Mortgage quotes are a dime a dozen. So are mortgage companies, running the whole gamut from legitimate brokers to fly-by-night lenders. To make sure you get the best deal and ensure you do not fall prey to unscrupulous brokers, learn basic mortgage terms and concepts.
Mortgaging 101
Mortgaging is a complex process. Its basic terms and concepts, however, are simple enough for anyone to understand. Brush up on this little stash of knowledge as they will come in handy in your dealings with mortgage companies.
Below are a few terms and a little explanation of what they mean.
Loan Term
The loan term is the amount of time you are given to repay the loan. The usual choices are 15 and 30 years. “Term of repayment” is another word for “loan term.”
Interest Rate
The interest rate of your loan is how much it costs you to borrow the money. This is computed as a percentage of the loan amount, charged over a certain period. In shopping for mortgage quotes, you will encounter two types of interest rates, fixed-rate and adjustable-rate. In fixed rate mortgage, the interest rate stays the same all throughout the lifetime...
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