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Mortgage Terms to Know

Mortgage Terms to Know

Like any field or topic, mortgage is a noun that brings many words with it. Generally referring to a home loan, a mortgage is thought of as a way to buy a new home, a payment plan for homebuyers, and/or house payments.

There are numerous terms and phrases attached to mortgages and home finance, but knowing even a few of them will help in your understanding of mortgages and your own home finance.

An acquisition cost is the value of the home, set by the appraiser, along with the cost it takes to close on the home.

An Adjustable Rate Mortgage is also called a Variable Rate Mortgage. This means a mortgage is adjustable at certain points in the loan, such as five or ten years.

An Assumable Mortgage is one that the buyer promises to pay off the entire loan, regardless or whether the house is sold to another owner.

Balloon Mortgage is a mortgage with set payments for a certain amount of years until it must be paid off in full. For example, a seven year balloon mortgage would require you to pay a certain percentage each year for seven years, and then pay off the entire loan at that seven year deadline.

A Blanket Mortgage is one purchased when using the loan for more than one property. If you have two homes, you may want to consider a Blanket Mortgage as opposed to separate or inadequate loans.

Collateral is the property which you own that qualifies you for a loan. If you do not pay back a loan, your house can be taken from you, even if you have paid some of it off.

Depreciation is a term employed in the home buying and mortgage review | approval process. It refers to a home’s reduction in value. As the market changes, so does the market value of your home, which creates depreciation and can change your equity.

Fannie Mae is the largest supplier of mortgage funds. It is owned by share holders and chartered by congress. It is officially known as the Federal National Mortgage Association, its acronym is FNMA

A Jumbo Loan is a loan that meets or exceeds $333, 701. This is determined by the FNMA and the Federal Home Loan Mortgage Association.

The Lender is the institution that gives you your mortgage loan. Some lenders may be responsible for the loans but give the administration duties to other companies or subsidiaries.

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