Manny Mosquera, Loan Officer

NOTE RATE: The interest rate stated in a mortgage note.

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ADJUSTABLE-RATE MORTGAGE (ARM): A mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period and over the life of the loan. Also called a variable-rate mortgage.

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DEED: The physical document you receive that proves you own your home. You’ll receive your deed when you close on your loan.

Merry Christmas from my family to yours!

CLOSING COSTS: Settlement costs and fees you pay to your lender in exchange for finalizing your loan. Some common closing costs include appraisal fees, loan origination fees, and pest inspection fees. The specific costs you’ll need to cover depend on your location and property type. Closing costs usually equal between 3% 6% of the total value of your loan.

During this Holiday Season, I wish to express my appreciation to you for placing your confidence and trust in me. Serving you, your friends and your family is a pleasure. Thank you for a wonderful year.... Happy Holidays and Happy New Year!

The real question is... when mortgage rates go back up, will home prices go back down?

PRINCIPAL: The amount you borrowed. A portion of each mortgage payment goes toward principal and another portion goes toward the interest. As you pay down the principal, your equity in the home grows. It is possible to make extra payments toward the mortgage principal. Doing so will reduce the amount of interest you pay over the life of the loan.

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ESCROW: Funds and/or deed left in trust to a third party. Generally, a portion of the monthly mortgage payment is held in escrow by the lender to pay for taxes, hazard insurance and yearly mortgage insurance premiums.

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PRIVATE MORTGAGE INSURANCE (PMI): If you have a down payment of less than 20%, your lender might require private mortgage insurance (PMI). It protects the lender (not you) if you stop making payments on your loan.

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FIRST TIME BUYER: A home loan borrower who has never taken out a mortgage before; often qualifies for various discounts and first-time buyer perks.

Many Americans have successfully resumed paying their mortgage off, but some borrowers are still facing difficulty in today’s economy.

BUYER'S AGENT: The real estate agent that works on behalf of the homebuyer.