Mortgage Rate Review
First-time mortgagors should familiarize themselves with borrowing procedures before seeking loan advice or locking in a rate. The home loan process can be overwhelming and wrought with confusing terminology and financial concepts. Getting a grip on loan language will help borrowers better understand the purchase process and assist them in deciphering complex financial advice.
Defining Mortgage Jargon
- Appraised Value: estimation of a home's fair market sales value.
- Closing: conclusion of the purchase and selling transaction.
- Lock-in Rate: rate that a lender is willing to give to a mortgage borrower for a particular time period.
- Pre-qualification: preliminary qualification process that gives the consumer an estimated idea of the amount she'll be able to borrow.
- Pre-approval: evidence that a lender has looked through a consumer's income and credit information and has predetermined how much he'll be authorized to borrow.
- Prime Rate: interest charged to a lender's most solvent customers.
- Subprime Rate: a higher interest rate charged to less credit-worthy mortgagors.
- Title: printed evidence of the homeowner's legal right to a property.
In order to understand the complex lending process, consumers should seek the assistance of a qualified mortgage consultant who will help them review their finances and offer advice about appropriate loan products. There is no such thing as a dumb question when it comes to making sound financial decisions.
Get Mortgage Rate Advice From the Experts
Your trusted mortgage advisor provides product assistance, loan review advice and professional negotiation to assure that your home loan fits your budget and long-term financial picture. Contact them at info@trusted-mortgage-advice.com for a personal consultation.