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9 mortgage terms you should know

It’s like a different language. APR, Fannie Mae, FHA, Freddie Mac, CFPB, PMI, HELOC—you can get lost in the terms of the lending industry. Don’t worry. Your lender can help you understand the ones relevant to your situation. But it’s a good idea to understand some basic terms that apply in many circumstances. Here are nine to get you started. Amortization Paying off principal (see below) over time. You normally pay off the principal in a mortgage loan over the loan’s term through a fixed schedule. Appraisal A written report by a qualified professional t...

December 13th, 2015 | Home Owner Tips, Mortgage Terms, 9 mortgage terms you should know