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American General Financial Services
Elizabeth City, NC
252-335-0896
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Commercial Bank
Donalds, SC
864-456-3413
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Mortgage Express Inc
Omaha, NE
402-342-9578
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Affinity Mortgage Corporation
Glen Rock, PA
717-227-2526
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Ace Mortgage Funding Inc
Davidson, NC
704-895-5880

Evergreen Mortgage
Puyallup, WA
253-445-5272
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Cashiers Mortgage Services
Cashiers, NC
828-743-0075

Champaign National Bank
Urbana, OH
937-653-1100
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Doolin Security Savings Bank Fsb
Parkersburg, WV
304-422-1212
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Aloha Community Lending
Pahoa, HI
808-965-0075
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IQ Credit Union - Battleground Office
Vancouver, WA
360-695-3441
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Chemical Bank
Lake City, MI
231-839-3088

First National Bank
Saint James, MN
507-375-3376
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Common Mortgage-Related Terms Explained - Part 2

Fixed Installment - The regular monthly payment that is due on a mortgage.

Fixed Rate Mortgage - A mortgage loan whose interest rate will not change for the entire duration of the loan.

Foreclosure - Process by which a mortgage lender legally repossesses and forces the sale of a mortgaged property as a result of the borrow defaulting.

GPM / Graduated Payment Mortgage - Flexible mortgage payment plan in which the borrower's monthly payments increase for a specific timeframe.

GEM / Growing Equity Mortgage - Mortgage in which the borrower's payments increase over a set period of time; this larger amount is then applied to the mortgage's principal in most cases.

Hazard Insurance - Insurance used for protection against various forms of property damage and/or loss.

HUD-1 Statement - This is a document provided by your lender/broker that includes a detailed listing of the moneys needed at closing, including points, escrow, commissions, and other fees.

Impound / Reserves - The amount of the buyer's monthly payment kept by the lender to pay for various insurances or taxes.

Index - The publicly available market interest rate used by lenders to determine the difference between ARM rates and current interest rates and to set loan sale rates on fixed rate mortgages.

Interest - Monetary fee charged by a lender to a buyer for borrowing money.

Interest Rate Ceiling - The agreed largest possible interest rate for an adjustable rate mortgage.

Interest Rate Floor - The agreed lowest possible interest rate for an adjustable rate mortgage.

Interim Financing - A short-term or temporary loan made while property construction is being completed.

Jumbo Loan - A mortgage that exceeds the limits set by Fannie Mae and Freddie Mac.

Liabilities - The debt owed by a buyer.

Lien - A claim made on a piece of property for exacting payment of a financial obligation.

Lock - Mortgage lender's written guarantee that the quoted rate is good for a set period of days from the time of issuing.

Margin - The total that a mortgage lender adds to the index on an ARM to set the adjusted rate.

Market Value - The price that a buyer and seller would agree upon for sale of a property.

Maturity - The date that a loan's principal is scheduled to be paid in full.

Mortgage - Document pledging a property to a loan provider as security for a debt's payment.

Mortgage Broker - One who receives compensation for the work of bringing a buyer to a lender for the purpose of completing a loan arrangement.

Mortgage Insurance - Money paid on a regular basis for the purpose of insuring a mortgage on a property whose buyer has less than 20% equity.
 
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