Mortgage Loans

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You've probably already realized that shopping for mortgages, loans or credit cards is complex, considering all of your available options. Our purpose is to provide you with a simple way to find a local lender and learn about important mortgage information.

Fixed Rate Mortgages: A conventional fixed-rate mortgage offers you a set rate and payments that do not change throughout the life or "term", of the loan. A conventional loan is fully paid off over a given number of years, usually 15, 20 or 30. A portion of each monthly payment goes towards paying back the money you borrowed, the "principal", and the rest is "interest".

Temporary Buy-Downs Mortgages: A temporary buydown on a loan is achieved by lowering the rate for the first few years, starting out at a lesser amount and gradually rising to the original loan rate. Of course, because the loan rate is lower for the initial few years, so are the payments. To make up this loss of funds to the lender, the buydown usually consists of extra monies paid up front to the lender when the loan closes. In return, the lender will let the borrower "qualify", or meet the criteria for the loan, at the new, reduced rate.

Balloon Mortgage Loans: This is a special type of conventional, fixed-rate mortgage with a much shorter term. In a balloon mortgage, the terms and payments are usually the same as their conventional loan counterpart, but the balance is due in full on the loan at the end of a specified, much shorter term.

Adjustable Rate Loans (ARM's): An "ARM", or "Adjustable Rate Mortgage" has a fluctuating interest rate and the potential for changing payment amounts. In most ARM mortgages, the interest rate on a loan is fixed for a certain number of years and then allowed to fluctuate in sync with current economic factors. An ARM is of value to the lender because the risks of lending money in a changing economy are passed on to the borrower. In exchange, most lenders are able to offer a lower initial interest rate to the borrower in exchange for their assumption of this risk.

Should you refinance? This refinancing tip will answer some questions that may help you decide.

• If you are a homeowner who was lucky enough to buy when mortgage rates were low, you may have no interest in refinancing your present loan. But perhaps you bought your home when rates were higher. Or perhaps you have an adjustable rate loan and would like to obtain different terms.
• Want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if you intend to stay in the house long enough to make the additional fees worthwhile.
• Have an adjustable rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
• Want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.
• Want to build up equity more quickly by converting to a loan with a shorter term.
• Want to draw on the equity built up in their house to get cash for a major purchase or for their children's education.
  
  

• New law will give residents more choices for reverse mortgages (Everett Herald)
  Washington state consumers will soon have more reverse mortgage safeguards in place, and they will have access to more reverse mortgage lenders.



• Portfolio (The Clarion-Ledger)
  Jackson-based EastGroup Properties Inc. has closed on a $67 million limited recourse mortgage loan with a fixed interest rate of 7.5 percent over10 years. EastGroup secured the loan with 1.7 million square feet of properties.



• Krueger Named Top Mortgage Producer (Leesburg Today)
  SunTrust Mortgage, Inc., announced that Mortgage Loan Consultant Mary Krueger has been named a Top Producer for the Mid Atlantic group for total unit production in 2008.



• WCDA drops interest rate, offers new programs (Casper Journal)
  While the economy is unquestionably shaky at best, the Wyoming Community Development Authority is doing what it can to encourage first-time homebuyers to purchase now.



• Carney supports Mortgage Reform and Predatory Lending Act of 2009 (The Daily & Sunday Review)
  FOR THE REVIEW WASHINGTON, D.C ? Congressman Carney recently voted to stop the irresponsible mortgage loan practices that brought about the current housing crisis, according to a press release from his office.



• Business pulse (The Myrtle Beach Sun News)
  John C. Griggs has joined Horry County State Bank as vice president commercial lender, Tamera Planty as electronic banking representative, Kelly Price as assistant vice president/loan officer in its Mount Olive branch, April Gibson as mortgage loan processor in its Myrtle Beach branch and Katrina Lee as teller/customer service representative for the Conway area.



• PRESS RELEASE: Fitch Affirms Opera Finance (MetroCentre) (Nasdaq)
  Opera Finance (MetroCentre) plc is the securitisation of a single commercial mortgage loan, which closed in February 2005 and is scheduled to mature in February 2015. The loan is secured on the Metrocentre shopping centre in Gateshead, north east England.