Mortgage Glossary
25 mortgage terms explained in plain English. No jargon, no fluff — just what you need to know when buying a home in Monterey County.
The amount you actually borrow.
IThe cost of borrowing money.
AThe true yearly cost of your loan.
PAnnual taxes based on your home's value.
SA one-time tax adjustment when you buy.
HMonthly dues for shared community expenses.
PInsurance you pay when your down payment is under 20%.
MFHA loan insurance — upfront and monthly.
AA month-by-month breakdown of your loan payments.
CThe total amount you need on closing day.
EYour good-faith deposit when making an offer.
DThe cash you put toward the home upfront.
CThe fees and charges due when you finalize the purchase.
EA neutral third party that holds funds during (and after) your purchase.
LHow much of your home's value you're borrowing.
DHow much of your income goes to debt payments.
PKnow the difference before you start shopping.
PThe four components of your total monthly payment.
PPay upfront to lower your interest rate.
TProtection against ownership claims on your property.
AA professional estimate of your home's market value.
HA thorough check of the home's physical condition.
CConditions that must be met for the deal to close.
RFreeze your interest rate while you close.
RReplace your current mortgage with a new one.
Prueba la calculadora hipotecaria con tasas en vivo y ve el desglose completo de tu pago mensual.