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Mortgage Terms Defined:Lock-in
refers to a written agreement guaranteeing a home buyer a specific interest
rate on a home loan provided that the loan is closed within a certain period
of time, such as 60 or 90 days. Often the agreement also specifies the number
of points to be paid at closing.
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Mortgage Terms Defined:Points
are fees paid to the lender for the loan. One point equals 1 percent of the
loan amount. Points are usually paid in cash at closing. In some cases, the
money needed to pay points can be borrowed, but doing so will increase the loan
amount and the total costs.
Mortgage
Terms Defined:Private mortgage insurance
(PMI) protects the lender
against a loss if a borrower defaults on the loan. It is usually required for
loans in which the down payment is less than 20 percent of the sales price or,
in a refinancing, when the amount financed is greater than 80 percent of the
appraised value.
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