Udall, KS Real Estate News

By Eddy Martinez
(Nationwide Funding Group)
Customers when you sign your closing loan documents whether you are refinancing, closing on a new home purchase or getting a second , hard money or private mortgage it is importnat that you understand the terminology used. Sometimes us mortgage professionals tend to speak a certain lingo that as customers you dont comprehend. Loan documents cant be quite wordy and sometime the attorney or notary doesnt explain them well enough. Here are some basic terms that will be of help:Decimal point = the period that sets apart a whole number from a fractinal part of that numberDividend = A number to be divided by another numberInterest = THe charge for the use of moneyPrincipal = The amount of money borrowed Proration = The process of makinga fair distribution of expenses, through escrow, at the c...
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