
|
All agents are NOT alike! Find out why we are top Real Estate experts. Call us: Linda 775.771.4400.
|

"The home of our dreams!" "Thank you for your dedication and hard work in cooridnating important aspects of finding us the home our dreams!" Stephani & John Read Quote > View All Quotes >
|
Compare three mortgages
at one time. Download TripleCalc now. It's free.
|
Hartman & Assoc. is one of The Top Selling Real Estate Experts Find Out More > |
|
|
|
|
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.
|
| Q |
What does the term ARM stand for?
|
| A |
An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
See More Real Estate Trivia > |
|

NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|