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Glossary of Terms
Adjustment Date
The date that the interest rate changes on an adjustable rate mortgage (ARM).
Adjustment Period
The period elapsing between adjustment dates for an adjustable rate mortgage.
Amortization Term
The length of time required to amortize the mortgage loan expressed as a
number of months. For example, 360 months is the amortization term for a 30- year fixed rate mortgage.
Appraised Value
An opinion of a property's fair market value, based on an appraiser's knowl- edge and analysis of the property.
Assessment
A local tax levied against a property for a specific purpose, such as a sewer.
Assumption Fee
The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.
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The Mortgage Process – The mortgage process can be broken down into eight simple processes. Pre-qualification, choose a mortgage program, The Application, Processing, Your Credit Report, The Appraisal, Underwriting, and The Closing. This process will be monitored daily by your Mortgage Broker and updated to you as often as you choose. Here is a quick explanation of each step. Pre-qualification is the first step. It gives you the information needed to buy a home with the knowledge of your pre-approval dollar amount. This puts the purchasing power in your hands, not the seller.
 
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The truth about rates

Rate Shopping?
PLEASE READ THIS FIRST!

The number one request we receive is, "Please give me your best rate quote". Some mortgage lenders, who know that customers can be swayed solely by the price they hear quoted...
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Mortgage Pricing

There are over 50 factors that, when combined, determine the interest rate you'll receive. The following are just a few of the factors taken into account to determine your interest rate:

  • Program type
  • ...
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