Branson home loans will probably be an important part of making your Branson real estate dreams come true. Below are some definitions to be familiar with when finding your Branson Missouri home loan.
Mortgage - A legal document by which real property is pledged as security for the repayment of a loan.
Mortgage Insurance - An insurance on some loans that protects lenders from possible default by the borrower.
Pre-Approval Letter - A letter from a lender confirming the amount that can be borrowed by a person whose ability to borrow has already been assessed by the lender.
Hud-1 Settlement Statement - A document that provides an itemized listing of the funds that are payable at closing.
Interest Rate - A percentage expressing the relationship between the interest for one year and the principal.
Fixed-Rate Mortgage - A loan with an interest rate that remains at the same rate for the entire loan.
Lock-in - A lender's gurantee of an interest rate for a set period of time.
Letter of Commitment - An official notice to a borrower of the lender's intent to grant a loan.