Posts Tagged ‘Mortgage Terms’
Mortgage Glossary of Terms
Mortgage Glossary of Terms
A brief list of some of the most common Mortgage terms.
Adverse Credit The term used if the borrower has a poor credit history. This could include previous mortgage or loan arrears, bankruptcy or CCJ’s. Other terms used to describe an adverse credit mortgage include:
Bad credit mortgage Poor credit mortgage Non status mortgage Credit impaired mortgage No credit mortgage Low credit score mortgage
APR (Annual Percentage Rate) The interest rate reflecting the cost of a mortgage as a yearly rate. The APR provides home buyers with the ability to compare different types of mortgages based on the annual cost of each.
Arrangement Fee The fee you pay your Lender in return for them providing you with a mortgage. Usually paid on completion or with your application, these fees usually apply when you take out a fixed rate, discount or cashback mortgage.