Mortgage Terms Information

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Section One - Mortgage Dictionary

All the terms we could think of regarding mortgages in one handy spot.

 

Section Two - LTV - Loan to Value

Information on LTV and why it matters.

 

Section Three - APR - Annual Percentage Rate

Information on APR and how it is calculated.

 

Section Four - Fannie and Freddie

Who are Fannie and Freddie and how can they help me get a lower rate?

 

Section Five - Government Loan Agencies

What is a government loan?

 

Section Six - PMI

Information about Private Mortgage Insurance, called PMI.

 

Section Seven - 2nd Mortgages

Why is it called a 2nd Mortgage?

 

Section Eight - Title Insurance and Owners Title Insurance

What is title insurance and why should I consider owners title insurance?

 

Section Eight - Cash Out Mortgage

What is a cash out mortgage?

 

Section Nine - Condo, PUDs, Townhomes

What are the differenes between a Condo, PUD, and Townhome?

 

Section Ten - Zoning

Does it matter how my property is Zoned?

 

Section Eleven - Recasting

What is recasting and does it affect my payment?

 

Section Twelve - Negative Amortization Loans

Sometimes called Pick-A-Payment loans - what are negative amortization loans?

 

Section Thirteen - No Closing Cost Mortgages

Can I really get a mortgage with no closing costs?