balloon payment

Welcome to English as a Second Language Podcast number 1,070 – Getting a Mortgage Loan.

This is English as a Second Language Podcast episode 1,070. I’m your host, Dr. Jeff McQuillan, coming to you from the Center for Educational Development in beautiful Los Angeles, California.

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This episode is a dialogue between Kiko and Rafael about getting a mortgage loan – getting money to buy a house. Let’s get started.

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