Tagged: APR

10 Terms Every New Homeowner Should Know

When you buy a home for the first time, it’s usually the largest purchase in your life thus far. There can be a lot of complicated concepts that can be difficult to understand. Bone up on your home-buyer’s vocabulary to make yourself more knowledgeable about home loans and better able to make good financial decisions. Terms you should know: 1. Prequalified If you are prequalified, that means that your banker has decided, based on basic information, that you’ll probably qualify for a loan. The next step is getting a preapproval; this involves examining pay stubs and a closer look at...
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