Homeowner Education

A term is a period of time. Generally, it represents a period of time until a loan or any type of deposit or investment achieves

A teaser rate, also known as an introductory rate, is a below-market interest rate that lasts for a limited period of time.

Teaser loans are adjustable-rate mortgages, or ARMs, that offer seemingly low introductory interest rates, or what lenders call teaser rates, to attract clients to switch

A take-out loan is any type of long-term financing commonly used to buy or extract value from real property.

A subprime mortgage is a home loan offered to customers with poor credit history. These loans carry higher interest rates, justified by the greater risks

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account.

A simple interest loan is one in which the interest has been calculated by multiplying the principal (P) times the rate (r) times the number

A servicer is a company that collects and handles all transactions on your mortgage account on a day-to-day basis.

Securing lending is when the borrower is required to give the lender collateral as a form of insurance against defaulting on the loan.