Knowledge is power and there’s no difference when it comes to obtaining a home loan! To help you on the journey to becoming an educated borrower, we’ve created this glossary of terms you’ll need to know during your home loan process.
There are currently 4 names in this directory beginning with the letter A.
Amortization
Amortization is the act of paying off of debt with a fixed repayment schedule in regular installments over time.
Appraisal
When obtaining a mortgage, an appraisal is ordered through an independent third party to estimate the value of the property being financed. This assures the lender that they aren’t loaning a borrower more money than the property is worth.