|
|
|
 |
||
 |
||
 |
||
 |
|
 |
|
||
|
|
|
||
|
 |
|
Arizona Mortgage Arizona mortgage lenders have been actively refinancing local residents as interest rates broke more record last month. Local applicants should feel confident they are getting the best Arizona mortgage rate possible for home financing. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. Arizona mortgage loans of all types are available to qualified borrowers. If you are buying a home, talk with a Arizona lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.
Arizona News Update The REALTORS® involved report that the couple has dealt with multiple agents simultaneously. They repeatedly ignored all admonitions not to contact sellers directly. They reportedly denied working with any other agents while having just signed a Buyer’s Broker Exclusive Employment Agreement with another agent. They are evasive when asked questions relevant to their loan qualification. The agents claim that many of the couple’s statements have been proven to be false. In one situation the couple was shown a home, apparently for the first time, by an agent whole shortly thereafter that another agent had just shown them the same property. Discrepancies have been noted when attempting to confirm their name, address and home phone number. This conduct raises a concern of possible casing of properties.
|
||||||||||
 |
|
|
|
 |
|
||
|
||
|
Mortgage Terms to Know for the Loan Process |
||
Conventional Loan |
Second Mortgage |
Escrow |
A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com |
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans. | An account held by the mortgage lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing by a 3rd party. |
| HUD I Settlement Statement | Closing Costs | Refinance |
A form utilized at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development. |
Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments. | Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property. |
| Deferred Interest | Equity in Home |
Negative Amortization |
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans. |
The difference between the fair market value (appraised value) of your home and your outstanding mortgage balance. |
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan. |
 |
|
|
|
 |
|
| Recommended Mortgage Pages: |
Nationwide Mortgage Lender | Company Profile | Loan Programs | Bad Credit Mortgage News | Contact Us | Apply Now | Privacy Nationwide Mortgages 701 Palomar Airport Road, Carlsbad, CA 92009 |
