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Essential Mortgage Terms You Should Know
One of the most important decisions that you can make is buying a home and taking out a mortgage to pay for the house. The decisions you make on your mortgage will have financial ramifications for years to come.
If you find yourself overwhelmed and confused by all the mortgage terms out there, don’t worry because you’re not alone. Getting a mortgage can be a complicated process, made worse by all the unfamiliar terminology your mortgage lender might use.
From Lender to Loan to Closing Your Home
With the terminology used in discussing mortgages such as appraisals, equity, escrow, points and settlement costs, most common people can become easily confused. Mortgage professionals can speak in a language all of their own and the lingo used is unique.
This Practical Mortgage Guide Covers Topics Like:
- Mortgage Lending & Broker
- Subprime, Reverse & FHA Mortgage
- Commercial & Residential Mortgage
- Escrow, Points & Settlement Costs
- Home Equity & Loan Modification
- Home Equity & Loan Modification
This practical glossary with alphabetical order compiles a list of over 125 most important mortgage terms you’re likely to encounter. Every mortgage term is explained in detail, with a clear and concise article style description and practical examples.
It will help you understand the most common mortgage terms that you might encounter, and what role they play in the mortgage process. 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.
Make Your Mortgage Less of a Mystery
Taking time to understand the vocabulary can help you with your mortgage planning, eliminating confusion, and get better prepared for a swift and smooth transaction.
Get Smart with the Financial IQ Series
Please also have a look at other titles in this series. The Herold Financial IQ series covers all major areas and aspects of the financial world.
Starting with Personal Finance, Real Estate and Banking term. Covering Corporate Finance, Investment as well as Economics. It also includes Retirement, Trading, and Accounting terms. In addition, you’ll find Debt, Bankruptcy, Mortgage, Small Business, and Wall Street terminology explained. Not to forget Laws & Regulations as well as important acronyms and abbreviations.
