The Five Minute Guide to Understanding Mortgage 'Lingo'
Posted by Sarah MacDonald on
For first-time homebuyers, applying for a mortgage can be a confusing and overwhelming experience, with many new terms and concepts to learn and understand. Even for previous homeowners, applying for a new mortgage when you've been out of the 'mortgage world' for a while can be a learning curve, and it's largely in part to the mortgage terms and mortgage 'lingo' used in the industry but nowhere else. Here's your five minute guide to understanding the most popular mortgage terms so that you can become fluent in speaking 'mortgage-ese.'
Lingo For Getting Approved
"Loan-to-value ratio" is a term that will certainly come up once or twice during your mortgage application, which in writing is expressed as a percentage, and in real life represents the…
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