Get started with these terms:
Click here to learn more about APR vs. interest rate.
tasa de interés (es)
interest rate (en)
Your interest rate is the percentage you pay to borrow money from a lender for a specific period of time. Your mortgage interest rate might be fixed, which means it stays the same throughout the duration of your loan. Your mortgage interest rate might also be variable, which means it might change depending on market rates.
Click here to learn more about mortgage options.
hipoteca (es)
mortgage (en)
A simple definition of a mortgage is a type of loan you can use to buy or refinance a home. Mortgages are also referred to as “mortgage loans.” Mortgages are a way to buy a home without having all the cash upfront.
Click here to learn more about home appraisal.
evaluación / tasación (es)
appraisal (en)
An appraisal is the best way to estimate your property’s fair market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property.
Click here to learn more about escrow.
fideicomiso (es)
escrow (en)
Escrow is a legal arrangement in which a third party temporarily holds large sums money or property until a particular condition has been met (e.g., the fulfillment of a purchase agreement).