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Mortgage bankers can handle your home mortgage needs, updating you on the status of your loan in process. Clients of mortgage bankers can experience smooth timely closings and if you have ever purchased a home before, you know how valuable that is. Specializing in fast loan approvals, a full line of loan products tailored to meet a wide variety of client needs and regular real estate listings that fit your home search criteria. This provides you with a more enjoyable and convenient way to find the home you are looking for with less time and frustration. Home ownership is one of the most important personal and financial decisions that most people make. There are creative and timely solutions to your real estate finance needs. Many lenders are committed to helping borrowers fully understand the lending process so that they can make informed choices. If you just take the time to look, you will find a comprehensive selection of programs designed to accommodate the extensive needs of our customers. Maximize your efficiency through cutting edge computerization, and make sure you get personal service when you borrow.

Types of Mortgages…

Fixed Rate Mortgage
A fixed rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float."

Adjustable Rate Mortgage
An adjustable rate mortgage (ARM), variable rate mortgage or floating rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments made by the borrower may change over time with the changing interest rate.

Balloon Payment Mortgage
A balloon payment mortgage is a mortgage, which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate.

Interest Only Mortgage
An interest-only loan is a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged. At the end of the interest-only term the borrower may enter an interest-only mortgage, pay the principal, or (with some lenders) convert the loan to a principal and interest payment (or amortized) loan at his/her option.

Negative Amortization Mortgage
In finance, negative amortization, also known as NegAm, is an amortization method in which the borrower pays back less than the full amount of interest owed to the lender each month. The shorted amount is then added to the total amount owed to the lender.

Reverse Mortgage
A reverse mortgage is a loan available to seniors, 62 and over, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves.

Graduated Payment Mortgage
A graduated payment mortgage loan, often referred to as GPM, is a mortgage with low initial monthly payments which gradually increase over a specified time frame. These plans are mostly geared towards young men and women who cannot afford large payments now, but can realistically expect to do better financially in the future.

Legal Mortgage Terms…

Advance - This is the money you have borrowed plus all the additional fees.
Base Rate - This value is set by the Federal Reserve and is known as the Discount Rate.
Bridging Loan - This is a temporary loan that enables the borrower to purchase a new property before the borrower is able to sell another current property.
Conveyance - This is the legal document that transfers ownership of unregistered land.
Disbursements - These are all the fees of the solicitors and governments, such as stamp duty, land registry, search fees, etc.
Early Redemption Charge / Pre-Payment Penalty / Redemption Penalty - This is the amount of money due if the mortgage is paid in full before the time finished.
Equity - This is the market value of the property minus all loans outstanding on it.
First time buyer - This is the term given to a person buying property for the first time.
Freehold - This means the ownership of a property and the land.
Land Registration - This is a legal document that records the ownership of a property and land. This is also known as a Title.
Leasehold - This means the ownership of the property and land for a specified period, which may be sold separately from freehold, which may be owned by another person.
Legal Charge - This is a legal document that records the data of the rightful owner of a property or land.
Loan Origination Fee - A charge levied by a creditor for underwriting a loan. The fee often is expressed in points. A point is 1 percent of the loan amount.
Mortgage Deed - This is a legal document that stated that the lender has a legal charge over the property.
Mortgage Payment Protection Insurance - This is a form of insurance that ensures that the current mortgage payment will be paid if the borrower proves unable to do so.
Private Mortgage Insurance - This is a form of insurance the lender has the borrower take for loans over 70% of the appraised value. This will pay the lender only the owed portion up to 70% on a defaulted loan.
Sealing Fee - This is a fee made when the lender releases the legal charge over the property.
Subject To Contract - This is an agreement between seller and buyer before the actual contract is made.

Other terms to know…
Creditor
The creditor has legal rights to the debt secured by the mortgage and often makes a loan to the debtor of the purchase money for the property. Typically, creditors are banks, insurers or other financial institutions. A creditor is sometimes referred to as the mortgagee or lender.
Debtor
The debtor must meet the requirements of the mortgage conditions imposed by the creditor in order to avoid the creditor enacting provisions of the mortgage to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan. A debtor is sometimes referred to as the mortgagor, borrower, or obligor.
Deed of trust
The deed of trust is a deed by the borrower to a trustee for the purposes of securing a debt. In most states, it also merely creates a lien on the title and not a title transfer, regardless of its terms. It differs from a mortgage in that, in many states, it can be foreclosed by a non-judicial sale held by the trustee. It is also possible to foreclose them through a judicial proceeding.
Legal charge
In a mortgage by legal charge, the debtor remains the legal owner of the property, but the creditor gains sufficient rights over it to enable them to enforce their security, such as a right to take possession of the property or sell it. To protect the lender, a mortgage by legal charge is usually recorded in a public register.
Foreclosure and non-recourse lending
In most jurisdictions, a lender may foreclose the mortgaged property if certain conditions - principally, non-payment of the mortgage loan - apply. Subject to local legal requirements, the property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt.

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