A mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender.
To liquidate (a debt, such as a mortgage) by installment payments or payment into a sinking fund. Part of your payment is applied to principal and some to interest until your debt is paid in full.
A valuation of property by the estimate of an licensed appraiser.
Describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a mortgage. It is a finance charge expressed as an annual rate.
Thirteen payments per year made every two weeks. The net result is that your mortgage will be paid before the end of the term.
The step in the mortgage process when the borrowers can schedule their closing and all commitment conditions have been reviewed and accepted by the lender.
Or settlement, is the final step in executing a real estate transaction. Transfer of title occurs at this time.
A Loan Commitment Letter is the document an underwriter sends to the borrower once a loan is approved.
A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac.
Calculated by dividing the total monthly debt payments by the total gross monthly income.
A formal legal document signed, witnessed, and delivered to effect a conveyance or transfer of property or to create a legal obligation or contract.
An interest rate that does not change over the life of a loan.
loan which is provided by an FHA approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.
Ratio expresses the amount of a first mortgage lien as a percentage of the total appraised value of real property. For instance, if a borrower borrows $130,000 to purchase a house worth $150,000, the LTV ratio is $130,000/$150,000 or 87%.
A loan secured by real property. Note- A written promise to pay a specific sum of money on a certain date. Also called promissory note.
The act or process of determining the approximate amount a borrower will be able to borrow before he/she actually applies for a loan. Prequalification looks at the borrower's current income and debt to make this determination.
A commitment by a mortgage lender to provide a loan with a certain monthly payment to a borrower. A lender offers pre-approvals in hopes that the borrower to whom it is offered will use that lender in securing a mortgage.
An insurance policy that a mortgage holder buys on behalf of a lender, protecting the lender in the event of default on the mortgage. Most lenders require their mortgage borrowers to purchase PMIs if the mortgage's loan-to-value ratio is more than 80%.
The State of New York Mortgage Agency (SONYMA) is a public authority created in 1970 by the state government of New York to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably priced fixed-rate mortgages through several mortgage programs for eligible homebuyers. Each program offers competitive interest rates, low down payments, down payment assistance and no prepayment penalties. SONYMA offers its programs through a network of participating lenders throughout New York state who contract with the agency to offer SONYMA's programs to their customers.
USDA stands for United States Department of Agriculture. USDA mortgages provide low-cost insured home mortgage loans. Income and property price limits apply as well as geographical restrictions.
Department of Veteran Affairs provides mortgages for qualified veterans and spouses.
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Joanne was amazing through our forever long process (or so it seemed). As first time home buyers, we had a really bad experience with another lender and Joanne blew us out of the water. She explained the step by step process and never hesitated to explain things further if we did not understand. She answered all our questions in a timely manner. Joanne was there even on weekends and late nights. My fiancé and I cannot thank Joanne enough for all she did for us! We definitely will recommend her to our friends! We also want to thank our laywer (who recommend Joanne to us!). They are a dynamic duo!!! If you think you want to work with Joanne do not hesitate, you will not be disappointed!
Joanne and Krista were incredibly responsive, patient and professional! Joanne guided me throughout the entire home purchase process and responded to all my questions promptly. Joanne did an excellent job getting me the lowest rate and patiently explaining to me the process in details. I thought applying for a home loan would be stressful, however, thanks to Joanne and her team, it was incredibly smooth. I highly recommend The Mortgage Place to everyone!
Joanne and her team were so fantastic during our first time home buying process. They were so helpful in providing feedback to our questions and made the whole experience of obtaining our first home loan seamless. With out a doubt we will always recommend to others and look to work with them again if were are in the market.
Joanne is the best at what she does! She was thorough and extremely patient with all our questions. She work diligently to find us the best rates and responded swiftly to all questions. I would recommend her a thousand times over to anyone and everyone!
If you need a loan of any kind this is your place! Joanne has helped many of my friends and family with their finance needs over the years and has exceeded expectations on every level. Not only is she extremely knowledgeable about the market and clients personal needs but Joanne and her team give some of the best service I've seen in the business. I highly recommend Joanne and her team.
Good morning! Having a home with space is wonderful! The kids and I are so happy and feeling much more comfortable and at ease. We spent 2 days straight moving then began unpacking Saturday night. After church yesterday we organized and unpacked some more and last night was cleaning. We were able to begin our Monday morning routine with easy and comfort - I can't begin to express how truly grateful we are. We are feeling blessed and know without a doubt that God's hand was with us from the beginning. Thank you so much for all you did. You were an anchor for me and without your direction through this process I would have been lost.
-Julie, Clifton Park
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