 |
|
|
|
Half-Price
cash advance.
Bargain Network - Free Foreclosure
Search. Search from over 1 Million
homes including foreclosures, repos,
government-seized property, HUD,
FSBO, Conventional, and REO in all
50 states. Listings are updated
daily. Save up to 50% on real
estate. Free search.
Our Privacy Policy Protects You
PlanetLoan™ does not share your confidential
personal information with anyone except the people
and organizations you choose. Lenders and brokers
who advertise on PlanetLoan™ may ask for detailed
information so they can provide you with more
accurate information. PlanetLoan™ works to maintain
the highest professional standards of
confidentiality and integrity, including positive
recognition by the Better Business Bureau and
VeriSign.
Sometimes it just doesn't matter who
you are, how hard you work, or what dreams you have;
all that matters is one little number: your
credit score.Lexington Law knows that you
are more than a number, and we believe that you have
the right to prove it. The lawyers of Lexington Law
will fight to remove negative items from your credit
reports, so you can improve your credit score, and
start living life without limitations.Lexington Law
is the trusted leader in credit repair for a reason,
we get results. In fact, the average Lexington Law
client will see ten deletions from their credit
reports within the first 90 days. Credit repair can
be easy with Lexington Law at your side.
|
|
|
Mortgage Terminology for the First Time Home Buyer
by Dale Ronewicz
Buying a Home for the
first time can be a little “nerve racking”. Mortgage
terminology that brokers use everyday can leave you
scratching your head or shaking your head pretending
that you know what they’re talking about. Here are some
mortgage terms and definitions that you”ll be hearing
when shopping for a
first time home buyer loan: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 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.
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).
Escrow is the holding of money or documents by a neutral
third party prior to closing. It can also be an account
held by the lender (or servicer) into which a 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.
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.
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.
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
When shopping for a first time home buyer loan make sure
you shop around and find a broker or a loan officer
that’s responsive to your needs. And don’t be afraid to
ask question. Remember, it’s the questions you don’t ask
that could keep you from saving money.
About the
Author
Mortgage
Terminology for the First Time Home Buyer was written by
Dale Ronewicz (American-Lenders.org). For more on First
Time Home Buyer Loans please visit:
http://www.american-lenders.org/firsttime_home_buyer_loans |
|
|
|
Home
-
Credit
card
-
Student
financial aid
-
Payday
loan -
Cash advance
-
Debt consolidator
-
Home mortgage
-
Job
search
-
Money resources
Pet insurance -
Property insurance
-
Child insurance -
Car insurance -
Travel insurance -
Partners -
Borrowing money -
Foreclosures
Refinance home -
Construction info -
Household budget -
How to sell -
People Searches
-
Around home
2004-2006 Copyright© SMARTBORROWMONEY.COM -bad
credit refinance, service debt
consolidator, loan , cash advance - All rights
reserved - All material on this Web Site, including text, photographs,
graphics, are protected by international copyright and trademark laws.
Unauthorized use is not permitted. You may not
modify, copy, reproduce,
republish, upload, post, transmit or distribute, in any manner, the
material on this Web Site.
|
|