MortgageMint® - Ask A Loan Expert

How much cash will I need for closing costs?
Closing costs generally range from 2% to 3% of your loan amount and are comprised of closing costs, lender fees and third-party fees.

What can I use my home equity for?
You can use your home equity to pay for almost anything. Make home improvements, pay for college, consolidate debt, buy a new car, go on vacation.

Should I refinance my mortgage?
There are generally three reasons to refinance: to lower your monthly payments, to pay off your mortgage faster and to take cash out of your property.

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Mortgage Glossary

Amortization: The gradual repayment of a mortgage loan by installments.

Appraised Value: An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

Assessor: A public official who establishes the value of a property for taxation purposes.

Clear Title: A title that is free of liens or legal questions as to ownership of the property.

Conventional Mortgage: A mortgage that is not insured or guaranteed by the federal government.

Deed of Trust: The document used in some states instead of a mortgage; title is conveyed to a trustee.

Fannie Mae: A congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.

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