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| Loan Term (Years) | ||
| Interest Rate (%) | ||
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| Down Payment ($) | ||
| Discount Points | ||
| Discount Rate | ||
Davenport, FL
5 Bed / 3 Bath
$289,950
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Amortization — The process of gradually reducing mortgage debt, including interest, by making periodic payments.
Amortization Schedule — A table showing how much of each payment will be applied toward principal and how much toward interest.
APR — Annual Percentage Rate. Interest rate expressed as a yearly rate including fees and costs paid.
Bi-Weekly — A period of time equal to two weeks.
Discount Points — Paying points to decrease the interest rate in order to make smaller monthly payments.
Discount Rate — The resulting rate after discount points have been applied.
Down Payment — Amount of the purchase price of the home paid upfront by the borrower.
Equity — The difference between the market value of a property and the amount still owed.
Interest Rate — Percentage of the amount borrowed that is charged to the borrower as a fee for the loan.
Loan Amount — The amount of money that is borrowed from the lender.
Loan Term — The period of time, set by the lender, over which the borrower must repay the loan.
Mortgage — A loan given in order for the borrower to purchase a home.
Principal — The balance of a loan that is remaining unpaid.
Mortgage financing is an important step when buying a new home. Mortgages can be obtained from a variety of
lending sources such as bankers, brokers, and credit unions. Obtaining a loan starts with the completion of a loan application. During the prequalification
the loan officer will likely require documents including recent pay stubs and tax returns.
There are several different home mortgages. Standard mortgages are traditionally 15 or 30 year loans. The annual percentage rate, or APR, can be either fixed or adjustable. A
fixed APR is not tied to the fluxuation of the financial index and will stay the same. An adjustable rate, usually referred to as an ARM, can change depending on the movement of the index.
There are many different factors to consider when finding a home loan and it is important to get a reliable company to help you through the process.
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