Guide to Refinance, Mortgage,
& Home Equity Loans in
Athens, Ohio (OH)

The city of Athens, Ohio is located a short drive from the capital of Ohio, Columbus. Athens is also the hometown of Ohio University, a highly-respected state college that takes its students’ lives very seriously. Ohio University is not the only available place for employment opportunities. Athens has a thriving business section of the town that rewards hard-working entrepreneurs. The city is not like just any college town, though, as it does not focus everything on the college. Instead, Athens believes that all members of the community are equally important to the success of the small city.

A New Terminology

When you enter the world of mortgages, refinancing and home equity loans, you may be struck by all the words that you have never heard before. Here is a glossary of terms that will help you to understand what everything means so that you can make the best choice of lenders and of loans for your mortgage, refinance, or home equity loan.

Adjustable Rate Mortgage – Better known as an ARM, an adjustable rate mortgage is when the interest rates on your mortgage or refinance change, meaning that your monthly payment will change as well.

Adjustment Interval – This is the time that it takes for the interest rate and your payment amount to change with an adjustable rate mortgage.

Amortization – This term is used to describe how long it will take for you to pay off your loan over a fixed period of time.

Annual Percentage Rate – This is better known as APR and reflects the cost of the mortgage as it pertains to the interest rate on a yearly basis.

Appraisal – This is the value of the property or home that will need to be done for you to get your mortgage.

Broker – This is an individual or business that deals with mortgage companies. People hire brokers to find the best mortgage or refinancing deals that they can.

Caps – If you have an adjustable rate loan, a cap is something that you have the option of putting on your loan that will limit how high and low the interest rate can go.

Closing – This is the day that most first-time homeowners eagerly anticipate. Closing is when all of the paperwork is signed to signal the end of your mortgage or refinancing process.

Commitment – This is how long, and how much, you have agreed to pay back the lender for your mortgage.

Delinquency – Delinquency is when the lender fails to pay back his or her mortgage loan on time. Frequent delinquency can lead to the lender foreclosing on your property.

Equity – Equity is the amount of property that you own. The more equity you have, the more you can take out on a home equity loan.

Foreclosure – This is when the lender has the right to take your house and resell it if you have not made your mortgage payments according to the agreement you signed.

Guarantee – This is a promise that is made by you to pay the debt of the mortgage loan.

Lien – This is a claim that someone puts on a property in order to pay for an unsatisfied debt. For instance, if you have not paid your car payment in a year, then the lender may be able to put a lien on your home in order for them to recoup their losses.

Market Value – This is what your home is worth on the market. It is the amount that the buyer would be willing to pay and that you would be willing to sell for.

Mortgages, refinancing, and home equity loans can be tricky to understand, so if you would like more information, please fill out the form below. This will allow us to send you information that will help you secure your success in finding a mortgage.

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