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Mortgage Info

Home Ownership Accelerator

The Home Ownership Accelerator breaks with mortgage tradition by giving you, the borrower, the power to reduce your debt more aggressively.
Read more... [Home Ownership Accelerator]

Interest-Only Mortgages

A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time.
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HELOC

Home equity line of credit (HELOC) A revolving line of credit secured by the equity value in a borrower's residence. A home equity line enables the home-owner to tap into the accumulated equity in their home.
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Common ARM Indexes

There are several indexes commonly used for ARMs, providing additional flexibility and choices for your mortgage loan.
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ARM Components

To understand an ARM, you must have a working knowledge of its components. Those components are:
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What is Truth in Lending?

Mortgage lenders are required to give you a Truth in Lending (TIL) statement containing information on the annual percentage rate, the finance charge, the amount financed, and the total payments required.
Read more... [What is Truth in Lending?]

Mortgage Glossary

1003: Uniform Residential Loan Application.

Abstract Title: A written history of the ownership of a parcel of land.

Reverse Mortgages

Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership.
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Fixed Rate Mortgages

The traditional fixed rate mortgage is the most common type of loan programs, where monthly principal and interest payments never change during the life of the loan.
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Adjustable Rate Mortgages

Adjustable Rate Mortgages (ARMs) are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.
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Balloon Mortgages

Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term.
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Hybrid ARMs

Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages.
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What is RESPA?

The Real Estate Settlement Procedures Act (RESPA) contains information on the settlement or closing costs you are likely to face.
Read more... [What is RESPA?]

Mortgage Application Checklist

Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation.
Read more... [Mortgage Application Checklist]