Getting a Mortgage Loan
Kiko: Figuring out how to fill out this Mortgage loan application is like trying to read a foreign language. I don’t know what all these terms mean.
Rafael: Let’s see if we can figure it out together. I think we want a Fixed-rate mortgage, not an Adjustable-rate mortgage. We want To lock in a good Annual percentage rate and not worry about the rate going up.
Kiko: All right, I think that’s what we want. We want the Principal and Interest payments to be predictable.
Rafael: That’s right.
Kiko: And what are Points?
Rafael: I think that has to do with fees for getting the loan.
Kiko: It looks like we have to get an Appraisal of the house we want to buy.
Rafael: Yes, that’s standard, I think.
Kiko: Do we have to pay for Private mortgage insurance?
Rafael: Not if we have a Down payment of more than 20% of the price of the house.
Kiko: Okay, so we don’t need to worry about that expense, but what about all these others?
Rafael: Like what?
Kiko: Like Homeowners insurance and Title insurance?
Rafael: I’m not sure.
Kiko: And what are Balloon payments and Prepayment penalties?
Rafael: You got me.
Kiko: And what’s included in the Closing costs?
Rafael: I’m really Out of my depth here.
Kiko: Me, too. What should we do now?
Rafael: Continue to rent?
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