Chico - Paradise - Oroville Lender

talking about mortgage loans

Author: Richard Graeff

Top Mortgage Terms To Know

MORTGAGE BASICS

 

While most mortgage web sites offer a glossary containing hundreds of real estate and lending related terms, we termswanted to highlight the top terms that most borrowers will hear several times throughout the approval and home buying process.
Understanding the “Shop Talk” between the various industry professionals that you’ve assembled on your team will hopefully give you greater confidence when discussing important topics that may impact your transaction.

Mortgage Related Terms:

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Mortgage Approval Process

Whether you’re a First-Time Home Buyer or seasoned investor, the mortgage approval process can be a slightly overwhelming adventure without a proper road map and good team in your corner.

Mortgage-ApprovalUpdated program guidelines, mortgage rate questions and down payment requirements are a few of the components you’ll need to be aware of when getting mortgage financing for a purchase or refinance.

While this site is full of useful information, industry terms and calculators that will help you research the mortgage approval process in detail, this particular page was designed to give you a thorough outline of the important components involved in getting qualified for a new mortgage loan.

Mortgage Approval Components:

Mortgage lenders approve borrowers for a loan, which is secured by real estate, based on a standard set of guidelines that are generally determined by the type of loan program.

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Calculating The Net Benefit of A Refinance Transaction

MORTGAGE RATE BASICS

3d human character that push a big percent symbol

Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate.

Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over the term of the loan is the most popular.

Calculating the actual savings can be a tricky chore unless you know the difference between cash flow savings and i Continue reading