loan balance and some pays interest. This allocation is called amortization.
Glossary of Mortgage Terms Bridge loan. Buyer’s agent. Capital gain tax. Closing agent. Closing statement. Co-borrower. Combination loan. commitment letter. comparable sales, comps. Conforming mortgage. Construction loan. Contingency. Conventional mortgage. Date of closing. Date of.
Glossary of Common Mortgage Terms "Bait-and-switch" schemes: The lender may promise one type of loan or interest rate but, without good reason, gives you a different one. Sometimes a higher (and unaffordable) interest rate doesn’t kick in until months after you have begun to pay on your loan..
Understanding Common Mortgage Terms. Adjustable Rate Mortgage (ARM). Is a mortgage in which the interest rate is adjusted periodically based on a.
Mortgage Refinancing. Refinancing your mortgage allows you to pay off your existing mortgage and take out a new mortgage on new terms. You may want to refinance your mortgage to take advantage of lower interest rates, to change your type of mortgage, or for other reasons.
Browse and search thousands of Mortgage Abbreviations and acronyms in our comprehensive reference resource.
The Largest Dictionary of Real Estate Terms on the Web. Are you confused and overwhelmed by the extensive lexicon of real estate terms and words?
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PDF Definitions of Common Mortgage Terms – ycmihoc.com – Definitions of Common Mortgage Terms One of the most important, and confusing decisions that people make is buying a home and taking out a Mortgage to pay for the house. There are many factors that come into play for people looking to buy a house.
Here are four common real estate and mortgage scams to keep on your radar – and tips. Ensure you’re dealing with the real property owner before negotiating rental terms or seeing a property in.