Welcome to our Mortgage section. If you are buying a home or refinancing a mortgage, many questions are bound to arise. Let these specialists guide you through matters such as whether to rent or buy; figuring the total amount you can borrow; or comparing one mortgage versus another. Please use the links below to visit on line web sites with mortgage calculators and information.

Terms:

Interest Rate
The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.

MLS- IDX
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Mulitple Listing Service.

Market Value
An asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.

Title Insurance
A type of insurance which guarantees the ownership and quality of title to land.

Appraisal
An educated estimate of the value of a property on a certain date given by a person, usually after an inspection of the property.

As is
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property in it present state and relinquishes and responsibility from the buyer.

Bankruptcy
a) A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent.

Bid
To offer (a price) whether for payment or acceptance.

Property Tax
A tax levied on real or personal property

Interest Rate
The percentage usually on an annual basis that is paid for the use of money borrowed from another

Home Loan
a) Money lent at interest; b) something lent usually for the borrower's temporary use.

Credit Risk
An estimate of the amount of credit that can be extended to a company or person without undue risk.

Credit Union
A cooperative organization that makes loans to its members at low interest rates.

Prime Rate
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.

ARM
A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.

Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.

Mortgage
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

Getting the right type of real estate home loan is an important part of the home buying process. In this section of my web site I have put together some basic information regarding the types of real estate home loans that are common in the market today.

Fixed-rate mortgages Fixed rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.

Adjustable-Rate Mortgages With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.

Hybrid loans A hybrid loan combines a fixed period along with an adjustable component. Usually these loans are fixed for a period of time and then the loan becomes adjustable where it is dependant on current rates.

FHA real estate home loans An FHA loan is a loan in the United States that is insured by the Federal Housing Administration.

VA real estate home loans A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.