Mortgage Loans Terms Explained
Mortgage Loans Terms Explained
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Home Page > Finance > Mortgage > Mortgage Loans Terms Explained
Mortgage Loans Terms Explained
Posted: Nov 01, 2008 |Comments: 0
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Let’s take a look now at some mortgage loan terms and what they mean. Adjustable rate mortgage is the type of mortgage where the interest rates change over time and are based on a set index or margin. Changes to your rate are made at set times and within set limits according to your contact. Amortization is when you pay your mortgage through installments gradually over a set period of time. Annual Percentage Rate or (A.P.R.) is the percentage rate you pay on your mortgage annually. Generally this percentage is higher than the actual stated percentage due to outside credit costs.
Appraisal is the determination of the market value of your homes value and is done by a professional. It is used to determine insurance rates and mortgage rates among other things. Cash Reserve is your cash reserve is having enough money left over after closing to pay your first two mortgage payments.
Closing is the point at which the sale of the home has been finalized. This is the point at which the buyer signs for the home and the closing costs have been paid. The deed is a legal document that is considered the title to the property. Earnest Money is money that is given to the seller buy the intended buyer in order to bind the forthcoming transaction.
Equity is the value of your home above and beyond the loans you have on your property.
Fixed-Rated Mortgage is the type of mortgage where the interest rate has been determined and set for the entire term of the loan.
There are many more terms that are used in the real estate world and they are easily accessible online or at your local library. You should definitely do your research into all of the information available to you before you buy a home so you will understand what you are doing. Research an understanding is a very important part of any investment.
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Morgan Kennedy -
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For more Information on this topic visit http://www.buildwish.com a free Online Home Improvement Directory in 100 Cities in North America. Featuring over 2 million Real Estate classifieds, helpful articles, contests, home improvement videos, virtual home tools, Qualified Trades people, ask an expert, a moving center, get free quotes for Insurance, Moving, Mortgages, Contractors, Find Foreclosures and a finance blog that will save you money on bank rates & credit card rates.
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I am 62 years old ,retired and a home owner with home owners insurane. Can I apply for a reverse mortgage loan or any other debt consolidation loan
What do mortgage loan processors do ?
If i am employed and my husband is not . there is any possibility to get a loan modification? we are 3 months behind our mortgage
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Source: http://www.articlesbase.com/mortgage-articles/mortgage-loans-terms-explained-623713.html
Article Tags:
mortgage, adjustable rate mortgage, fixed rated mortgage deed, amortization, annual percentage rate or a p r, appraisal, cash reserve, closing, earnest money, equity, investment
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