If you plan on taking out a mortgage you will be required to get Home Owners Insurance. You must get this insurance before you to closing. A written instrument that creates a lien upon real estate as security for the payment of a specified debt. Most loans are insured or guaranteed by a government agency or private mortgage insurer. Mortgage Broker One who, for a fee, places loans with investors, but does not serive such loans.
Points have the effect of reducing the amount of money advanced by the lender.
Same as discount points. The amount of debt that is owed on the mortgage but does not include the interest. The length of time that spans the life of the loan. ARM which equals 30 years total life, the term then is 30 years. The document stating legal ownership of a certain property.