What are the key terms I should know about mortgages?
An example of an AI chatbot conversation about understanding mortgage terms.
What are the key terms I should know about mortgages?
Some key mortgage terms include principal, interest, escrow, and amortization. Would you like to know more about any specific term?
Can you explain what amortization means?
Amortization refers to the process of paying off a loan over time through regular payments. Each payment covers both principal and interest.
What is the difference between fixed-rate and adjustable-rate mortgages?
A fixed-rate mortgage has a constant interest rate throughout the loan term, while an adjustable-rate mortgage can change based on market conditions.
What does it mean to be 'underwater' on a mortgage?
Being 'underwater' means you owe more on your mortgage than your home is currently worth. This can happen during market downturns.
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