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YOUR good* credit,
is in YOUR--
*Includes persons with a past
history of bad credit, or you just want to start over again, and have minimal credit or
don't have any credit! Contact DICK PALMER.
ENGLEWOOD COLORADO MORTGAGE LOAN TERMS TO KNOW
ANNUAL PERCENTAGE RATE:
An interest rate that reflects the actual cost of a mortgage as a yearly rate.
Includes points and other costs, so usually is higher than the advertised rate.
A loan that the lender is willing to transfer from a prior owner to new owners,
sometimes at the same interest rate.
All charges associated with getting a mortgage, including origination fee, points,
appraisal fee, title search and insurance, survey, taxes, deed recording fee, charges for
credit reports and other costs.
Funds submitted as a "good-faith" gesture to show a potential buyer is
serious about buying.
The value of your home after the outstanding balance of any loans are subtracted.
A third-party account set up by the lender in which your funds are held to pay for
taxes and insurance.
The fee charged by a lender to prepare all documents associated with your mortgage.
Prepaid interest on your mortgage, charged by the lender at closing. Each
"point" is 1 percent of the loan amount.
The expenses escrowed at closing, usually including real estate taxes, insurance
The amount of debt, not including interest, left on a loan; also the face amount of
PRIVATE MORTGAGE INSURANCE:
An insurance policy the borrower buys to protect the lender from nonpayment of the
loan. PMI policies are usually required if your don payment is less than 20 percent of the
home's appraised value.
A policy insuring you against errors in the title search, essentially guaranteeing
you and your lender's financial interest in the property.