1 of 7 photos Round Rock For Sale 5 Beds / 3 Baths
REDUCED $14,900!!! Executive-style beautiful home in Lake Forest. High ceilings with wall of windows. Upgraded with granite; island in kitchen. Gameroom. Large private yard...
1 of 14 photos Austin, Texas For Sale 4 Beds / 4.2 Baths
NEW PRICE! Gorgeous French country estate on +/- 3.7 acres of park like grounds in Westlake - RARE level lot(s). Gated entry adjacent to custom pond leads you down the private tree-lined path to home...
1 of 0 photos Austin, Texas For Sale 2 Beds / 1 Baths
House rewired, plumbed, roofed, and painted within the last 6 months. Living and hall flooring replaced with Armstrong hardwood laminate and vinyl in bathroom. Living/dining eating area...
REDUCED $10,000! Updated and ready to move into! Hardwoods, stainless appliances, granite tile countertops, fresh paint inside and out. Located on a nice, quiet cul-de-sac...
1 of 8 photos Austin, Texas For Sale 5 Beds / 3.5 Baths
Wonderful family home with owner's private boat dock across the street on Lake Austin. Gourmet kitchen with stainless appliances. Longleaf pine floors. Plantation shutters...
Country Living in Hutto. Large 1/2 Acre lot. This home has too many upgrades to mention, Formal Dining and a breakfast area. Flooring, fixtures,countertops,appliances,recent paint...
NEW PRICE! Fantastic home in Travis Country! Spacious floorplan with great windows, 2-story entry,hardwoods, tile, and carpet flooring. Gameroom upstairs. Large master suite with walk-in closet...
1 of 5 photos Round Rock For Sale 4 Beds / 2.5 Baths
Single Family Property, Subdivision: Cat Hollow, County: Williamson, Year Built: 1996, Two story, Central air conditioning, Community swimming pool(s), Fireplace(s), Dining room, Laundry ..
NEW PRICE!!! Owner/agent. Fabulous home in Old Enfield. Two-stories featuring 4 bedrooms, 3.5 baths, office/study, formal dining, formal living room, family room, and breakfast area...
1 of 1 photos Round Rock For Sale 4 Beds / 2 Baths
Rare single story in great community! Extra clean and ready to go. Wood floors, carpet, designer paint, and large rooms. Huge corner lot w/awesome backyard shaded by oak trees...
1 of 6 photos Austin, Texas For Sale 3 Beds / 2 Baths
Charming updated home with a great open floorplan! Interior painted in 2006. Pergo and tile flooring throughout. Recessed lighting. Stone fireplace. Vaulted ceilings in master suite and living area...
amortization The process of
paying the principal and interest on a loan through regularly scheduled
installments. Initially, most of each payment is applied toward interest owed,
and later in the loan term increasingly applied toward
principal.
annual percentage rate
(APR) A measure of interest rate that expresses
the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the
loan is held for its full term. For adjustable-rate loans, the APR assumes the
loan's index doesn't change from its initial value.
appraisal An opinion of the
value of a property at a given point in time.
basis point A basis point is
one one-hundredth of one percentage point. For example, the difference between a
loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis
points.
fixed-rate
mortgage A home loan with an interest rate that
will remain at a specific rate for the term of the loan. About 75 percent of all
home mortgages have fixed rates.
interest
rate The fee, expressed as a percentage,
charged for a loan. The interest rate also helps determine the monthly payment.
For adjustable-rate loans, the interest rate may change from its initial
level.
lender A bank, savings institution, or mortgage company that offers home
loans.
loan application The first step toward submitting a home loan requires the borrower
to itemize basic financial information.
mortgage In casual use, a sum
of money borrowed to purchase a home at a certain interest rate using the
property as collateral. In formal use, a mortgage is the legal document that
pledges property as collateral for a loan.
mortgage banker A company that
provides home loans using its own money. The loans are usually sold to investors
such as insurance companies and Fannie Mae.
mortgage broker A company that
matches lenders with prospective borrowers who meet the lender's criteria. The
mortgage broker does not make the loan, but receives payment from the lender for
services.
mortgage-interest
deduction The tax write-off that the Internal
Revenue Service allows most owners to claim for annual interest payments made on
real estate loans.
prequalification A lender's
preliminary assessment of a buyer's ability to pay for a home, and an estimate
of how much the buyer may borrow.
refinancing The process of
replacing an older mortgage with a new mortgage that has better
terms.
underwriting The process in which lenders evaluate the risks posed by a
particular borrower and set appropriate conditions for the
loan.
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