Part V: Home Buyer Terms and Definitions

Article by: Mark Mathis

Mortgage Broker - A broker who represents numerous lenders and helps consumers find affordable mortgages; the broker charges a fee only if the consumer finds a loan.

Mortgage Commitment - A formal written communication by a lender, agreeing to make a mortgage loan on a specific property, , Life’s a Beach – A Shore Theme in Your Outdoor Space specifying the loan amount, length of time and conditions.

Mortgage Company (Mortgage Banker) - A company that borrows money from a bank, lends it to consumers who want to buy homes, , Forget Everything You've Ever Read About Water Heating... Co then sells the loans to investors.

Mortgagee - The lender who makes a mortgage loan.

Mortgage Loan - A contract in which the borrower's property , A Beginner's Guide to Buying House Plans is pledged a s collateral and which can be repaid in installments over a long period. The mortgagor (buyer) promises to repay principal and interest, to keep the home , Great Arborvitae - Evergreens for Bridgeton Twp insured, to pay all taxes, and to keep the property , Advice about the latest and accurate advice witrel="nofollow" h reference t in good condition.

Mortgage Origination Fee - A charge by a lender for the work involved in preparing and servicing a mortgage application (usually 1 percent of the loan amount).

Negative Amortization - An increase in the outstanding balance of a loan when a monthly payment is not large enough to cover all of the interest due.

Note - A formal document showing the existence of a debt and stating the terms of repayment.

PITI - Principal, interest, taxes, and insurance (the 4 major components of monthly housing payments).

Point - A charge of 1 percent of the mortgage amount. Points are a one-time charge assessed by the lender at closing to increase the interest yield on a mortgage loan.

Prepayment - Payment of all or part of a debt prior to its maturity.

Principal - The amount borrowed in a loan, excluding interest and other charges.

Property Survey - A survey to determine the boundaries of your property. , Replace the White Birch With River Birches In The Dublin Pa. Area The cost will depend on the complexity of the survey.

Rapid Payoff Mortgage - (See Growing , Beautiful Lighting Tips 101 - A Crash Course in Lighting Des Equity Mortgage).

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Be sure to read Part VI of this article at:
http://www.houseplancentral.com/articles.php?id=24
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About the author:
Mark Mathis is a building designer , A Beginner's Guide to Buying House Plans and publisher of several stock house , 25 Christmas Stocking Filler Ideas For Your Teenage Girl plan websites and informational resources including http://www.HousePlanCentral.com, http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Be sure to visit each site and subscribe to our eNewsletters to receive special offers, promotions, and subscriber-only features. , Mulching Benefits / Organic And Inorganic Mulch Types

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