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Making Sense of Mortgage Speak


Applying for a home loan can be overwhelming. You will need to contend with mountains of papers, contracts, documents; and do lots of planning and coordination. Add to that a whole language unique to the mortgage loan process and you have the makings of an experience unlike any other.

Agreeing to the terms of your home loan is no small matter. It is important to understand every word of the contract and terms to which you are agreeing. Although it may be easy to ignore terms you don't understand now, you may be haunted by what you did not know when you are ready to sell or refinance.

Eliminate the mystery by taking the time to familiarize yourself with the terms that are common among lenders. Following are explanations of some of the most common terms used in the home loan process. Also, don't be afraid to call on the expertise of your credit union representative. They are happy to answer any questions that you have.

Adjustable Rate Mortgage: The amount of interest the lender charges on your principal varies. ARM's generally carry provisions for minimum and maximum interest rates. If you choose an adjustable rate mortgage, you can expect to make higher payments when interest rates move closer to the maximum and lower payments when rates hover nearer the minimum.

Annual Percentage Rate: The extension of credit is a privilege, but it is not free. The annual percentage rate of your loan gives you a picture of the annual cost of the credit that had been extended to you. You will find your annual percentage rate outlined in your initial contract, and on your monthly statements.

Appraisal: A trained professional will evaluate your home to determine its value. The estimated figure is derived from a combination of factors including market conditions and the property itself.

Closing Costs: These are costs, such as points, taxes and title insurance that must be paid at closing. These costs are not included in the cost of the home and are paid separately. Depending on your situation, there are a few lenders that may be able to extend you a loan that includes the amount of purchase and the closing costs.

Default: Failure to repay your mortgage loan according to the terms set forth in the loan contract.

Equity: This term is used in reference to the value in your home above the total amount of liens against your home.

Escrow: Your lender may hold money from each payment. This money is collected to satisfy expenses of home ownership such as taxes and insurance. If you have an escrow account your mortgage company will pay tax and insurance payments as they come due.

Fixed Rate Mortgage: Unlike an adjustable rate mortgage, a fixed rate mortgage maintains constant interest rates throughout the life of the loan.

Good Faith Estimate: Potential lenders may provide written documentation of anticipated costs and fees for your mortgage. This document is called a good faith estimate. It will give you an idea of how much you can expect to spend to secure a mortgage.

Mortgage: Your mortgage is the amount of the loan you secured to purchase your home, minus the down payment. Your home serves as collateral and is considered a guarantee for the loan.

Points: Each point represents one percent of the amount of your mortgage loan. Two points on a $100,000.00 mortgage loan equals $2,000.00.

Of course, there are a number of other terms that you will encounter during the loan process. Make sure you fully understand every word of your contract before you sign on the dotted line.

Nicole Soltau
President and Founder
http://CreditUnionRate.com/
The Leading Online Credit Union Directory


MORE RESOURCES:
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LendingTree: Homebuyers save big by shopping around for lower mortgage rates  HousingWire

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LendingTree: This is how much homebuyers could've saved on their mortgages  HousingWire

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Refinance rates drop off for Monday  Bankrate.com

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Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

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Refinance rates advance for Monday  Bankrate.com

Several benchmark refinance rates moved higher today. See what that means for you if you're in the market for a home loan.


LendingTree: Number of mortgage borrowers receiving interest rates under 5% rises  HousingWire

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Refinance rates drop for Saturday  Bankrate.com

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Mortgage rates fall for the third week in a row  The Washington Post

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Paul Manafort charged with committing residential mortgage fraud — which is more common than you’d think  MarketWatch

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LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% slid further for the week ending Feb. 17, 2019.


Report indicates financial woes at former Franklin Mills mall  Philly.com

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$20,000 liens force retired OKC police officer to prove his identity  KFOR Oklahoma City

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Lenders optimistic for spring season in Fannie Mae survey  theday.com

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Mortgage Rates Lowest in a Year: Top 4 Housing Picks  Zacks.com

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Wilshire Quinn Provides $925,000 Refinance Loan in Berkeley, CA  GlobeNewswire

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Jumbo Mortgages Are Slowing Down, Testing Banks’ Postcrisis Playbook  The Wall Street Journal

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Home price growth might be slowing, but homeowners are still gaining serious equity in their properties, According to new data, the average homeowner saw ...


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Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Sells 18,700 Shares of TFS Financial Co. (TFSL)  Fairfield Current

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Banking outlook 2019  FXStreet

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Refinance mortgage rate moves lower for Wednesday  Bankrate.com

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Refinance mortgage rate advances for Tuesday  Bankrate.com

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Refinance mortgage rates mixed for Tuesday  Bankrate.com

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Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. If you haven't locked a refinance yet, see how your finances could be affected.


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If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Refinance mortgage rate moves higher for Monday  Bankrate.com

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Refinance mortgage rate dips for Tuesday  Bankrate.com

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The main reason to refinance your mortgage: Save money  Chicago Tribune

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Factors to weigh when considering whether to refinance your home  Washington Post

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Refinance rates decline for Thursday  Bankrate.com

Several benchmark refinance rates decreased today. See what that means for your refinance.


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


Refinance mortgage rates mixed for Monday  Bankrate.com

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Mortgage refinance applications decline to 18-year low: MBA  National Mortgage News

Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers ...


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

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Should You Refinance Your Mortgage?  Forbes

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Refinance rates advance for Saturday  Bankrate.com

Multiple closely watched refinance rates notched higher today. If you're shopping for a refi, see how your finances could be affected.


Refinance rates dip for Wednesday  Bankrate.com

Multiple key refinance rates slid lower today. If you're shopping for a home loan, see how your payments might be affected.


Refinance rates fall for Wednesday  Bankrate.com

Multiple key refinance rates ticked downward today. If you haven't locked a refi yet, see how that could affect you.


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage.


Refinance rates tick higher for Monday  Bankrate.com

Multiple closely watched refinance rates moved higher today. If you're in the market for a home loan, see how your payments might be affected.


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


Refinance mortgage rate ratchets higher for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


Refinancing activity in the US just plunged to the lowest level in over a decade  Business Insider

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Refinance rates hold steady for Friday  Bankrate.com

Several benchmark refinance rates held steady today. See what that means for you if you're in the market for a mortgage.


Refinance rates tick higher for Tuesday  Bankrate.com

Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate.


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As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...


Refinance rates decline for Wednesday  Bankrate.com

Several key refinance rates were down today. If you're in the market for a home loan, see how your payments might be affected.


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

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Refinance rates increase for Saturday  Bankrate.com

Multiple benchmark refinance rates moved higher today. See what that means for your refinance chances.


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