介绍:
Kiko: Figuring out how to fill out this mortgage loan application is like trying to read a foreign language. I don’t know what all these terms mean.
Rafael: Let’s see if we can figure it out together. I think we want a fixed-rate mortgage, not an adjustable-rate mortgage. We want to lock in a good annual percentage rate and not worry about the rate going up.
Kiko: All right, I think that’s what we want. We want the principal and interest payments to be predictable.
Rafael: That’s right.
Kiko: And what are points?
Rafael: I think that has to do with fees for getting the loan.
Kiko: It looks like we have to get an appraisal of the house we want to buy.
Rafael: Yes, that’s standard, I think.
Kiko: Do we have to pay for private mortgage insurance?
Rafael: Not if we have a down payment of more than 20% of the price of the house.
Kiko: Okay, so we don’t need to worry about that expense, but what about all these others?
Rafael: Like what?
Kiko: Like homeowners insurance and title insurance?
Rafael: I’m not sure.
Kiko: And what are balloon payments and prepayment penalties?
Rafael: You got me.
Kiko: And what’s included in the closing costs?
Rafael: I’m really out of my depth here.
Kiko: Me, too. What should we do now?
Rafael: Continue to rent?
Script by Dr. Lucy Tse
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