FAQ's
A loan with an interest rate that will adjust at some time during the term of the loan
The cost to borrow money expressed as a yearly percentage—includes the interest rate plus other charges or fees
A report that provides an estimate of a property’s value
Expenses above and beyond the price of the property (e.g., loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, etc.)
A document that shows the actual terms and costs of a loan and the projected monthly payment
Your monthly debt divided by your gross monthly income
Interest paid by the borrower to lower the interest rate on the loan
Money a buyer pays the seller to show that they’re serious about purchasing the
property
property
Also called an impound account, it spreads the combined mortgage costs, property taxes and insurance premiums over the life of the loan into monthly payments
A mortgage that has the same interest rate for the entire term of the loan
A visual examination of a property to determine its condition and to report any repairs needed for a mortgage
A document that provides mortgage fee estimates for borrowers during the
application process
application process
Indicates the ratio of the loan amount to the appraised value of the property
Insurance required by some loan programs when the down payment is less than 20 percent of the home’s value
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