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Home Mortgage Financing Term Glossary

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Home Mortgage Financing Term Glossary - Tacoma Puyallup Lakewood

This simple glossary gives you the basic knowledge to understand a little bit about the financial coming and goings of home financing.

GLOSSARY

Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered.

Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.

Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA).

Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.

The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions.

Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount.

Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing.

A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.

Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation.

Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs.

Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.

Thrift institution is a general term for savings banks and savings and loan associations.

Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys' fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range.

Pierce County Escrow Services, puyallup escrow, parkland escrow, spanaway escrow, deed title insurance pierce county lakewood tacoma puyallup escrow tacoma washington wa.Confused by who does what in a real estate transaction? Or are you wondering how document recording is done? Do you know how funds are transfered? How are deeds conveyed? Do you know what you are going to pay each month even after all the paperwork is complete? We are always happy to clarify. We like to communicate with our clients. Call for immediate service: 253-584-7009 or write us your questions or a message below.

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Escrow Check List of Responsibilities for Escrow

Below is a great escrow checklist for closing real estate deals. We suggest we systemize things to make the process easy. Take a look below at some of the items that will be needed for most closing's.

Pierce County Escrow Services, puyallup escrow, parkland escrow, spanaway escrow, deed title insurance pierce county lakewood tacoma puyallup escrow tacoma washington wa. Seller Escrow Checklist:
1) Escrow Instructions - Review with escrow officer and check for accuracy.
2) HOA information (if applicable) - Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered. Get all contact info and payoffs.
3) Confidential Statement of Information ? Must be fully and accurately filled out so the title company can complete their title search.
4) Certificate for 1099 Reporting - Make sure it is complete and signed.
5) Affidavit of Non-Foreign Status - IRS requires buyers to buy from a foreign seller to withhold 10% of the purchase price from the sale proceeds, this form shows that they are in fact a US Resident and of "Non-Foreign Status."
7) Grant Deed - Signed and Notarized. Make sure the names match title.

Buyer Escrow Checklist:
1) Escrow Instructions - Review with escrow officer and check for accuracy.
2) Confidential Statement of Information - Must be fully and accurately filled out so the title company can complete their title search.
3) Insurance Information - The lender will require at least fire insurance prior to funding. Designate an Insurance agent and supply contact information.
4) Preliminary Change of Ownership - Filled out and submitted to the County Recorders office at the time of recording the grant deed. Used by the tax assessors office.
5) Vesting worksheet - Showing how title will be held. Needs to be supplied to lender prior to docs.
6) HOA information (if applicable) - Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered.


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