It is very important to know your terms before applying for a mortgage . Bookmark this tab on your computer so that you can reference these terms at any time before or during the mortgage process. Appraisal : A rough estimate of how much the home is worth. Appraisals are required by lenders before a home loan can be signed. The appraisal tells the lender how much can be loaned to the borrower. Appraisals come from an independent third party, not the lender. Principal: The s

1.   You want to have guaranteed income for life.

Basic forms of annuities include Immediate vs. Deferred, Fixed vs. Variable, Equity-Indexed, and several other options that can include a de