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Considering a home equity loan? Understanding some common terms can help step you through the process. Getting a home equity loan is a bit different than applying for a first mortgage. Before you start the application process, it's a good idea to familiarize yourself with the following terms. - Appraisal: A written analysis of the estimated value of a property, as prepared by a qualified appraiser. The lender uses this in determining your qualification for a loan.
- Appreciation: The increase in home value as a result of market conditions. The appreciated value of your home is the amount it is currently worth.
- Break-even point: The point at which a homeowner will begin realizing savings after refinancing a mortgage. This is when it makes since to refinance.
- Cash-out refinancing: Refinancing a mortgage for more than you currently owe and using the cash for another purpose. The money is often used for paying off debt or financing home renovations.
- Closing costs: The money paid to the lender at closing. It includes a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge, and other costs assessed at settlement. The closing costs are usually about 2 to 6 percent of the mortgage amount.
- Credit report: A report of your credit history that a lender uses to determine your creditworthiness. It shows your history of borrowing and repaying money.
- Equity: The difference between the fair market value of your home and the current amount left on your mortgage. It is also referred to as the owner's interest.
- Home equity loan: A second mortgage secured against the equity in your home. It allows you to tap into your built-up equity and obtain a lower interest rate than you would normally get on an unsecured loan.
- Home equity line of credit: A revolving line of credit that is secured against the equity in your home. Similar to a credit card, it enables you to withdraw money as you need it. Because it's secured against your home, you can get a lower interest rate than you would normally get on an unsecured credit line.
- Interest rate: The annual interest on a loan, based on a percentage of 100. The lower your interest rate, the lower your monthly payment.
- Lock-in: A guarantee from a lender that you will be granted a certain interest rate for a specific time period, such as 30 days prior to closing.
- Mortgage refinancing: When you pay off one mortgage with the proceeds from another, you are refinancing. You may do this to get a better interest rate, change your mortgage product, change the terms of your mortgage, finance a home renovation, or pay off debt.
- Origination fee: The fee charged by a lender for processing a loan.
- Pre-approval: Getting pre-approved for a mortgage requires that you complete a mortgage application and supply a lender with all the necessary documentation to check your financial background and credit rating. You will then be told the exact mortgage amount for which you are approved.
- Pre-qualification: Occurs when a lender estimates what size loan, usually a mortgage, you can afford. A pre-qualification estimate is nonbinding.
- Principal: The amount of debt, not counting interest, left on a loan.
- Term: The time period for your loan.
- Title: The document that shows ownnership of the property.
 Getting, a, home, equity, loan, is, bit, different, than, applying, for, first, mortgage., BeforeSorry, but the blog post could not be located. It, all, began, one, day, on, March, 1998, when, my, friend, called, me, ICQ, and
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 The old man stepped onto our boat out of the utter blackness that falls between the abrupt fall of twilight, at five o’clock, and the rising of the full moon. His name was Phani Gayen, and he was employed at the Saznekhali Wildlife Sanctuary, in the mangrove forest on the northern border of India’s Sundarbans Tiger Reserve, where we were moored. Formerly, he was a crab fisherman, taking his small, pole-punted boat down along the forest’s brackish tidal creeks and narrow channels. On June 23, 1984, at half past noon, he had gone into the forest with companions to collect wood. He turned and found a tiger springing for him, roaring. “I was then forty-five years old and very, very strong,” he said. “I did not allow the tiger’s face to touch my face.” He stroked his Adam’s apple. “The tiger’s throat is very hard, here.” As the tiger gripped him with its paws, its head hung over his shoulder, drenching his shirt with saliva. “I knew I was going to die. So I embraced the tiger. He was soft. The tiger was soft. Like a sponge.” Somehow, this surrender freed him—the tiger released him and turned on one of his companions. Taking the companion by the throat, the tiger headed back into the forest. The claw wounds on Gayen’s head and face kept him in the hospital for three months. The wounds healed, but his ear was damaged permanently. Over the years, he had told his story many times. “I no longer fear the tiger,” he declared, his scarred face lit by the yellow bulb that our boat’s generator powered. “It is the tiger’s nature.” But he avoids entering the forest. for more http://www.newyorker.com/reporting/2008/04/21/080421fa_fact_alexander The, old, man, stepped, onto, our, boat, out, of, the, utter, blackness, that, falls, between
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2G2BT = To Good To Be True
411 = Info
4EAE = For Ever and Ever
4EVER = For Ever
4NR = Foreigner
A/S/L = Age, Sex, Location
AAF = As A Friend
AAK = Asleep At Keyboard
AAMOF = As A Matter Of Fact
AAR8 = At Any Rate
ABT2 = About To
ADR = Address
AKA = Also Known As
B4 = Before
B4N = Bye For Now
B4UKI = Before You Know It BB = Be Back
B4YKI = Before You Know It
BC = Because
BFF = Best Friends Forever
BI BI = Bye Bye
BKA = Better Known As
BRB = Be Right Back
BTW = By The Way
C/S = Change of Subject
CWYL = Chat With You Later
CYA = See You
CYT or SYT = See You Tomorrow
Dys = this
FYI = For Your Information
G2G = Got To Go
H/P = Hold Please J5M = Just 5 Minutes
HAK = Hugs and Kisses
HBU = How Bout You
J/K = Just Kidding
KEWL = Cool
KOTL = Kiss On the Lips
L8R = Later
LMIRL = Let's Meet In Real Life
LMK = Let Me Know
LOL = Laugh Out Loud
Lyk = Like
M or F = Male or Female
NALOPK = Not A Lot of People Know
N-A-Y-L = In A While
NEWAY = Anyway
NW = No Way
OMG = Oh My GOD
OTP = On the Phone
P911 = Parent Alert
PIR = Parent in Room
POS = Parent Over Shoulder
QT = Cutie
ROTF = Rolling On the Floor
RU = Are You?
RUOK = Are You Ok?
S or G = Straight or Gay
SWDYT = So What Do You Think?
TDTM = Talk Dirty To Me
THX = Thanks
TMI = Too Much Information
TOM = Tomorrow
TTYL = Talk To You Later
WT = what the
WTG = Way to Go WYCM = Will You Call Me
Sorry, but the blog post could not be located. If, webmasters, want, to, monetize, their, websites, the, great, way, to, do, it, is, through, Adsense., There, are, lots, of, webmasters, struggling, hard, to, earn, some, good, money, a, day, through, their, sites., But, then, some, of, the, 'geniuses', of, them, are, enjoying, hundred |
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