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Mortgage Terminology
A glossary of mortgage, real estate, and home buying terms.

Choosing a Mortgage Company
When you are ready to shop for a loan, you can work directly with a lender or with a mortgage broker representing many individual lenders.
 

Your Initial Meeting with a Mortgage Professional
The loan approval process generally begins with an initial interview where you and the mortgage professional meet to discuss the potential loan. You will need to bring information to verify your income and long-term debts.
 

After Completing the Application
Your mortgage company will begin the work of verifying all the information you've provided. This process can take anywhere from one to four weeks, depending on the type of mortgage you choose, whether you're buying a home outside your local community, or a host of other factors.
 

Two Key Factors in Qualifying
When a lender makes a decision about a mortgage application, they consider two basic factors: your ability and willingness to repay the loan.
 

Speed Up the Mortgage Process
Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information.

Escrow Account Basics
Mortgage escrow accounts are special accounts set up in which money is held to pay taxes and insurance.
 

Economic Terms
Use this primer to better understand economic terminology.
 

RESPA (Real Estate Settlement Procedures Act)
This law protects consumers from abuses during the residential real estate purchase and loan process and enables them to be better informed shoppers by requiring disclosure of costs of settlement services.

Annual Percentage Rate (APR)
In comparing any type of loan, whether it be a fixed rate loan to a fixed rate loan, adjustable rate loan to adjustable rate loan or fixed rate loan to adjustable rate loan, there is one way that can be used to compare apples to apples and even apples to oranges.