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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?