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dollar you spend on rent is a dollar thrown away! Let Hughes Mortgage help you invest in your home and your future! |
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Some
terms you should know: INTEREST/INTEREST RATES: The cost to you for borrowing a lender’s money. Interest takes into account the lender’s risk and how much it costs the lender to get the money for a loan. You pay a small portion of the interest that you owe in each monthly loan payment. Hughes Mortgage will find the most competitive rates possible for you and your family. There are programs available for everyone – bankruptcies, bad debt, single mothers, young couples or recently divorced. ORIGINATION FEE: A service fee charged by a lender and broker that the borrower pays when he/she buys property. All lenders and mortgage brokers charge origination fees, sometimes as high as 2.5% of the loan amount. Hughes Mortgage will find you the lowest fee and the best deal for your particular situation. REFINANCING: To pay off an existing first mortgage using funds acquired from a new first mortgage that is secured by the same property. Hughes Mortgage helps you find ways to lower your monthly payments and have cash for your other priorities. SECOND MORTAGE: A loan that, in the event of foreclosure, is paid off after the first mortgage. You can have one or more mortgages on your property but second mortgages usually have a higher interest rate. P.I.T.I.: Principal, Interest, Taxes and Insurance are paid by the borrower each month. While the principal and interest may be fixed during the term of the loan, taxes and insurance costs fluctuate. PITI is often the total amount people refer to as their monthly mortgage payment. JOINT TENANCY: When two or more persons hold title to a property and have equal rights, including right of survivorship. HOME EQUITY LOAN: A loan that allows home owners to borrow against the equity in their property. A home equity loan lets you use the value of your home minus what you still owe as a guarantee that you’ll repay the loan. You can borrow between 80% and 100% of your home equity, and sometimes more. Home owners often apply for home equity loans to pay college tuition, make renovations or pay off credit card debt. Hughes Mortgage will find you the best deal possible at the best rate to fit your situation. Debt-To-Income Ratio: This is one criterion which indicates whether a borrower is a good financial risk. This indicates the ratio of your long-term (over ten months) debt to your income. Too much debt may make it more difficult to get a loan or it may cost you a higher interest rate to get a loan. Hughes Mortgage will tell you your debt-to-income ratio for FREE when you apply for your FREE pre-approval. Rate Lock: A lender's guarantee of a specific interest rate. Until you request a rate lock, your loan's interest rate can change if the market fluctuates, as it often does. Hughes Mortgage will help you get your rate locked in so you'll know exactly how much a loan will cost you. |
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