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MORTGAGE TERMINOLOGY MADE SIMPLE:
ARM(ADJUSTABLE RATE MORTGAGE)- A MORTGAGE LOAN IN WHICH THE INTEREST RATE IS ADJUSTED PERIODICALLY ACCORDING TO A PRE-SELECTED
INDEX.
APPRAISAL-A REPORT MADE BY A QUALIFIED PERSON SETTING FORTH AN OPINION OR ESTIMATE OF PROPERTY VALUE. THE TERM ALSO REFERS
TO THE PROCESS BY WHICH THIS ESTIMATE IS OBTAINED.
APR(ANNUAL PERCENTAGE RATE)-A TERM USED IN THE TRUTH-IN-LENDING ACT TO REPRESENT THE PERCENTAGE RELATIONSHIP OF THE TOTAL
FINANCE CHARGE TO THE AMOUNT OF THE LOAN. THE APR REFLECTS THE COST OF YOUR MORTGAGE LOAN AS A YEARLY RATE. IT WILL BE HIGHER
THAN THE INTEREST RATE STATED ON THE NOTE BECAUSE IT INCLUDES, IN ADDITION TO THE INTEREST RATE,LOAN DISCOUNT POINTS,FEES
AND MORTGAGE INSURANCE.
BALLOON LOAN-A MORTGAGE THAT HAS LEVEL MONTHLY PAYMENTS THAT WILL FULLY AMORTIZE IT OVER A STATED TERM,BUT WHICH PROVIDES
FOR A LUMP-SUM PAYMENT TO BE DUE AT THE END OF AN EARLIER SPCIFIED TEMR
FHA MORTGAGE-THESE LOANS ARE GOVERNMENT-BACKED BY THE FEDERAL HOUSING ADMINISTRATION.FHA MORTGAGES OFFER LOW DOWN OFFER LOW
DOWN PAYMENTS AND ALSO FEATURE LESS STRINGENT INCOME AND FINANCIAL REQUIREMENTS.
FIXED-RATE MORTGAGE-A MORTGAGE IN WHICH THE INTEREST RATE AND PAYMENTS REMAIN THE SAME FOR THE LIFE OF THE LOAN.
MORTGAGE INSURANCE (MI)- INSURANCE WRITTEN BY A PROVATE COMPANY PROTECTING THE MORTGAGE LENDER AGAINST LOSS RESULTING FROM
A MORTGAGE DEFAULT.
PREAPPROVAL-A PRELIMINARY REVIEW BY A MORTGAGE LENDER OR AN INDIVIDUAL'S CREDIT,BY WHICH THE LENDER HAS CONDITIONALLY COMMITTED
TO PROVIDE A SPECIFIC LOAN AMOUNT TO THE BORROWER.
VA MORTGAGE- A MORTGAGE LOAN FOR QUALIFIED VETERANS,ACTIVE-DUTY MILITARY SERVICE PERSONNEL AND RESERVISTS WITH LOW-OR NO-DOWN
PAYMENT REQUIREMENTS. THESE LOANS ARE GUARANTEED BY THE DEPARTMENT OF VETERANS AFFAIRS
WE SPEAK YOUR LANGUAGE-whatever your home financing needs,we're ready to help with a broad range of programs,money-saving
options and personalized service.
Call today !!!
917-678-9362
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GET INTO A HOME OF YOUR OWN WITH LITTLE OR NO DOWN PAYMENT
ACCOMODATING-NO INCOME LIMITS ON SOME PROGRAMS
LESS CASH REQUIRED-LOW-OR-NO-COST PROGRAMS;CLOSING COSTS CAN BE FINANCED
EASES HOME OWNERSHIP-FINANCING UP TO 103%
DOCUMENTATION OPTIONS-STANDARD AND LIMITED/REDUCED DOCUMENTATION TO STRAMLINE YOUR PROCESS
FACILITATES HOME OWNERSHIP-LOW/HIGH RISE CONDOS AND MANUFACTURED HOUSING ALLOWED
MORE CUSTOMERS CAN QUALIFY-EXPANDED GUIDELINES FOR CALCULATING DEBT RATIOS
RELAXED GUIDELINES-LESS-THAN-PERFECT CREDIT AND ACCEPTANCE OF NON-TRADITIONAL CREDIT REFERENCES
FLEXIBILITY-FREQUENT JOB CHANGES,INCOME FROM SEASONAL EMPLOYMENT AND SECONDARY INOME MEAY BE ACCEPTED
WHATEVER YOUR HOME BUYING NEEDS WE ARE READY TO HELP WITH A BROAD RANGE OF PROGRAMS.MONEY SAVING OPTIONS AND PERSONALIZED
SERVICE!!
CALL TODAY FOR A FREE CREDIT ANALYSIS AND TIPS THAT CAN HELP ELIMINATE DEROGATORY MARKS FROM YOUR CREDIT THEREBY RAISING
YOUR SCORE!!!
917-678-9362
CALL TODAY FOR YOUR FREE CREDIT ANALYSIS!
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