|
|
As a Mortgage Consultant:
My goal and commitment is to make
you happy and satisfied by getting the best deal on your mortgage.
I will work with you to meet your purchasing or refinancing
needs though out the loan process.
|
Mortgage Calculators
|
|
Our Loan Programs:
The best features of our Loan Programs are:
- No closing cost or low closing costs
- Zero down purchase
- Stated income and stated asset (SISA)
- No income and no asset (NINA)
- No credit score
- No closing cost for Home Equity Line of Credit
- Eligible loan for foreign nationals' purchase
|
Mortgage Plan:
There are two popular mortgage
rate plans for residential real estate loans. The plans are
Fixed Mortgage Rate and Adjustable Mortgage Rate. It is very
important for potential homeowners to know the difference
between these two mortgage plans and which one to choose based on
their financial position and needs.
|
Fixed-Rate Mortgage:
In this plan, the mortgage interest rate is set
for the entire term of the loan, even if the interest rate fluctuates in the future.
Fixed rate mortgages offer principal and interest payments that do not change during
the loan term. Its the best plan for borrowers who look for a long-term option
with monthly payments that do not fluctuate.
Some of the points to consider are:
The interest rate is set for the entire term of the loan,
even if the lender's interest rate fluctuates in the future.
An attractive option for a long-term borrower,
since monthly payments do not fluctuate.
As monthly payments are fixed, borrowers could budget and
plan their finances for the long term.As the rates are fixed for the loan term, lenders often
charge higher fixed interest rates.
If interest rate fall, to attain the lower rate,
you have to qualify and pay for mortgage refinancing.Often lenders will have a prepayment penalty to discourage
borrowers from paying off their mortgage early or refinancing their
loan with a lower interest rate. |
|
Adjustable-Rate Mortgage (ARM):
The Adjustable-Rate mortgage commonly
known as a Variable-rate mortgage. In this plan, the mortgage interest rate
often starts at a lower rate, however they fluctuate periodically based
on the predetermined index. Hence, the borrowers monthly payments go up or
down over the period depending on market conditions and the type of ARM chosen.
Borrowers are often offered an initial period with a fixed interest rate,
before the interest rate begins to fluctuate. Hence they are called
1 Year ARM/5 Year ARM/7 Year ARM.
Some of the points to consider are:
The interest rate often starts at a lower rate, however
fluctuates based on a predetermined index.An attractive option for short-term investors, since
lenders often offer these loans with much lower initial rate.
Often adjustable-rate mortgages offer borrowers the
option to repay the initial principal amount borrowed early without a penalty charge.There is a maximum limit that the interest rate can increase
in a year and over the course of mortgage term.
The borrower's monthly payments may vary.The borrowers will benefit if the interest rate falls, and suffer if rate rises. |
|
Refinance:
Refinance refers to applying
for another mortgage to replace an existing mortgage on the
property. Borrowers decide to refinance their existing mortgage
based on many reasons. The main reason is to save money by getting
a lower interest rate mortgage than the existing rate. The other
good reason would be to change their Adjustable-rate mortgage to
Fixed-rate mortgage. Also borrowers could make use of the equity
in their homes.
A mortgage refinance has the
same costs as a mortgage, such as loan application fees, loan
origination fees, and appraisal fees that must be taken into
consideration. Homeowners will need to calculate the total
cost of refinancing their home to decide if it is the best option.
Homeowners will need to
calculate the total cost of refinancing their home to
decide if it is the best option.
|
|