Buying a House
A bank or other creditor lends money at interest in exchange for taking title of the debtor's property
Is one where your interest rate stays the same for the entire mortgage
Fixed Rate Mortgage
The tax you pay to the county or the state for owning property
Property Tax
The value of a house based on a the appraisal value and similar homes in the area.
Merket Value
Is the number that tells you how much interest you will pay, described as a percentage, on your home loan
Annual Percentage Rate
An initial payment made when something is bought on credit
Down payment
All the costs involved in closing the sale of the house that don’t include the actual price of the house
Closing Costs
These interest rates are affected by rate changes made by the U.S. Treasury
Variable Interest Rate
A number comparing the mortgage loan to the appraised value
Loan to Value Ratio