Holly Walther Lending Team X

The thing is – mortgages, finances, buying a home – that is all heavy stuff.  The process should be stress-free and you don’t need to do it alone. These days, especially, the industry is constantly changing. Being prepared and staying informed will keep you confident in moving forward with your financing goals no matter what the climate. Know that we will be by your side the whole way.

We are always having a good time in the office and with clients. So we decided to bring some of that mortgage fun to you with Mortgage BINGO lingo!  We hope this will help keep you on your toes and in the know. Use it to help guide you and be a reference whenever you need it.

Below are some of the common terms you’ll come across in the mortgage world.

Want to play along? Download your own playing card here!

Rate Lock

This means that we’ve locked in the interest rate on your mortgage. Once you select the right loan program for you, this will guarantee the specific rate. Even if the market or the numbers change, your number will still stay the same. This rate cannot change if you close your loan before that lock expires. The locks are anywhere from 30, 45, to 60 days. So even if it takes 30 days to close your loan, if your lock is still in effect, you’ll still have the low rate you started with. That’s why it is SO important to take a look at your current mortgage statement and see if there’s a way you can save more money!


An appraisal is always a good idea to get accurate information on your home. If a lender orders an appraisal, a licensed third party will evaluate the property to ensure it’s worth the sales price. The appraiser will look at the home’s condition, age, and size, and will compare the property to sales of similar homes in the neighborhood.


Your escrow payments are part of your monthly mortgage payment. They are put into an account to pay your property taxes and insurance. The payments include:

Real Estate Agent

It may seem obvious, but your real estate agent is a valuable partner in the homebuying process. They will do all the leg work and present the offer to the seller. Their expertise and knowledge on your local market will help you make the best decision in finding your dream home! Ask us for any agent referrals

Conventional Loans

Includes Conforming loans or Jumbo loans. A conforming loan follows limits set by the Federal Housing Finance Agency (FHFA). For 2020, the conforming limit rose to $510,400 and  $765,600 in high-cost areas. A jumbo loan is one that exceeds the conforming loan limits. Interest rates are usually higher because they represent a greater risk to the lender. There may also be stricter credit standards and underwriting requirements. Make sure to ask your lender to find out which loan is best for you.

FHA Loan

With an FHA loan, you can purchase a home with as little as 3.5% down. More information here.

VA Loan

The VA Loan provides 100% financing to eligible veterans, active-duty members, reservists, National Guard members, and surviving spouses. We have an amazing VA Loan program. Read more here.

Closing Costs

Closing costs are a one-time payment due when you close your loan. Everyone’s closing costs vary. Fee’s that might be included could be an appraisal fee, origination fee, title service fee, and transfer tax fee.


When you own your home, it’s more than just a place to live; it’s also a financial asset. As you pay your mortgage each month, the money you put toward the principal acts as a ‘savings’ so to speak. You pay down the principal and your equity grows. This equity can eventually become liquid cash that you can access, either by selling your home or borrowing against it and can be used to put towards another home, renovations, or to pay off other expenses. Read more here.

Interest Rate

Like other loans, when you borrow money for a home, you pay interest according to rates set by the market. When Rates change constantly for many reasons. Rates are currently low. Reach out to us to get a custom quote.

Down Payment

A down payment is the initial amount of cash that you put toward the home purchase. This amount doesn not include the loan amount. While it may seem daunting, the good news is that a 20% down payment – believed by many that it’s required, is not the case anymore. You can purchase a home with as little as 3 to 5 percent down. Make sure to talk to us to find out how much you can afford and what the best loan is for you.

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FL Office: 904.902.0220