Adjustable Rate Mortgages
ARM, the interest rate may change periodically, usually after a fixed period, 1 year, 3 years, 5 years, 7 years. Lenders charge lower interest rates for mortgage loans in Charles County when the loan is "fixed" for a shorter period than the traditional 30 years mortgage loan. Amortization is still 15 or 30 years, but after the "fixed" period of 1, 3, 5, 7 years, the rate will usually adjust to the then market rate.

Broker - Real Estate
A person that has taken advanced licensing courses of instruction and passed an examination qualifying them for the licensee title of "Broker". Most real estate licensees have a license for "salesperson" and must work under the supervision of a licensed Broker. The Broker for Homefinders.com is Lenn Harley.

Closing Costs
Charges to a home buyer for legal fees to conduct the settlement, abstract fees to search the title, appraisal fees, lender processing fees, termite inspection, and any costs associated with purchasing a home in Charles County, Example: http://www.homes-waldorf-maryland.com/closingcosts.shtml

Federal Housing Administration
The federal office that oversees the FHA mortgage insurance program.

Good Faith Estimate
An estimate of charges in connection with a mortgage loan provided by a lender when the loan application is made.

Mortgage Insurance Premium
A cost to home buyers to insure the mortgage lender in case of default. Usually required on loans where less than 20% down payments are used.

Payoff of Mortgage Balance
Amount of money needed to pay the balance of a loan, usually computed to the day of closing.

RESPA
The Real Estate Settlement and Procedures Act requires that consumers receive disclosure from lenders, title companies, real estate companies where one entity received a benefit or payment in connection with a referral of a home buyers or seller for services.

Senior Housing
Homes that are restricted to ownership by persons of 55 years or older.

Veterans Administration Loans
Loans available to active duty military, former military and spouses or widows of Vets. The VA loan is designed to enable VA eligible persons buy homes with ZERO down payment and that offer other benefits for the qualified VA buyer.

VA loans are popular with many home buyers in Charles County due to the proximity of numerous military bases: Andrews AFB, Bolling AFB, Pentagon, Ft. Meade and others.

Homes for Sale in Waldorf MD
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