When considering your options for a home loan, take
a close look at all of the services offered. You will be glad that
you did. Providing home loan products and valuable services will
make your home buying process more rewarding and less time consuming.
Get loan pre-approval before you look for your home and competitively
priced loan products to meet your needs.
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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.
Providing Services for….
- Loan Products
- Qualified Borrowers
- Competitively Loan products
- First Time Home Buyers Programs
- Fixed rate mortgages
- Interest Only Fixed Rates
- Adjustable Rate Products
- Adjustable Rate Mortgages
- Jumbo Loans
- Financing Options
- FHA and VA Loans
- Investor Loans
- Debt Consolidation
- Cash Out
- New and existing homes,
- Rate & Term Refinance Loans
- Construction/Perm Loans
- Home Renovation Loans
- Coop Loans
- Conforming Loan Amounts
- Jumbo Loan Amounts
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
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.
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
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,
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…
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
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.
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.