Mel Feller Gives You a Home Loan Glossary Home Loan Glossary Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered.

1. Mel Feller Gives You a Home Loan Glossary
Home Loan Glossary
Adjustable-rate loans,alsoknownas variable-rate
loans,usuallyofferalowerinitial interestrate
than fixed-rate loans.The interestrate fluctuates
overthe life of the loanbasedon market
conditions,butthe loanagreementgenerallysets
maximumandminimumrates.Wheninterest
ratesrise,generallysodoyourloanpayments;
and wheninterestratesfall,yourmonthly
paymentsmaybe lowered.
Annual percentage rate (APR) isthe cost of creditexpressedasayearlyrate.The APR includesthe
interestrate,points,brokerfees,andcertainothercreditchargesthatthe borrowerisrequiredtopay.
Conventional loansare mortgage loansotherthan those insuredorguaranteedbyagovernment
agencysuch as the FHA (Federal HousingAdministration),the VA (VeteransAdministration),orthe Rural
DevelopmentServices(formerlyknownasFarmersHome Administration,orFHA).
Escrow isthe holdingof moneyordocumentsbya neutral thirdparty priorto closing.Itcan alsobe an
account heldbythe lender(orservicer) intowhichahomeownerpaysmoneyfortaxesandinsurance.
Fixed-rate loansgenerallyhave repaymenttermsof 15, 20, or 30 years.Both the interestrate andthe
monthlypayments(forprincipal andinterest) staythe same duringthe life of the loan.
The interestrate isthe costof borrowingmoneyexpressedasa percentage rate.Interestratescan
change because of marketconditions.
Loan originationfees are feeschargedbythe lenderforprocessingthe loanandare oftenexpressedas
a percentage of the loanamount.
Mel Feller Gives You a Home Loan Glossary

2. Lock-in referstoa writtenagreementguaranteeingahome buyera specificinterestrate ona home loan
providedthatthe loanisclosedwithinacertainperiodof time,suchas 60 or 90 days.Oftenthe
agreementalsospecifiesthe numberof pointstobe paidat closing.
A mortgage is a documentsignedbyaborrowerwhena home loanismade that givesthe lenderaright
to take possessionof the propertyif the borrowerfailstopayoff the loan.
Overagesare the difference betweenthe lowestavailable price andanyhigherprice thatthe
homebuyeragreestopayforthe loan.Loanofficersandbrokersare oftenallowed tokeepsome orall
of thisdifference asextracompensation.
Pointsare feespaidtothe lenderforthe loan.One pointequals1percentof the loan amount.Points
are usuallypaidincashat closing.Insome cases,the moneyneededto
pay pointscanbe borrowed,butdoingsowill increase the loanamountandthe total costs.
Private mortgage insurance (PMI) protectsthe lenderagainstalossif a borrowerdefaultsonthe loan.It
isusuallyrequiredforloansinwhichthe downpaymentis lessthan20 percentof the salesprice or, ina
refinancing,whenthe amountfinancedisgreaterthan80 percentof the appraisedvalue.
Thrift institutionisa general termforsavingsbanksandsavingsandloanassociations.
Transaction, settlement,or closingcosts may include applicationfees;title examination,abstractof
title,title insurance,andpropertysurveyfees;feesforpreparingdeeds,mortgages,andsettlement
documents;attorneys'fees;recordingfees;andnotary,appraisal,andcredit reportfees.Underthe Real
Estate SettlementProceduresAct,the borrowerreceivesagoodfaithestimate of closingcostsatthe
time of applicationorwithinthree daysof application.The goodfaithestimate listseachexpectedcost
eitherasan amount or a range.
WhyMel Feller

3. Mel Fellerisabusinesscoachwhohelps individual’s make the transitionfromfull-time employeeto
successful entrepreneur. A grandfathernow, Mel Fellerstartedhiscoachingbusinessin 1990 to help
otherparents, employeesandindividual entrepreneurs deal withthe sometimes-overwhelming
prospectof startinga newbusinesswhilestillrunningahousehold ora job. Prior to raisinghisfamily,
as a single father, Mel Fellerspentovertwodecades as
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please visithiswebsite
http://www.melfellersuccessstories.com
Mel understandshowtohelppeoplecreate momentumforchange intheirlife andhow tobreak
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Mel wasstuck andmore thanonce andso he knowsfirsthandhow hardit can be to change yourlife to
pursue yourdreams,buthe islivingproof thatitcan be done.
It ishismissiontohelpyougetintothe life youdreamabout,toconvince youthat youcan make a living
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“Truth telling,honesty,andcandor:IlovedyouMel Feller!Youhave somuch energyandknowledge!I
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“Mr. Mel Feller,Thankyou,thankyou,thankyoufor givinga marvelouskeynote atourSymposium!
While we have notyetcollectedthe official feedback,the unofficialfeedbackwasthatYou Were a Hit! I

4. heardnothingbutcomplimentsregardingyourpresentations.Thankyouformakingsucha positive
impacton our attendees!”
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