Q:

Where can you learn common mortgage terminology?

A:

Quick Answer

Definitions of common mortgage terminology are available through banks and credit unions, government websites and consumer financial information programs. An extensive glossary of mortgage terms and concepts is available on the federal government's Making Home Affordable website. The Home Loan Learning Center, maintained by the Mortgage Bankers' Association, provides additional resources for learning about mortgages. Mortgage brokers and banks can provide more specific information about the loans that they offer.

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Where can you learn common mortgage terminology?
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Full Answer

When learning about mortgage terms, look for credible sources that provide recently updated information. Mortgage regulations can change often, so websites updated within the last year provide the most accurate information. Look for websites maintained by professional mortgage associations and consumer education groups. For in-person classes, contact the local Housing and Urban Development office or county housing department. These organizations may offer classes themselves or direct inquiries to other local resources. Consumer credit counseling groups often provide classes on mortgages and purchasing a home.

It's a good idea to learn about general mortgage types and lending terminology before researching specific loans. To find out about the terms of specific loans, contact a mortgage broker or a bank directly. Banks can explain the loans they offer, while a mortgage broker can provide a comparison of loans through several lenders. Brokers and banks can explain interest rates, down payment requirements and loan terms to prospective borrowers.

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