SaveItUp Moment - Important Mortgage Terms to Know

SaveItUp Moment - Important Mortgage Terms to Know. Charleston Homes: Do Short-Term Rates Influence Mortgage Rates?

SaveItUp Moment - Important Mortgage Terms to Know video duration 1 Minute(s) 40 Second(s), published by FORUM Credit Union on 14 11 2018 - 18:07:27.

Hello, I am Andy Mattingly and in todays SaveItUp Moment we will be discussing a few common mortgage terms
PMI or private mortgage insurance is insurance People Question #8 Before applying for a mortgage even if you're a pro to this or a first timer to apply, there are certain terms that you should be aware of.

Don't forget to subscribe to our channel to receive new videos! WEBSITE: http://www.forumcu.com/ FACEBOOK: https://www.facebook.com/ForumCU TWITTER: Ever wonder what the heck all that mortgage jargon means? Let'su200b make getting a loan easier to understand What's happening in our market right now in terms of interest rates? During my recent conversation with mortgage expert Eric Almquist, we got to the bottom of .

Hello, I am Andy Mattingly and in todays SaveItUp Moment we will be discussing a few common mortgage terms.

PMI or private mortgage insurance is insurance that borrowers pay when they don’t have at least 20% for a down payment.

Points are fees to lower your rate which can often times be a savings for the borrower over time because the upfront fee is less than the interest that will be saved over time.

Closing costs are costs that buyers must pay when the mortgage is completed and can include recording fees, processing fees and any other funds required as part of the purchase.

Title insurance insures homes are free and clear of liens. Because lenders are using the home as collateral for the loan, they need to know that the home doesn’t have any other liens and that the title is free and clear for the borrower.

LTV or loan to value is calculated by dividing the amount of the mortgage by the value of the home. If this ratio is more than 80% private mortgage insurance is usually required.

Rate lock is a guarantee the interest rate won’t change unless there is a change in the application. This is a feature that most lenders offer than can range from 30 – 90 days typically. It provides security if the rates are volatile while arranging financing.

That’s been this week’s SaveItUp Moment, if you want any more information on this topic or any other topic please visit the SaveItUp page at forumcu.com.

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