Vocabulary: Loans & Lending Terms

Glossary of Home Loan Terms Mortgage terminology can be really confusing, and for first time homebuyers who are most likely overwhelmed and stressed, it can be almost too difficult to understand. Here are some of the mortgage terms that you are most likely to come across while getting ready to take out what’s likely to be your largest.

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A loan that requires a balloon payment at the end of the term and anticipates that the loan will be refinanced in order to meet the balloon payment obligation. Essentially, sometimes the financing is not available at the end of the balloon and is often due to the property not performing as anticipated.

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Vocabulary: Loans & Lending Terms. Download This Handout:DOC. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.

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Fixed Rate Mortgage – is a mortgage where the interest rate and the term of the loan is negotiated and set for the life of the loan. The terms of fixed rate mortgages can range from 10 years to up to 40 years. Good Faith Estimate – an estimate by the lender of the closing costs that are from the mortgage.

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It’s very important that when you are taking out a loan that you read the ‘terms and conditions’ on the loan contract, because a bank or lending institution can include ‘terms’ (e.g. paying fees that they didn’t tell you about etc.), and ‘conditions’ (e.g. take legal possession of your property if you can’t pay the loan) that can cost you more money or cause you problems in the future.

Our business finance glossary provides a large list of commercial lending terms that are frequently used within the business finance industry. Learn More. The total amount of long-term debt (such as a mortgage loan) that must be paid within a year period.

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