A podcast for those wanting to learn or improve their English - great for any ESL or EFL learner. Visit us at http://www.eslpod.com.
January 19th, 2015
Episode 190 of 489 episodes
Unless you have a lot of money, you usually need to get a loan to buy a house or condominium in the U.S. Learn the terms and phrases you’ll need in this episode. Slow dialog: 1:09 Explanations: 3:36 Fast dialog: 20:49 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
In a time where we're all threatened by a rhetoric of hate from the people in power; A Gay And A NonGay challenges many of our differences head on and promises that no matter who you are, or what you're into (Bruce Springsteen or Britney), love is love and gay and nongays can be friends. Contact us on Twitter @gaynongay