Understanding Mortgage Terminology
Purchasing a home is a smart investment. However, if you’re purchasing a home for the first time, there is some terminology you need to be aware of regarding your future home mortgage. Here are some common words and terminology you’ll encounter when you’re looking for a home loan.
Adjustable Rate Mortgage (a.k.a. ARM Loan): An Adjustable Rate Mortgage is a home loan where the interest rate adjusts throughout the term of the loan. ARM Loans usually have an initial interest ...
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