Common Mortgage Terms

Explaining common mortgage terms Fixed-Rate Mortgage: A conventional fixed-rate mortgage means that your interest rate will be the same for the entire life of the home loan. Financing for this type of loan is typically spread out over 10, 15, 20, or 30 years, depending on the needs and payment capability of the buyer.

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3. Balloon mortgage. While not as common, this type of mortgage typically involves making principal and interest payments for a short period of time without fully paying off the loan. Then a larger-than-usual, one-time payment is due at the end of the loan term to pay off the outstanding principal balance. This is a balloon payment. 4. Conforming loan

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Here is a list of mortgage terminology you need to know when applying for a mortgage in alphabetical order: A. Adjustable Rate Mortgage (ARM) – an attractive type of mortgage due to its lower interest rates compared to a fixed-rate mortgage. However, an ARM’s interest rate can change after a certain period of time called an adjustment period.

We explain what a reverse mortgage is in simple terms!. The most common type of reverse mortgage is the Home Equity Conversion Mortgage, or HECM,

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Mortgage Term. The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates. The term acts like a ‘reset’ button on a mortgage.

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Glossary of Mortgage Terms Bridge loan. Buyer’s agent. Capital gain tax. Closing agent. Closing statement. Co-borrower. combination loan. commitment letter. comparable sales, comps. conforming mortgage. construction loan. contingency. Conventional mortgage. Date of closing. Date of.