You’ve decided now is the time to buy a house. Once you’ve made this important decision, it’s important to prepare. Not only saving enough money, but understanding the various financial terms that you will encounter. Knowing these 8 terms will help you feel confident you are making safe financial decisions . In order to prepare you for the home buying process, here are 8 terms you will encounter on your road to home ownership. Some terms that may seem intimidating are ARM, Fixed Rate Mortgage, Assumable Mortgage, Balloon-Payment Mortgage, Equity, Escrow, Earnest Money, and Private Mortgage Insurance. We’ll go over what these terms mean and how knowing the details of these terms can help you purchase the home of your dreams.
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The LearnVest Vocab Lesson: 8 Terms to Know Before You Buy Your First Home