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When you meet with a lender to apply for financing, you may feel as if you are in a foreign country when the loan officer begins to talk about points, Regulation Z margins, PMI, and ARMs.
You are not alone if you feel left behind by loan terminology. Like many professionals, lenders use a highly specialized language. Don't hesitate to ask for a translation! This is especially true if you are investigating some of the more complicated loans with rates that can be adjusted periodically. As you consider the various loan options, find out what the interest rate will be and at what point the lender will commit to that rate. If the loan has an adjustable rate, be sure that you understand how often the rate will adjust, and by how much your payments may go up. Find out if the loan can be assumed by a future buyer. The lender isn't trying to confuse you. The mortgage process is complicated, so just keep asking questions until you understand.
Charlie & Barbara Kaylor RE/MAX Communities The Dream Team 730 Hopmeadow Street Simsbury, CT 06070 Direct Telephone: (860) 392-9280 Office Telephone: (860) 651-6100 Direct Fax: (888) 392-9281 Email: TheDreamTeam@NUMBER1EXPERT.com
Charlie and Barbara Kaylor, The Dream Team, have over 24 years combined residential real estate experience. Charlie, Broker Associate, has been awarded the RE/MAX International Platinum Club status for outstanding sales volume and is ranked the #5 RE/MAX Agent in Connecticut. Barbara’s marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley and West Hartford. Partners in business and in life, The Dream Team can’t be beat! Please visit our website www.CTDreamTeam.com to read over 25 testimonials from our clients!
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NUMBER1EXPERT in real estate for Avon, West Hartford and Simsbury, Connecticut
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