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ABC of Mortgage Terms from Monte Hewett Homes

By Paula.Burr | August 6, 2007

We want to make the home buying process as easy as 1, 2, 3.  To that end we have created a quick A, B, C of mortage terms.  Monte Hewett Homes has affiliations with the following lenders: Bank of America, HomeBanc Mortgage, and SunAmerica Mortgage. In addition, these lenders assign their very best officers to Monte Hewett Homes closings in Atlanta. View all lenders officer information here.

Close on your new home in Atlanta with Monte Hewett Homes using one of our three preferred lenders, Monte Hewett will
pay $5,000 toward your closing costs.

• APR (annual percentage rate). This is a standard formula developed by the Federal government to show your actual total yearly cost of a mortgage. This formula includes items such as interest rate, points and other banking fees that are part of your loan.
  

• PMI (Private Mortgage Insurance). For homebuyers requesting more than 80% of the sales price of the home, lenders typically require insurance to protect them from you defaulting on your loan.
  

• Preapproved. For serious homebuyers, this is an important status. Basically, you, the home buyer of a new home has completed a loan application which has been reviewed and approved by an underwriter. This can help you determine the amount you can spend on your new home.
  

• Prequalified. Based on your debt, income, savings and other factors, this is an opinion of your lender on your ability to repay a specified amount. In other words, it is the lenders opinion of your ability to qualify for a specified amount of loan.
  

• Truth in Lending. Federal law requires lenders to fully disclose their fees, terms and conditions of the loan. This should include the APR mentioned above.

For more information on types of loans and particular products offered by our preferred lenders visit the Monte Hewett Website or contact our offices at 404.459.6080

Topics: New Home Building |

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