Header image  

Real Estate Services

888 590-LOAN




Fixed Rate: As it's name implies the rate is fixed for a specified period.

ARM: (Adjustable Rate Mortgage): Again, as the name implies, this loan will adjust according to the terms of the loan.

Conforming Loan: A loan that meets certian criteria, (loan amount, property, loan to value, credit scores [FICO], that has been set by Fannie Mae and Freddie Mac (the two private/goverment sponsored agencies that purchase home loans on the secondary market).

JUMBO: Any loan that is above the current conforming limit.

Non Conforming: Any loan that is either above the conforming loana limit or is outside of the Fannie Mae and Freddie Mac guidelines. "SUB PRIME" is one that comes to mind, as well as certain stated income or odd property type loans etc.

Pre Payment Penalty: Any loan that has a penalty, (can be up to and even more than 6 months interest) for paying it or a specified portion of it off prior to a specified number of years. Pre-Payments are a horrible attrubute that have hurt many people.

Negative Amortization (Interest): This is basically a way for the bank to offer you and then re-capture the abnoraaly low payment and rates that are associate with most short term and sub prime arms. It is basically the difference between the current rate and payment you are paing and the actual rate (fully indexed - current index rate plus the margin) you should be paying. The negative interst can be as little as a few dollars a month to over $3,000 a month in some of the higher loan amount cases. This negative interst is then added to yopur loan balance to be paid for within the re-payment term (usually after your teaser period expires or you have reached 110% - 125% of your original loan balance).

  Rates section

Calculate your mortagage payment here:


Pay your home off!!