by Mortgage Blog Content | Mar 30, 2020 | Uncategorized
Glossary of Terms Adjustable Rate Mortgage A mortgage loan were the interest rate adjusts periodically based on the changes of a specified index such as the one-year Treasury Bill or the LIBOR. Amortization The calculation of the amount of the installment payment it...
by Mortgage Blog Content | Mar 30, 2020 | Uncategorized
What is the purpose of a home appraisal? A home appraisal is generally required by the lender in order to establish that the value of the home will be sufficient collateral for the amount of the loan. The appraisal fee is paid by the borrower after the borrower has...
by Mortgage Blog Content | Mar 30, 2020 | Uncategorized
Which loan is right for me? Years you plan to stay in home Best program 1-3 3-5 5-7 7-10 10+ 3/1 ARM, 1 year ARM or 6 month ARM 5/1 ARM 7/1 ARM 10/1 ARM, 30 year fixed or 15 year fixed 30 year fixed or 15 year fixed Program Pros Cons Fixed Rate Mortgages 30...
by Mortgage Blog Content | Mar 30, 2020 | Uncategorized
Prequalification – Before starting to look at homes potential homebuyers, that need mortgage financing, should meet or speak with a mortgage broker/loan officer to review their employment histories, verifiable recurring monthly incomes, credit histories/credit...
by Mortgage Blog Content | Mar 30, 2020 | Uncategorized
What costs should I expect at the loan closing? At the loan closing, you will be required to pay your down payment and other various closing costs and fees. Most of the closing fees are paid by the buyer, but some of the fees are prorated, by date, to the seller and...
