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Nancy
Guzman is an Expert Realtor for the Metro Denver Colorado area, who can help you
decide where to live. Because, Nancy understands finding your special
place means taking in many factors that include accessibility to work, education
and recreational activities. It also includes the size and style of your
home, the style of the neighborhood that will make you feel more at home.
All of these factors must come together to make your new Metro Denver Colorado
home, feel like home.
For a PERSON that
wants a New Home and has GOOD CREDIT*, only EXPERT MORTGAGE LENDERS and EXPERT
REALTORS with their Competitive Programs and Rates, will allow You to sleep with
confidence while your HOME BUYING TRANSACTION IS BEING COMPLETED.
*Includes persons
with a past history of bad credit, or you just want to start over again, and
have minimal credit or don't have any credit!
Mortgage Terms to Know in Metro Denver Colorado
ANNUAL PERCENTAGE RATE:
An interest rate that reflects the actual cost of a mortgage
as a yearly rate. Includes points and other costs, so usually is higher than the
advertised rate.
ASSUMABLE LOAN:
A loan that the lender is willing to transfer from a prior
owner to new owners, sometimes at the same interest rate.
CLOSING COSTS:
All charges associated with getting a mortgage, including
origination fee, points, appraisal fee, title search and insurance, survey,
taxes, deed recording fee, charges for credit reports and other costs.
EARNEST MONEY:
Funds submitted as a "good-faith" gesture to show
a potential buyer is serious about buying.
EQUITY:
The value of your home after the outstanding balance of any
loans are subtracted.
ESCROW:
A third-party account set up by the lender in which your
funds are held to pay for taxes and insurance.
ORIGINATION FEE:
The fee charged by a lender to prepare all documents
associated with your mortgage.
POINTS:
Prepaid interest on your mortgage, charged by the lender at
closing. Each "point" is 1 percent of the loan amount.
PREPAIDS:
The expenses escrowed at closing, usually including real
estate taxes, insurance and interest.
PRINCIPAL:
The amount of debt, not including interest, left on a loan;
also the face amount of a mortgage.
PRIVATE MORTGAGE INSURANCE:
An insurance policy the borrower buys to protect the lender
from nonpayment of the loan. PMI policies are usually required if your don
payment is less than 20 percent of the home's appraised value.
TITLE INSURANCE:
A policy insuring you against errors in the title search,
essentially guaranteeing you and your lender's financial interest in the
property.
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