Getting a loan is enough of a task. Understanding the terms doesn't have to be. However, understanding common terms used in the real estate industry is vital in order to close a deal with the best terms for yourself. Don't make the mistake of confusing an ARM with a Fixed Rate mortgage or a Discount Point with an Origination Point - the financial consquences can be quite large.
Common Terms Used in the Real Estate Industry
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Be cautious before selecting an ARM... Tweet!
Points are an excellent decision if you are settling in long term. Tweet!Be sure to clean up your debt/credit ratio before applying! Tweet!