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A Mini Mortgage Library The Top 10 Mortgage Terms

If you're looking to buy a house, you'll want to have access to a good mortgage library. Educating yourself on the do's and don'ts of buying a home is important. Everyone wants to wrangle the best possible deal and mortgage terms are definitely confusing.

1) Broker: Broker is the first term in a mortgage glossary to understand. A broker is the person who connects you with a lending institution like a bank to put together a mortgage. In real estate terms, an agent will work for a broker. There are some terms which deal specifically with the property itself.

2) Mortgage: A legal document that connects the property to the lending party.

3) Deed: Then there is a deed, which is the legal document of title for a property.

As you look through a mortgage library, you'll want to make sure you find other terms so you'll know what kind of loan you'll be looking at.

4) Escrow: An escrow is a money deposit that will be delivered to the seller after a transaction has been closed.

5) Amortization: This refers to how the loan payments are divided between the amount being paid on the principal loan amount and how much is being paid on the interest.

The part of buying a property also involves familiarizing yourself with some of the words in the mortgage glossary.

6) Appraisal: Terminology such as appraisals are important because it will determine the value of a home before an offer is made as well as when it comes time to looking for homeowner's insurance.

7) APR: When obtaining a loan, the APR or annual percentage rate is important. This is the percentage that will be paid to the loan, which can have a significant impact on the total cost of the mortgage payment each month. You want to try and get the lowest APR possible, and this is where your broker may be able to assist you.

8) Closing: This is the part of the mortgage process when all the documents have been signed, money has changed hands and everything is completed so the buyer can take possession.

In the event that your mortgage doesn't work out as planned, the final two mortgage terms you need to be familiar with is refinance and bankruptcy.

9) Refinance: You may be able to refinance by creating an entirely new loan of the same property at a lower interest rate. This may involve paying new closing costs, however, it can help with debt and lower monthly obligations.

10) Bankruptcy: In a mortgage library, bankruptcy is the worst term because it means that a person is unable to make payments and files a motion with the court to be absolved of financial obligations.

These are the most basic terms to know when seeking to secure a loan. There are many other important terms, and finding a good source for mortgage information will provide the confidence and knowledge you need to proceed.

About Author Wilhem Kearnes :

One great way to better understand the language used in home lending is to take advantage of a Seattle mortgage library. Wilhem Kearnes recommends the library provided by Sammamish Mortgage if you are looking for information regarding Seattle home loans. Visit <a href="" target="_blank"></a> to see more mortgage and lending terms.

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Article Added on Saturday, April 20, 2013
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