Mortgage Loan Lingo

Buying a new home. Just the thought of it can fill a person's heart with anticipation, excitement, or panic. Will the home I find be both one I like and can afford? Or will I have to settle for second best? What happens after I find the home of my dreams? Am I going to be overcome by a bunch of lawyer-like terms? Am I going to be taken to the cleaners? These are just a few "what ifs" that face the average new homebuyer. Here are just a few of the terms that you need to know BEFORE you buy!

Buying a new home is a challenging time, but it can also be a joyful experience. I will never forget walking into the house of my dreams, and feeling "ah, this is home." We signed a contract with a wonderful realtor who represented only us, and he walked us through all of these terms. He was there with us at the closing on our behalf. We read every line, asking questions, and remarkably discovered several mistakes, which were then corrected.

After we signed the paperwork, the keys were handed over to us, and the house was ours. I will never forget that moment. It was one of the happiest days of my life. So take your time. Learn the lingo, and find that house of your dreams. By Jaye Lewis