Gulfport Mortgage Terms Glossary – E-O
The earnest money is a set amount of funds given by the buyer when they make an offer on a property. This payment on a Gulfport mortgage is given as a sign of good faith and shows that the buyer is serious about purchasing the home.
Equity refers to the amount a home is worth. The value may be set above or below the amount of the home and it determines the amount the buyer can borrow from a bank.
An escrow account is kept separate from the loan payment and is the place where the mortgage lender issues payments like property taxes and insurance.
Fair Market Value
This term refers to the value the property would receive in the current marketplace.
A loan issued by a lender approved by the Federal Housing Administration. It is intended to assist borrowers who cannot receive approval for traditional loans.
Fixed Rate Mortgage
This term refers to a conventional mortgage that retains the same monthly payments and interest rates for the entire loan.
Good Faith Estimate
A good faith estimate shows an itemized list of all the expected costs and fees associated with the loans. It is required by law to be issued during the loan application process.
Sometimes called homeowner’s insurance, this term is for insurance that protects the home in the event of damage.
A HUD loan is granted to homebuyers who plan on fixing a property and is included in the mortgage.
The maturity of a loan is how long it will last before it is paid off in full.
This is a kind of insurance that is intended to protect the lender if the purchaser of the property defaults.
Mortgage Insurance Premium
The mortgage insurance premium (MIP) is a 1.5 percent fee that is added to any FHA loan and is paid during the closing process.
This is a type of fee that is charged by the lender when they process the loan. It will be disclosed during the Good Faith Estimate.
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Jennifer BatesGulfport, MS
We contacted Amanda & Associates in December 2015 and was put in contact with Jordyn Favret. From day one, Jordyn was thorough and professional. She went above and beyond to deal with an extremely difficult seller even spending hours in the evening and on the weekends to close the deal on the property. Jordyn answered all of our questions and when she didn’t know the answer, she made the effort to investigate it and get back with us in a timely manner. She met with the rental manager and viewed …
First off, let me say the pleasure was all ours. We appreciate the time McKinsey & her team took with us. She stayed on top of the situation and made things happen. It was our first time to use a Realtor and it was a pleasure with us. She answered questions immediately or found the answer for us in timely manner. We never felt pressured or uncomfortable. It was great doing business with her and the team and look forward to future business.
David & Summer Pipkins
I have worked with Amanda and her team on several transactions, both as a buyer and a seller. They are very proactive, accessible, and responsive. The team knows the market very well, and lays out a well thought out and deliberate strategy to close a deal in a timely manner.
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They do very well in getting the information needed for you so you can decide on the property being reviewed. Very professional and quick to respond. They keep you informed on all steps during the process of the purchase.
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Without a doubt, this has been the best home purchasing experience. I am so impress with everyone at Amanda & Associates. David Becher was exceptional! He contacted me on a regular basis and understood my goals. Finding the perfect cottage on the Gulf Coast has moved me one step closer to retiring in such a beautiful and fun area. Brittany Brackett is another person I want to acknowledge. She consistently communicated with me on the administrative paperwork. Because of her attention to detail, …