Free NJ Foreclosure Mortgage Terms List

Below is a small free NJ foreclosure mortgage glossary of common terms. If you’re looking for our NJ foreclosure glossary, simply follow the link.

Bait and switch- This is when the lender switches a loan on you. You think you’re getting one type, but it’s then bumped to a different interest rate, or even different type of loan

Balloon mortgage- A balloon mortgage is a mortgage that starts with a lower interest rate, and then at a later date either the interest goes up, or the amount of the loan comes due. People sometimes are drawn to this due to lower mortgage payments early in the mortgage, but may regret it later

Interest rate- your interest rate is a percentage that you pay for borrowing money, you’ll pay back the loan with the interest

Lock-in- when you lock in to a particular rate, usually there is a specified amount of time you have to lock in

Point-a point is a one-time charge that you pay when closing your laon…one point is equal to one percent of the principal amount of your mortgage

Subprime/Prime- your prime (sometimes called subprime - based on your credit history) is the interest rate you are offered due to your credit history and credit score. A good credit history and credit score puts you in the “prime” category with a lower interest rate, while someone with a poor credit history will get a higher interest rate and in the “subprime” market

If you’re looking for Free NJ foreclosure home listings, try HomeSales.gov.
Of course, if you’re looking for a full listing of NJ home foreclosures, I’d check out: