If you are a first time home buyer, here are some banking terms you should become
familiar with:

Interest rate:
The interest rate is the amount a lender charges a borrower to obtain a loan. This is usually expressed as a percentage of the total amount loaned. Interest rates are typically quoted on an annual basis, known as annual percentage rate or APR.

Discount points:
Discount points are used to buy down the interest rate, either temporarily or permanently.

Origination fees:
The origination fee for a mortgage is a fee charged by the lender for processing the loan. Origination fees are paid by the borrower, when the loan is funded, and are usually based on a flat percentage of the loan amount.

Loan term:
The loan term is the length of time it will take the borrower to repay the loan, like 15 or 30 years, with payments usually being made on a monthly basis.

Should you have any questions ask contact me!

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