Banking Terms A First Time Homebuyer Must Know

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If you are a first-time homebuyer, here are some banking terms. You should become familiar with interest rates. The interest rate is the amount. A lender charges a borrower to obtain a loan, usually expressed as a percentage of the total amount of the loan.

Interest rates are typically quoted on an annual basis, known as the annual percentage rate, or APR discount points. Discount points are used to buy down the interest rate either temporarily or permanently, origination fees. The lender will process the loan and will charge the borrower the origination fee on a mortgage.

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The loan origination fees are paid by the borrower when the loan is funded and are usually based on a flat percentage of the loan amount and loan term. The loan term is the length of time. The borrower will take some time to repay the loan, like 15 or 30 years, usually made on a monthly basis. Should you have any questions, ask your realtor or lender.

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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:

Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*

To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!

*Agardi Team and the seller have to agree on the price and the closing date.

Call Us @ 718-755-2882
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