We work each day to find
lenders that offer the best service and rates in
each area. Contact us to discuss the best
lender for your needs.
Because we truly feel that competition is best for
a Buyer we do not limit our recommendation to handle
your investments to one lender.
We do have a trusted network of lenders and title
companies that we have a history of doing business
with. After eleven years of business, we have worked
with many, many businesses, and seen how they 'do
business'. Based on your needs, we will make a recommendation
that you can feel comfortable with. Of course, we
always encourage Buyers to educate themselves and
seek alternate bids from lenders if they so choose.
This page is a work in progress,
so please visit again soon for updated information.
Many Frequently Asked Questions may be answered
by using these calculators, courtesy of Mark Cooper
at Pulaski Bank:
Mortgage CalculatorsAPR/Front
End Cost Calculator - How much does your mortgage
loan really cost?
Convertible
Balloon Mortgage Calculator - Is a balloon mortgage
worth the risk?
Home
Buyability Calculator - How much home can you
afford?
Mortgage/Income
Pre-Qualification Calculator - Can your income
qualify for the mortgage?
Mortgage
Loan Calculator - Calculate your monthly mortgage
loan payment.
Mortgage
Payment Table Calculator - Compare payments
on principal amounts and rates.
Prepayment/Mortgage
Reduction Calculator - How much can you reduce
your mortgage?
Rent
or Buy Calculator - Should you rent or buy a home?
Compare.
Mortgage Terms
Adjustable Rate Mortgage
Mortgage loans under which the interest
rate is periodically adjusted to more closely coincide
with current rates. The amounts and times of adjustment
are agreed to at the inception of the loan.
Amortization
Gradual reduction of the mortgage
debt through periodic scheduled payments over the
term of the loan.
Annual Percentage Rate (APR)
The annual cost of a loan, including
interest, loan fees and other costs.
Appraised Value
The estimated value of a home, established
by a professional who has a knowledge of real estate
prices and markets.
Cap
A limit on the increase or decrease
in the interest rate or monthly payment amount for
an Adjustable Rate Mortgage (ARM).
Equity
The value of a property, minus outstanding
mortgage debt and other liens. Equity is the portion
of the value of your property that you have already
paid for, plus the appreciation or less the decline,
if any, in the value of the property since you acquired
it, and less the amount of any additional liens on
the property.
Escrow Account
An account held by the lenderlservicer,
into which a customer makes monthly installment payments
for property taxes, insurance and other items. The
lenderlservicer disburses these sums as they become
due. This type of account is sometimes known as an
"Impound Account."
Escrow Analysis
The periodic examination of escrow
accounts to determine if escrow shortages, surpluses
or deficiencies exist, and whether current monthly
deposits into the account will provide sufficient
funds to pay taxes, insurance and other items when
they come due.
Interest
Money paid for the use of borrowed
funds, usually expressed as an annual percentage rate.
Late Charge Grace Period
A specified period after the regular
due date of a loan payment during which no late charge
or other penalty is assessed.
Loan-to-Value (LTV)
The ratio of the principal amount
of the loan to the lesser of the purchase price of
the property or the property's appraised value. If
the loan balance equals 80% of the value of the property,
you may see this expressed as an 80% loan, or 80%
LTV.
PITI
Principal, interest, taxes and insurance
- the standard components of a monthly mortgage payment.
Principal Balance
The remaining amount or balance
of the mortgage loan, excluding interest and other
charges.
Private Mortgage Insurance (PMI)
Private mortgage insurance protects
the lender against loss if the customer defaults on
the loan. It is typically required when the LTV exceeds
80%. The customer usually pays the PMI premiums.
Term
The period of time that covers the
life of the loan. For example, a 30-year loan has
a term of 30 years, or 360 months.
Valuation
The estimate of a property's fair
market value through an appraisal or other means.
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