Adjustable Rate Mortgage (ARM):
A mortgage in which the interest rate is adjusted periodically according to a pre-selected index/interest rate.
Annual Percentage Rate (APR):
The APR reflects the cost of your mortgage loan as a yearly rate. It will be higher than the interest rate stated on the note because it includes, the interest rate, loan discount points, fees and mortgage insurance.
A buyer’s or seller’s agreement to enter into a contract and be bound by the terms of the offer.
This will take into considerations, and analyze the borrower’s ability to afford the purchase of a home. Consideration factors, includes; income, liabilities and available funds, as well as the type of home loan, the likely taxes and insurance for the home and the estimated closing costs.
Nonrefundable fees paid when you apply for your loan. These fees may include charges for items such as, for example, a credit profile or a property appraisal.
The gradual reduction in the principal amount owed on a debt.
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