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.
This practical glossary with alphabetical order compiles a list of over 125 most important mortgage terms you’re likely to encounter.
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:
- Fixed Rate
- Adjustable Rate
- Conventional Loans
- FHA Loans
- VA Loans
- USDA / RHS Loans
- Jumbo Loans
- Conforming Loans
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.
Every mortgage term is explained in detail, with clear and concise article style description and practical examples.
This practical glossary with alphabetical order will help you understand 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.