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Why Sellers Choose The All American Realty Team - Why home sellers in Woodinville, Snohomish and Bellevue choose The All American Realty Team. Free Presentation - Free in-home listings presentation on marketing your Woodinville, Snohomish and Bellevue, in King and Snohomish County Washington property. Property Valuation - How much is your Woodinville, Snohomish and Bellevue home worth? What Did That Home Sell For? - What did that Woodinville, Snohomish and Bellevue, Washington property or other real estate sell for? FSBO - Selling your Woodinville, Snohomish and Bellevue real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Woodinville, Snohomish and Bellevue Homes, For Home Buyers, For Home Sellers, Woodinville, Snohomish and Bellevue Information, Real Estate Resources, and About The All American Realty Team.
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Financing Your Home >The Language of Financing
When you meet with a lender to apply for financing, you may feel as if you are in a foreign country when the loan officer begins to talk about points, Regulation Z margins, PMI, and ARMs.
You are not alone if you feel left behind by loan terminology. Like many professionals, lenders use a highly specialized language. Don't hesitate to ask for a translation! This is especially true if you are investigating some of the more complicated loans with rates that can be adjusted periodically. As you consider the various loan options, find out what the interest rate will be and at what point the lender will commit to that rate. If the loan has an adjustable rate, be sure that you understand how often the rate will adjust, and by how much your payments may go up. Find out if the loan can be assumed by a future buyer. The lender isn't trying to confuse you. The mortgage process is complicated, so just keep asking questions until you understand.
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| Q |
Who is "Freddie Mac", and why is he a big name in real estate?
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| A |
"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans. |
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