Loan Programs
The most common type of mortgage program where your monthly payments for interest and principal never change.
These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.
Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.
A Special type of loan made to older homeowners (typically 62 +) to enable them to convert the equity in their home to cash to finance other needs.
LIBOR is the rate on dollar-denominated deposits, also know as Eurodollars, traded between banks in London.
Short term mortgages that have some features of a fixed rate mortgage.
The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.
The ratio of the dollar amount paid in interest during the month to the average dollar amount of the funds for that month constitutes the weighted average cost of funds ratio for that month.
With a GPM the payments are usually fixed for one year at a time.
The right type of mortgage for you depends on many different factors
Registered Mortgage Broker. New York State Banking Department. Loans Arranged with 3rd Party Lenders.