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Variable Interest Rate: This is the type of interest rate on a mortgage loan that usually starts out fixed, but can begin to increase and fluctuate with market trends after a set period of time, usually 3 -5 years.
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Interest: The money paid to a lender for the use of their money. In the case of a mortgage, the interest is a percentage rate over a certain period of time paid to the mortgage company.
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Variable (v): The word variable is the same as a variable interest rate on your loan. The APR on your loan is your annual percentage rate. If it has the letter “V” next to it, then it means that your interest rate is subject to change in the future.
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Income: Any money that you receive in a given period of time. For the purposes of obtaining a mortgage, you should consider your steady monthly income when determining your affordable mortgage payment amounts. You may not want to include income such as ch
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Underwriter: A person employed by a lending company who evaluates a borrower’s loan application and all of the paperwork involved to determine if the borrower can receive the loan or not.
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Hybrid Mortgage Loan: A loan to purchase a home that combines an adjustable rate mortgage with a fixed rate mortgage. Most hybrid mortgages have a fixed interest rate for the first ten years after which time the interest rate becomes adjustable. This type
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Truth in Lending Act: A government act that insures all lenders fully disclose the costs associated with the money being borrowed.
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HUD-1 Form: A list of the purchases and transactions involved when you buy a home through The Department of Housing and Urban Development and The Federal Housing Authority.
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Transfer Tax: State and local taxes that need to be paid when a title is transferred to a new owner.
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HUD- The Department of Housing and Urban Development: A government agency that aids people with purchasing homes, getting financing for a home mortgage, counseling and education for the home buying process, and much more.
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