Mortgage Terms: Financial Education Is Your Best Investment

The Simple Guide to Payoff Your Loan & Refinancing, Mortgage Notes, Broker, and Business Management

De: Thomas Herold

Narrado por: William Bahl

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

Adding Extra Each Month

Simply paying a little more towards the principal each month will allow the borrower to pay off the mortgage early. Just paying an additional $100 per month towards the principal of the mortgage reduces the number of months of the payments.

For anyone looking to grow their rental portfolio

A mortgage is a plan in which a property like land, house or a building is used as a guarantee to get a money through a loan. A mortgage is a transfer of a right to stable property for the security purpose of a loan amount. A mortgage is a method which used to create a charge on property by contract.

Monthly payments on a $150,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $716.12 a month, while a 15-year might cost $1,109.53 a month.

Informative, easy to follow, and genius.

Those considering a 10-year mortgage should ideally be approximately 10 years from when they plan to retire. Because the 10-year fixed-rate mortgage requires higher monthly payments, it's crucial that you be able to afford these higher rates for the entire life of the loan.

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.