• Mortgage Terms: Financial Education Is Your Best Investment

  • The Simple Guide to Payoff Your Loan & Refinancing, Mortgage Notes, Broker, and Business Management
  • By: Thomas Herold
  • Narrated by: William Bahl
  • Length: 9 hrs and 14 mins
  • 4.8 out of 5 stars (46 ratings)

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Publisher's Summary

Find out essential mortgage terms you should know.

One of the most important decisions that you can make is buying a home and taking out a mortgage to pay for the house. The decisions you make on your mortgage will have financial ramifications for years to come. 

If you find yourself overwhelmed and confused by all the mortgage terms out there, don’t worry because you’re not alone. Getting a mortgage can be a complicated process, made worse by all the unfamiliar terminology your mortgage lender might use.

From lender to loan to closing your home...

With the terminology used in discussing mortgages such as appraisals, equity, escrow, points, and settlement costs, most common people can become easily confused. Mortgage professionals can speak in a language all of their own and the lingo used is unique.

This practical mortgage guide covers topics like:

  • Mortgage lending and brokers
  • Subprime, reverse, and FHA mortgage
  • Commercial and residential mortgage
  • Escrow, points, and settlement costs
  • Home equity and loan modification

This practical glossary in alphabetical order compiles a list of over 125 most important mortgage terms you’re likely to encounter. Every mortgage term is explained in detail, with clear and concise article-style description and practical examples.

It will help you understand most common mortgage terms that you might encounter, and what role they play in the mortgage process. Use this glossary of mortgage terms to better understand the overall mortgage process as well as any specific mortgage terms that may be unfamiliar to you.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2019 Thomas Herold (P)2019 Thomas Herold

What listeners say about Mortgage Terms: Financial Education Is Your Best Investment

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Great book

Great terms to possess

I really recommend anyone going through mortgages to read this book

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Make one extra mortgage payment each year.

Making an extra mortgage payment each year could reduce the term of your loan significantly. For example, by paying $975 each month on a $900 mortgage payment, you'll have paid the equivalent of an extra payment by the end of the year.

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Practical, honest and sincere advice

Even so, a 15-year refinance could make sense financially. If a 15-year refinance doesn't fit your budget, you can always consider refinancing into a 20 or 30-year loan and making higher payments to eliminate your mortgage faster and reduce the amount of interest you pay.

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I didn't even know how much i didnt ...

Most lenders do offer 5-year Adjustable Rate Mortgages (ARMs). The rate is fixed for five years, but then it can go up if you are not done paying off the loan by then. With those, borrowers become vulnerable to potential increase in rates – and sometimes large increase depending on the terms and the rules behind ARMs.

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This book worth buying it.

When most fixed term mortgages end, the lower rate that was agreed for that fixed term changes and reverts to the lender's standard variable rate, or SVR. In many cases the SVR rate is higher than that of the fixed rate which means the homeowner's monthly mortgage payments will rise.

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What a great approach to investing!

There are six distinct phases of the mortgage loan process: pre-approval, house shopping; mortgage application; loan processing; underwriting and closing. Here's what you need to know about each step.

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Outstanding! Learn so you may Do...

Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month? Even though the principal would be paid off in just over 10 years, it costs the bank a lot of money fund the loan. The rest of the loan is paid out in interest.

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Real Estate Smarter Faster Better!

After the lender approves your loan, you will get a commitment letter that stipulates the loan term and terms to the mortgage agreement. It will also include any loan conditions prior to closing. You will be required to sign the letter and return it to your lender within a specified time.

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On starting your rental property business.

The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.

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Great information with practical, real world advic

A two year deal has the benefit of usually offering a lower rate than a five year deal, but does mean that, after the two year period has ended, borrowers will need to search for a new mortgage deal, which could be both time-consuming and costly.

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  • Adam James Pearce
  • 12-27-20

Computer generated voice is hard to listen.

The content is probably good, however the American computer generated voice us annoying and hard to understand at times.

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