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Financing Your Home >The Language of Financing
When you meet with a lender to apply for financing, you may feel as if you are in a foreign country when the loan officer begins to talk about points, Regulation Z margins, PMI, and ARMs. You are not alone if you feel left behind by loan terminology. Like many professionals, lenders use a highly specialized language. Don't hesitate to ask for a translation! This is especially true if you are investigating some of the more complicated loans with rates that can be adjusted periodically. As you consider the various loan options, find out what the interest rate will be and at what point the lender will commit to that rate. If the loan has an adjustable rate, be sure that you understand how often the rate will adjust, and by how much your payments may go up. Find out if the loan can be assumed by a future buyer. The lender isn't trying to confuse you. The mortgage process is complicated, so just keep asking questions until you understand.
What 70-room East Coast mansion was built as a summer home and is known as a "Gilded Age cottage"?
Cornelius Vanderbilt's "Breakers" Mansion in Newport, Rhode Island, named for the waves crashing along the cliff that separates the property from the ocean.
Brady PalmerBrady Palmer Real Estate122 Brunswick AveGardiner, ME 04345207-582-0800Fax: 207-582-0808bradypalmer@NUMBER1EXPERT.com
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