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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.


1,070 - Getting a Mortgage Loan

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

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