Mortgage Terminology for the First Time Home Buyer

Written by Dale Ronewicz

Continued from page 1

Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided thatrepparttar loan is closed within a certain period of time, such as 60 or 90 days. Oftenrepparttar 147425 agreement also specifiesrepparttar 147426 number of points to be paid at closing.

A mortgage is a document signed by a borrower when a home loan is made that givesrepparttar 147427 lender a right to take possession ofrepparttar 147428 property ifrepparttar 147429 borrower fails to pay offrepparttar 147430 loan.

Overages arerepparttar 147431 difference betweenrepparttar 147432 lowest available price and any higher price thatrepparttar 147433 home buyer agrees to pay forrepparttar 147434 loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation.

Points are fees paid torepparttar 147435 lender forrepparttar 147436 loan. One point equals 1 percent ofrepparttar 147437 loan amount. Points are usually paid in cash at closing. In some cases,repparttar 147438 money needed to pay points can be borrowed, but doing so will increaserepparttar 147439 loan amount andrepparttar 147440 total costs.

Thrift institution is a general term for savings banks and savings and loan associations.

Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneysí fees; recording fees; and notary, appraisal, and credit report fees. Underrepparttar 147441 Real Estate Settlement Procedures Act,repparttar 147442 borrower receives a good faith estimate of closing costs atrepparttar 147443 time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range

When shopping for a first time home buyer loan make sure you shop around and find a broker or a loan officer thatís responsive to your needs. And donít be afraid to ask question. Remember, itísrepparttar 147444 questions you donít ask that could keep you from saving money.

Mortgage Terminology for the First Time Home Buyer was written by Dale Ronewicz ( For more on First Time Home Buyer Loans please visit: _home_buyer_loans

Adverse Credit Mortgage Loan - Persistence Is The Key To Getting Approved

Written by Carrie Reeder

Continued from page 1

The best thing about this process is that most of these mortgage brokers wonít even pull your credit when you apply. That means that there is no risk to you for trying it out. Usually when you have started to work with a specific mortgage lender, that is when they will ask if they can pull your credit report. You may already know that multiple inquiries on your credit report can drop your credit score slightly, and if you have bad credit to begin with, you are going to want that score to be as high as possible.

Talk with many different mortgage loan brokers, if you can, have one mortgage loan broker pull your credit and then ask him/her what your credit score is. Then, go to allrepparttar other lenders you want to apply with and tell them your situation, with your credit score, income and down payment information. Have them give you some estimates of what they can do before they ever pull your credit.

There are many things you can do to boost your credit score, but before you let your bad credit keep you from getting into a home, be persistent and make sure you have applied with or talked with as many different mortgage lenders or mortgage service companies as you can. If you can apply online, that is a fast, easy way to apply with many mortgage lenders and get responses quickly.

To view Carrie Reeder's list of most recommended bad credit mortgage loan companies, visit this page: Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan website, with informative articles and the latest finance news.

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