Resources
Esho Youkhana – Your Personal Home Loan Expert
Here’s some helpful information plus a few reference tools.
What is a Mortgage?
A loan obtained to purchase real estate, a binding legal contract between a borrower and a lender using the property as collateral.
What is APR?
Annual Percentage Rate is the annual cost of the loan expressed as a yearly rate; APR measures the ‘real cost of the loan’ preventing lenders from hiding fees.
What’s Loan-To-Value Ratio?
The amount of money you borrow compared with the price / appraised value of the purchased home.
Why select an Adjustable Rate Mortgage (ARM)?
A mortgage option that allows the lender to change the interest rate, after a specified period. An ARM makes sense if you’re confident your income will
continue to increase or you plan to move within the near future.
What is a fixed rate mortgage?
A home loan with stable interest rates and monthly payments that don’t change throughout the lifespan of the loan.
What is rate lock?
Rate lock is when the lender guarantees an interest rate for a set period of time, typically between the application process and the closing.
What’s an appraisal? A written estimate of the property’s current market value, based on sales information for similar properties, condition of the property and the neighborhood’s impact on future value.
What factors impact mortgage payments?
The down payment amount, size of the mortgage loan,
interest rate, repayment term length and the payment schedule.
What’s included in the monthly mortgage payment?
Primarily principal and interest, but it can also include real estate taxes and homeowner’s insurance.
How can I find the property tax amount?
The seller and realtor should provide you with this information
and you can also access it by contacting the county Recording office.
Should I get pre-qualified before looking for property?
It’s not required but it’s a good idea to get preapproved to know how much you can afford and your down payment amount.
Reference Tools:
Dictionary of Terms - http://www.mtgprofessor.com/glossary.htm
Mortgage Calculator - http://www.thefreemortgagecalculator.com
Home Buyers Guide - http://www.fanniemae.com/homebuyers/index.html
Homeownership Myth Busters -
http://www.freddiemac.com/corporate/buyown/english/preparing/right_for_you/myths.html
HUD-Home Info. - http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home
Multi-State Lending in:
Illinois, Indiana, Nevada, Georgia, Texas, Ohio, Florida, South Dakota, Oregon, Virginia, Missouri, South Carolina, Michigan, Louisiana, Mississippi, Delaware, Alabama, North Carolina, Minnesota, Nebraska, Colorado, California, Kentucky, Pennsylvania, Arkansas, Iowa, Oklahoma, Wisconsin, Wyoming, Tennessee
