mortgage terms for dummies

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Glossary of mortgage terms adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Annual Percentage Rate (APR): A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan.

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Rocket Mortgage is a subsidiary of Quicken Loans, offering Quicken’s same host of refinancing options, but completely online. Rocket Mortgage gives its customers access to customizable mortgage refinance, with approval ready within minutes.

Fixed-Rate Mortgages: Mortgage with an interest rate and a payment that doesn’t change over the term of the loan. Should the current market interest rate fall below your fixed rate, contact your mortgage expert right away to discuss the benefits of refinancing.

Changing the terms of the loans, which had become prohibitively expensive after the Swiss franc jumped in value, means Polish banks will have to refund some customers. “Support may concern some.

Is your bank or broker confusing you with big words? Do you want to sound a whole lot savvier when handling your mortgage transaction? This mortgage.

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A mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so.

Curious about a reverse mortgage? Read our guide and figure out whether this product is right for you or your loved one.

Use Bank of America's comprehensive mortgage terms glossary to get definitions of mortgage terms that may come up throughout the loan process.

A reverse mortgage, also known as the home equity conversion mortgage (hecm) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use it to supplement retirement income.