What the heck does that mean?
Sometimes it can feel like those in the mortgage industry are speaking a different language! This can be intimidating. So, I’m sharing some key words that you’ll likely hear when you are buying a home for the first time.
An evaluation by a lender that determines whether the borrower qualifies for a loan and the maximum amount for which they qualify.
Adjustable Rate Mortgage (ARM)
A mortgage that has an interest rate that adjusts periodically based on a pre-selected index.