Mortgage Center

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 Calculators

APR/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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