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Get a complete up-to-date list of residential listings, mortgage information, free reports & more from a local real estate expert. “Paula was aware that we were first time buyers and took a lot of her time explaining the ins and outs of buying a home. She took us to see an untold number of houses allowing us time to look and discuss each one. She never pressured us, never seemed ‘put upon’, and never behaved in any manner other than her obviously friendly self. For this and a million other small things, we are eternally grateful.” Mr. & Mrs. Cannon
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Financing Your Home >The Language of Financing
When you meet with a lender to apply for financing, you may feel as if you are in a foreign country when the loan officer begins to talk about points, Regulation Z margins, PMI, and ARMs.
You are not alone if you feel left behind by loan terminology. Like many professionals, lenders use a highly specialized language. Don't hesitate to ask for a translation! This is especially true if you are investigating some of the more complicated loans with rates that can be adjusted periodically. As you consider the various loan options, find out what the interest rate will be and at what point the lender will commit to that rate. If the loan has an adjustable rate, be sure that you understand how often the rate will adjust, and by how much your payments may go up. Find out if the loan can be assumed by a future buyer. The lender isn't trying to confuse you. The mortgage process is complicated, so just keep asking questions until you understand.
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What was considered the world's tallest building one hundred years ago?
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The Eiffel Tower in Paris, France, completed in 1889 and standing 984 feet tall, is still considered one of the world's greatest structures. |
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