Before You Buy, Speak The Language - Mortgage Glossary

Mortgage Glossary

When you buy a home, knowledge is king! Knowledge about the area, the schools, and price range are extremely important. Knowledge of mortgage terms is also very important, so a good place to obtain this knowledge is from a mortgage glossary.

Obtaining financing for a home has its own "language". Those that are in the business can speak to each other in this language and communicate effectively. However, buyers that only venture into the real estate world when they need to move or refinance have a difficult time communicating if they are not familiar with the terms.

The preparation to move or refinance is similar to going on a trip to a foreign country. You would not travel to Japan, for example, without learning the basic terms of Japanese (hello, where is the bathroom, I need a cab, etc.). You would buy a Japanese dictionary before making your trip.

Before you take a trip to MortgageLand, you should arm yourself with a glossary of mortgage terPuppy Eyesms in order to make the "trip" a successful one.

I have seen home buyers sign documents with the look of a lost puppy on their face. When I see this look, I know why. They are signing documents based on faith in their professionals that have helped them. Faith in their professionals is a good thing, but having faith in themselves because they are knowledgeable about the terms is a much better feeling!

I think the home buying or refinancing experience would be much improved if all clients were given a basic mortgage terminology glossary before starting the process. It doesn't have to be an all-encompassing mortgage glossary. It just has to be a glossary that gives the basics of what a buyer or owner needs to know in order to make good decisions about the transaction they are involved with!

 

 

 

 

 

Would you like to talk to Phil - schedule a phone call here 

Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation."
 
Comment balloon 0 commentsPhil Caulfield • September 20 2012 02:00PM
Before You Buy, Speak The Language - Mortgage Glossary
share
Mortgage Glossary When you buy a home, knowledge is king! Knowledge about the area, the schools, and price range are extremely important. Knowledge of mortgage terms is also very important, so a good place to obtain this knowledge is from a… more
10 Items A Jumbo Lender Will Check On A Credit Report
share
A jumbo lender will scrutinize every credit report they look at very closely. They look for much more than payment history and what the payments are. Here is a list of ten items that a jumbo lender will pay attention to and why they think it… more
Eleven Factors That Determine A Jumbo Mortgage Rate Quote
share
When I am asked to do a jumbo mortgage rate quote, I usually ask the potential borrower if I can give them a call back. Why? Because I have to go through a list of factors that determine what the rate will be. As a matter of fact,… more
Get rid of PMI Mortgage Insurance Right Now!
share
Get Rid of PMI Mortgage Insurance I am writing this post as a public service to all homeowners in the counties of San Mateo, San Francisco, Alameda, Contra Costa, and Marin Counties. If you are paying for mortgage insurance (also known as PMI,… more
How to create two transactions where none existed!
share
How would you like to create two transactions and make your clients extremely happy! I know what you're thinking - how is this mortgage guy going to show me how to sell homes? I welcome the skepticism but after you read this article I think you will… more
Your High-End Client Had Their Loan Denied - Lack of Cash Reserves
share
Have you lost a high-end client because they could not qualify for financing? That's an awful feeling! In my experience, the guideline that is the hardest to satisfy is the cash reserve requirements. Cash reserves are the amount of money the… more
Did you call your lender to see if your client's property qualifies…
share
If you are a real estate agent, I would imagine you would want to have as much information as possible about the property your client wants to either sell or buy. One bit of information you should know is the number of the census tract the property… more
Seven questions to ask to get the best jumbo mortgage rate quote in…
share
If you live in San Mateo County and own or want to buy a home, there is a good chance that you will need a jumbo mortgage rate quote when shopping for a loan. There are many variables that go into a jumbo mortgage rate quote. knowing what these… more
The story of how an agent helped his client buy a fixer-upper rental…
share
Abe the Agent had a great eye for value. One day while on tour he spotted a home that obviously needed work. The home was in a good neighborhood. Interest rates were low, and rents were increasing. After he was done with his tour, he… more
FINALLY - GREAT NEWS IF YOU WANT A FHA STREAMLINE REFINANCE IN SAN…
share
If you obtained a FHA loan in San Mateo County prior to May 31, 2009, you may be able to benefit from the news announced yesterday. FHA streamline loans may become more affordable. FHA mortgage insurance premiums have increased in the last… more