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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Pre-approval
A letter of commitment from a lender stating how much a borrower can borrow. More valuable than a pre-qualification, it requires a credit report and income verification and usually lenders charge for this service.
- Pre-qualification
A letter of opinion from a lender stating how much a borrower can borrow. Usually free, not backed up by any credit report.
- Prime rate
Formerly, it was the interest rate a bank charged its best or prime customers. Now, it's simply an index used by banks to set consumer interest rates. (Prime customers get loans at below prime rate.)
- Principal
The amount of money borrowed
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mortgage rates |
| 11/21/2009 4:53:02 AM
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