Mortgage Terms: Financial Education Is Your Best Investment

The Simple Guide to Payoff Your Loan & Refinancing, Mortgage Notes, Broker, and Business Management

By: Thomas Herold

Narrated by: William Bahl

Find out essential mortgage terms you should know.

One of the most important decisions that you can make is buying a home and taking out a mortgage to pay for the house. The decisions you make on your mortgage will have financial ramifications for years to come.

If you find yourself overwhelmed and confused by all the mortgage terms out there, don’t worry because you’re not alone. Getting a mortgage can be a complicated process, made worse by all the unfamiliar terminology your mortgage lender might use.

From lender to loan to closing your home...

With the terminology used in discussing mortgages such as appraisals, equity, escrow, points, and settlement costs, most common people can become easily confused. Mortgage professionals can speak in a language all of their own and the lingo used is unique.

This practical mortgage guide covers topics like:

• Mortgage lending and brokers
• Subprime, reverse, and FHA mortgage
• Commercial and residential mortgage
• Escrow, points, and settlement costs
• Home equity and loan modification

This practical glossary in alphabetical order compiles a list of over 125 most important mortgage terms you’re likely to encounter. Every mortgage term is explained in detail, with clear and concise article-style description and practical examples.

It will help you understand most common mortgage terms that you might encounter, and what role they play in the mortgage process. Use this glossary of mortgage terms to better understand the overall mortgage process as well as any specific mortgage terms that may be unfamiliar to you.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2019 Thomas Herold (P)2019 Thomas Herold

Adding Extra Each Month

Simply paying a little more towards the principal each month will allow the borrower to pay off the mortgage early. Just paying an additional $100 per month towards the principal of the mortgage reduces the number of months of the payments.

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A mortgage is a plan in which a property like land, house or a building is used as a guarantee to get a money through a loan. A mortgage is a transfer of a right to stable property for the security purpose of a loan amount. A mortgage is a method which used to create a charge on property by contract.

Monthly payments on a $150,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $716.12 a month, while a 15-year might cost $1,109.53 a month.

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Those considering a 10-year mortgage should ideally be approximately 10 years from when they plan to retire. Because the 10-year fixed-rate mortgage requires higher monthly payments, it's crucial that you be able to afford these higher rates for the entire life of the loan.

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Even so, a 15-year refinance could make sense financially. If a 15-year refinance doesn't fit your budget, you can always consider refinancing into a 20 or 30-year loan and making higher payments to eliminate your mortgage faster and reduce the amount of interest you pay.

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The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.

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The following common actions can hurt your credit score: Missing payments. Payment history is one of the most important aspects of your FICO Score, and even one 30-day late payment or missed payment can have a negative impact. Using too much available credit.

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A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.

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Paying off a mortgage early requires you to make extra payments. But there's more than one way to pay off the mortgage early: Add extra to the monthly payments, as discussed in this article. A structured way to add extra: Divide your monthly principal payment by 12, then add that amount to each monthly payment.

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When most fixed term mortgages end, the lower rate that was agreed for that fixed term changes and reverts to the lender's standard variable rate, or SVR. In many cases the SVR rate is higher than that of the fixed rate which means the homeowner's monthly mortgage payments will rise.