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5 Uncommon Mortgage Terms You Need to Know

May 12, 2016 by Michael Addison

When it comes to finding a new home, there are lots of complex ratios, terms, and contracts that you'll encounter - and at times, it'll feel like you're trying to navigate a minefield. Here are five mortgage terms you may not encounter regularly that you'll need to know when buying a home. Escrow: Money Held In Trust To Pay Taxes An escrow account is a bank account that your lender maintains on your behalf. When you close your mortgage, you'll need to deposit a certain percent of your annual property taxes into the escrow account, which your lender will hold in trust and use to pay your property taxes. PITI: How Your Lender Calculates Your Monthly Payments Your lender uses a specific formula … [Read more...]

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Research, Mortgage Terms

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