Introduction to Mortgages: Basic Mortgage Terminology 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.
Whether you are about to tackle the mortgage process for the first time or the fifth time, you need to understand the lingo behind the process. Loan officers use terms and phrases during the course of your home purchase that may not make sense to you if you are not experienced with the process.
In addition to understanding and negotiating a commission. pushes certain loan programs and can’t or won’t explain the loan’s terms. If you’re on the fence about using a mortgage broker, take this.
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A Crash Course on Mortgage Lingo and Terminology – Mortgage Lingo Few, if any, of these terms are complex, but they are not phrases that most people will encounter outside of the mortgage process: adjustable rate mortgages (arm): Loans with an initial fixed-rate period (usually 5, 7 or 10 years).
How Long To Get Pre Approved For Home Loan Mortgage pre-approval is a process in which the lender reviews your financial background (credit score, income, debts, etc.). They do this to find out whether or not you’re qualified for a loan. They’ll also tell you how much they are willing to lend you. Getting pre-approved for a home loan benefits you in several ways.
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How Much Mortgage Loan Can I Get Approved For Home Mortgage Calculator | myFICO – Since its introduction over 25 years ago, FICO Scores have become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use FICO Scores to make consumer credit decisions.
This glossary of mortgage terminology will help you get familiar with the home loan process. It can help you understand terms like adjustable rate mortgage and .
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