Maverick's Mortgage Map

Refer to this list when you want to understand key words throughout the mortgage process; always reach out to me if you have any questions. To search for a particular term: On mobile Google Chrome, tap the 3 vertical dots in the top right corner, then select “Find in         page”, then search for the term On a PC, simultaneously press the Ctrl and “F” key, then search for the term On a Mac, simultaneously press the Command and “F” key, then search for the term Amortization                 Over the term (30yr, 15yr, etc.) of a mortgage, a portion of the set monthly payment is applied to the principal balance, and a portion pays for interest charges. As the principal balance get smaller after years of payments, a greater portion of the mortgage payment is applied to the balance because the interest charge is calculated based on that now smaller principal amount. Appraisal                 A report which shows the market value of a home. Th

If you’re eligible for a VA home loan, it is seriously a great option! As I touched on in The Pillars of a Home Mortgage Application , there is no down payment requirement when purchasing a home and, you won’t need mortgage insurance. The only extra charge by the VA is their very reasonable Funding Fee, more on that below. There are also VA only options when you want to refinance your current VA loan, reach out to me if you’d like to know more about those. In order to help subsidize the 25% guarantee the VA gives on all eligible VA home loans, a funding fee is charged. That’s right, the VA actually guarantees 25% of the loan, that way lenders have less risk when working with a VA borrower, and therefore veterans are more easily approved and more veterans are able to own homes. The Funding Fee is a one time payment which you can pay at closing, or instead add to your loan. Depending on how much you decide to put down on a purchase or how much of the home value you want to ref