Mortgage Terms
Simple Definitions to the TOP 7 most Frequently Asked Questions about Mortgage Terms
Learn your Mortgage terms. A mortgage loan payment calculator is a good tool to help give an estimate on the principal and interest part of your mortgage payment, but it doesn't tell the whole story. Mortgage payments have many parts that make up the whole. Learning these mortgage terms will prove invaluable as you shop for the best mortgage:
1. Principal
Simply put, principal is the amount you owe the lender (or bank, or credit union). Your principal starts out at whatever amount you have to borrow in order to pay the full price of your house. Your principal decreases……
2. Interest
Interest is the amount that you pay the bank for loaning you the money to purchase your home. The amount of interest you pay is determined by……
3. Tax escrow
Before we talk about escrowing for taxes, let me give a short explanation of what property taxes are…..
4. Home owner's insurance escrow
Just as the lender has a vested interest in making sure that the property taxes are paid, the lender has an equally vested interest in seeing that the home is insured. I'm sure you are familiar with…..
5. P.M.I. (private mortgage insurance)
If you haven't figured it out thus far, lenders make every effort to insure that they will not lose out on…
6. Credit Report
How to get a free copy of your credit report...
7. Credit Score
What does Your Credit Score really mean.....
Click on the Letters below for a complete Glossary of Mortgage Terms
A thru D
E thru G
H thru J
K thru N
O thru Q
R thru Z
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Mortgage Term Glossarymortgage-terms-glossary-A-thru-D Mortgage-Terms-Glossary-E-thru-G mortgage-terms-glossary-H-thru-J mortgage-terms-glossary-K-thru-N mortgage-terms-glossary-O-thru-Q mortgage-terms-glossary-R-thru-Z The Definition of Escrow Escrow More about Escrow Payments Foreclosures PMI Private Mortgage Insurance Closing Costs Down Payment Assistance Mortgage Interest- How to Calculate Mortgage Principal
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