What Is Mortgage Terms?

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When seeing at getting a mortgage, there are some terms
that you should forewarn yourself with so you know what
your mortgage lender is talking about. Below is a list of
the most commonly-used "mortgage phrases" and their
meanings to help you understand them better:

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How is What Is Mortgage Terms?

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Adjustable Rate Mortgage (Arm) - A mortgage in which the
interest rate is adjusted periodically based on an index.

Appraisal - The estimation of asset value based on
recent sales data of similar properties.

Asset - necessary items, encumbered or not, owned by a
person, corporation, or entity.

Biweekly Mortgage - Mortgage loan payments that requires a
payment twice monthly, compliance thirteen payments per year
instead of twelve. This significantly reduces the time a
principal is paid off.

Closing - Final arrangements to transfer title of property
as well as allocate charges and credits.

Closing Costs - windup costs are fees paid by the borrower
when a asset is purchased or refinanced. Costs incurred
include a loan origination fee, allowance points, appraisal
fee, title search, title insurance, survey, taxes, deed
recording fee, and credit narrative charges.

Credit narrative - A narrative to a prospective lender on the
credit standing of a prospective borrower. Used to help
determine creditworthiness. data regarding late
payments, defaults, or bankruptcies will appear here.

Debt-to-Income Ratio (Dti) - The ratio of compound monthly
debt to compound monthly income.

Down payment - Money paid by a buyer from his own funds, as
opposed to that portion of the buy price which is
financed.

Earnest Money Deposit - A deposit made by a inherent home
buyer to show that they are serious about purchasing the
property.

Equity - The discrepancy between the current shop value of
a asset and the necessary balance of all outstanding
loans.

Fixed-Rate Mortgage - A mortgage where the interest rate
does not turn for the life of the loan.

Good Faith assessment - An assessment of charges which a
borrower is likely to incur in connection with a loan
closing.

Gross Monthly revenue - The total estimate the borrower earns
per month, not counting any taxes or expenses. Often used
in calculations to decide whether a borrower qualifies
for a singular loan.

Interest Rate - The percentage of an estimate of money that's
paid for its use over a specified time period.

Lender - The bank, mortgage company, or mortgage broker
offering the loan.

Loan - The principal, or estimate of total borrowed money,
that is repaid with interest.

Loan Officer - An intermediary between lending institutions
and borrowers, loan officers solicit loans, represent
creditors to borrowers, and record borrowers to
creditors.

Loan-To-Value Ratio - The connection between the amount
of the mortgage loan and the appraised value of the
property expressed as a percentage. A Ltv ratio of 90 means
that a borrower is borrowing 90% of the value of the
property and paying 10% as a down payment. For purchases,
the value of the asset is assumed to be the purchase
price, for refinances the value is considered by an
appraisal.

Mortgage - A legal document that pledges asset to a
creditor for the reimbursement of the loan, and is the term
used to communicate the loan itself.

Mortgage Broker - A mortgage firm that originates loans,
joining the borrower and lender for a real estate loan,
earning a placement fee.

Origination Fee - The fee imposed by a lender to cover
certain processing expenses in connection with making a
loan. Ordinarily a percentage of the estimate loaned.

Pre-Approval - A term used to mean that a borrower has
completed a loan application and in case,granted debt, income, and
savings data that has been reviewed and pre-approved
by an underwriter.

Principal - The estimate of debt, not counting interest, left
on a loan.

Purchase business transaction - A written compact signed by the buyer
and wholesaler stating the terms and conditions under which a
property will be sold.

Refinancing - The process of paying off one loan with the
proceeds from a new loan, using the same asset as
security.

You'll probably hear some of these phrases from your
mortgage lender when getting a loan. Whenever you don't
understand something, be sure to ask him or her to elucidate
it in layman's terms to be sure you understand the whole
mortgage process.

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