Calculate A Mortgage Payment
Low Mortgage Rate Refinance | Best Mortgage Deals
w
Mortgage- How Much Can I Borrow?
w
Mortgage Quotes
"Even the once simple home mortgage now has so many flavors and styles and variations that it is difficult for people to make a decision."
"I had a couple come in with a negative amortization mortgage on a house that costs way too much relative to their income. They're consuming real estate, not investing in it."
"The universe of mortgage lending has gotten to the point where there is a place in it for everybody."
"Right now we think that rates will stay low, that you'll be able to get a mortgage below seven percent and that's kicked off a refinance boom that's going to put more money in the pockets of consumers."
|
Mortgage Help
|
 |
Learn what you need to know to get the most money available and best rates in today’s market by brushing up on your mortgage terms. Once you get your quote you will know what to look for to save you money on your next mortgage or refinance. Adjustable Rate Mortgage— Amortization- A method of repayment for a loan. Monthly payments are made to the principal and and interest owed on the mortgage and Annual Percentage Rate (APR)- A number represented as a percentage that is charged for credit on a yearly basis. Balloon Payment- Lump sum payment for a variable loan, usually at the end of the 3rd or 5th year. CeilingThe maximum highest level the interest on you loan can go for the life of the loan. Closing Costs- Any fees paid by seller or buyer at closing of a mortgage/real estate transaction. Credit Limit--The maximum amount that you can borrow. Deed of Trust- Similar to a mortgage but different in that it is a pledge of real estate to secure a loan. Not used in all states. Discount Points- An amount assessed to lower or maintain your current rate offered on a mortgage. Each point is measured as 1.0% Down Payment- An amount used to cover the gap between the purchasing price of a property and the financed amount given by the bank. Encumbrance- Claim against a property by an individual or entity as to having stake in the described property. FHA Loan or FHA Insured Loan- A loan which the Federal Housing Administration (FHA) insures the lender against losses they may incur due to default on the loan. Gross Income- Total earning before subtracting operational, living, and other costs. With cost subtracted you are left with Net income. HUD I Settlement Statement- Itemization of the costs associated with purchasing the home. Interest Rate- A percentage rate representing the charge for a loan purchased, usually paid monthly. Loan to Value Ratio (LTV)- A simple ratio used to compare the amount needed from a lender to purchase a home to the actual appraised value of the home. If 800 is needed to get a home for 1000, %80 would be the LTV. Mortgage Banker- Mortgage loan originator. Mortgage Loan- A loan that uses the real estate as the collateral for payment of the loan. Negative Amortization- Amortization in which the monthly payment made is less than the amount need to make a full payment required to stay on course for the time line of your loan. The balance owed may increase. PITI- Principal, Interest, Taxes and Insurance together making your monthly mortgage payment. Prepayment Penalty- A fee assessed by the lender for paying off a loan before the end of the scheduled payments term. Title- Written document detailing ownership of a property or thing- to be used as evidence of ownership. Underwriting- The process of checking on a borrower to assess their abilities and approve a loan for them. Get A Mortgage Rate Quote In All Fifty States - Click Here!
|
