Loan
Programs
Pick a payment/cash flow loan
Payments as low as 1.00%! This unique home loan is based on the most
stable lending index in America, the COSI
(cost of savings index). The COSI index has remained low and stable
because, it is not based on the fluctuating economy. The COSI index
represents the average of interest rates certain banks pay to common
customers on checking, savings and CD accounts!
We can help you
regardless of your credit situation.We work people with good credit
and no credit problems but also people with prior credit problems,
bank turndowns, bankruptcy, and bad credit.
Know
Your Terminology
Here are a few basic terms that you should understand when
securing a mortgage.
Fixed
Rate Mortgages
A fixed-rate mortgage is the most popular type of mortgage. The
interest rate does not change during the term of the loan.
Adjustable
Rate Mortgages (ARM)
A mortgage where the interest rate is adjusted periodically
by the lender based upon changes in the index.
Annual
Percentage Rate (APR)
The cost of a mortgage, including interest, mortgage insurance
and/or other fees.
Amortization
Repayment of a mortgage loan with equal
periodic payments of both principal and interest. The payments are
calculated so that the debt is paid off at the end of a fixed period
of time.
Lock
Period
A set period of time where the lender guarantees the quoted interest
rate.
Balloon
Mortgage
A long-term loan that has one large payment due upon maturity. This
is often done when refinancing or a major cash flow event is expected.
Closing
The finalizing of the sale of a property, as its title is transferred
from the seller to the buyer. This takes place at a meeting with
buyer, seller and lending institution.
Mortgage
Insurance
Insurance that is required if the buyer is paying a down payment
that is less than 20 percent. It is protection for the lending institution.
Origination
Fee
A fee charged by a lender for processing a loan application, expressed
as a percentage of the mortgage amount.
Prequalification
The process of calculation, based upon financial information, how
much a prospective home buyer would be eligible to borrow . This
is not the final approval.
Title
Search
The process of examining all records to verify that the seller is
the legal owner of a property and that there are no liens or other
claims outstanding.
Equal Housing Lender. Copyright © 2005
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