Common Mortgage Terms

Common Mortgage Terms: 10 Words You Need to Know | Origin Bank – Get started by memorizing these 10 common mortgage terms. amortize: Amortization is the process of gradually paying off debt. When deciding on a mortgage, you’ll often look at amortization schedules that compare different loan payment options.

A common question I receive regards how to find a trustworthy. lenders and to get a sense of the range of possibilities with regard to reverse-mortgage options in terms of up-front costs, the.

Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Annual Percentage Rate (APR): A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan. The APR reflects the cost of your mortgage loan as a yearly rate.

Flat Rate Mortgage A no-cost mortgage refinancing option that can save you time and money. Want to refinance your mortgage for a lower rate, different loan terms, or to get cash out? A U.S. Bank Smart Refinance may be for you. This no-closing-cost refinance option comes with a straightforward application process and flexible terms.

Other, Less Common Loan terms. 10-year fixed rate mortgage . A 10-year fixed mortgage has an interest rate that never changes throughout the 10 year loan period. Initially, the principal amount is reduced and then it moves at an accelerated pace throughout the loan period.

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Many mortgage firms must borrow funds on a short-term basis in order to originate loans which are to be sold later in the secondary mortgage market (or to investors). When the prime rate of interest is higher on short-term loans than on mortgage loans, the mortgage firm has an economic loss which is offset by charging a warehouse fee.

Browse and search thousands of Mortgage Abbreviations and acronyms in our comprehensive reference resource.

What Is A Fixed Mortgage Following the biggest one-week drop in a decade, fixed mortgage rates paused to catch their breath and were essentially flat this week. According to the latest data released Thursday by Freddie Mac,

Get started by memorizing these 10 common mortgage terms. Amortize: Amortization is the process of gradually paying off debt. When deciding on a mortgage, you’ll often look at amortization schedules that compare different loan payment options. Every mortgage has a unique amortization schedule and estimated payoff date.

Use this glossary of mortgage terms to better understand the overall mortgage process as well as any specific mortgage terms that may be unfamiliar to you. A Abstract of title [skip to next word] A written history of all the transactions related to the title for a specific tract of land.

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