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OFFICE
61 Liscomb Cir
Gilford, NH 03249
Get in Touch
Get in Touch
OFFICE
61 Liscomb Cir
Gilford, NH 03249
A mortgage whose interest rate changes periodically based on the performance of a specified index.
The date on which the interest rate changes for an adjustable-rate mortgage.
The time that elapses between interest rate adjustments on an adjustable-rate mortgage.
The repayment of a mortgage loan through scheduled payments that cover both principal and interest over time.
The total length of time required to repay a loan in full, expressed in months.
The yearly cost of a mortgage expressed as a percentage, including interest and certain loan-related fees.
An increase in a property’s value due to market conditions or other factors.
Anything of monetary value owned by an individual, including property, investments, and bank accounts.
The transfer of a mortgage from one party to another.
A mortgage that can be transferred to a buyer when a property is sold.assumption
The act of taking over an existing mortgage obligation.
A mortgage provision allowing a buyer to assume responsibility for the seller’s existing loan.
A lender fee charged when a mortgage is assumed by a new borrower.
A financial statement listing assets, liabilities, and net worth at a specific point in time.
A loan with regular payments that ends with a large lump sum payment due at maturity.
The final lump sum payment due at the end of a balloon mortgage term.
One one-hundredth of one percent, used to describe changes in interest rates.
A preliminary agreement to purchase property, typically accompanied by an earnest money deposit.
A loan structure where payments are made every two weeks, potentially reducing total interest paid.
A mortgage secured by more than one property.
Violation of a legal obligation or contract term.
Short-term financing used to transition between selling one property and purchasing another.
A licensed professional who brings buyers and sellers together and negotiates transactions.
A mortgage in which funds are paid upfront to reduce the interest rate temporarily or permanently.
A mortgage provision allowing the lender to demand repayment after a specified period.
A limit on how much an adjustable-rate mortgage interest rate may change.
A permanent upgrade that increases a property’s value or extends its useful life.
Refinancing that replaces an existing loan with a larger one, allowing the borrower to receive cash.
A document verifying legal ownership of a property.
The historical record of property ownership transfers.
Ownership free from liens or legal disputes.
The meeting where final documents are signed and ownership transfers.
Fees and expenses paid at settlement in addition to the purchase price.
Property pledged as security for a loan.
The total of all loan balances divided by the property’s value.
The fee paid to a real estate agent or broker for facilitating a transaction.
A formal loan approval outlining the terms under which a lender agrees to lend funds.
Recently sold properties used to help determine market value.
A loan that meets guidelines set by Fannie Mae or Freddie Mac.
Short-term financing used to fund building or renovation.
A loan not insured or guaranteed by the federal government.
An adjustable-rate mortgage that may be converted to a fixed-rate mortgage under certain conditions.
The legal document transferring ownership of real property.
A document used in some states instead of a mortgage, involving a trustee.
Failure to meet loan obligations.
Late payment of a mortgage obligation.
A decline in property value.
A provision requiring full loan repayment if the property is sold.
Funds submitted to demonstrate serious intent to purchase property.
A legal right allowing someone to use part of another’s property.
Stable income used to qualify for a mortgage.
A claim or lien against property that affects title.
The difference between a property’s market value and the outstanding loan balance.
Funds held by a third party until contractual obligations are met.
An account used to hold funds for property taxes and insurance.
The price a willing buyer and seller agree upon in an open market.
A government-sponsored enterprise that purchases mortgages to support liquidity in the housing market.
A federal agency that insures mortgage loans.
A mortgage with an interest rate that remains constant throughout the term.
Coverage protecting against flood-related property damage.
The legal process by which a lender repossesses property after default.
Insurance protecting property against damage from specified hazards.
A revolving line of credit secured by home equity.
A lump sum loan secured by a second lien on a property.
The percentage of gross monthly income spent on housing expenses.
Principal, Interest, Taxes, and Insurance.
Fees paid to reduce the interest rate, equal to one percent of the loan amount per point.
A fee charged for paying off a loan early.
The original loan amount, excluding interest.
Insurance required for certain loans with higher LTV ratios.
An interest rate that may change over time.
OFFICE
61 Liscomb Cir
Gilford, NH 03249
OFFICE
61 Liscomb Cir
Gilford, NH 03249