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Terms You Need to Know and Understand Before You Sign Your Mortgage!Buying a home is a major achievement in most everyone’s life. Pride of ownership, tax breaks and equity are just a few of the many benefits you’ll enjoy with your new home. Your home purchase may also be one of the largest you will ever make. During the emotional excitement of buying a home, you may encounter terms with which you are unfamiliar. For some, it can be bit embarrassing to ask what they consider too many questions. Others may make a note of their questions but simply forget to revisit those points. To ensure that you have complete confidence during your home loan process, invest a moment to read this report and become familiar with the concepts and terms you’ll encounter. Knowledge is power and the more you know the more successful will be your decisions and the more soundly will you sleep at night having made them. Adjustable
Rate Mortgage (ARM) Annual
Percentage Rate (APR) Assumption Buy-down Caps Closing Debt-to-Income
Ratio Discount
Points Down
Payment Earnest
Money Equity Escrow Fixed
Rate Mortgage Loan-to-Value
Ratio Market
Value Mortgage
Insurance Origination
Fee PITI Underwriting Variable
Rate MortgageAlso referred to as Adjustable Rate Mortgage. A mortgage
in which the interest rate is adjusted periodically based on a pre-selected
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