Epolicy Network

Your loan officer will have the current interest rates available for the loan program you’ve chosen. These rates, and the term (how many months) of your loan will determine your new monthly payments. Subtract the new monthly payment from your old monthly payment. For example, $980.00 (your old payment) minus $720.00 (your new payment) = […]

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That depends on how long you plan to stay in your home. If you decide to move in a few years, the monthly savings you might obtain by refinancing may never add up to the costs you may have to pay to refinance your home. On the other hand, a “no cost” or “low cost” […]

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Many factors come into play when making the decision to refinance your existing mortgage. You need to ask some important questions: How much lower should my interest rate be for refinancing to make sense?; Can I qualify for a lower rate?, How long will it take for me to recoup the costs of the loan?; […]

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For most people today, refinancing often makes good sense. Why? For many people, today’s mortgage rates are much lower than the rates they’re currently paying. If this is your situation, you may be able to save a substantial amount of money by refinancing your home loan.

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Possibly one of the most popular, yet misunderstood forms of alternate financing is the adjustable-rate mortgage. Usually referred to as an ARM, its popularity with borrowers is due to a lower interest rate than a fixed-rate loan. It is popular with the lenders because the ARM shifts the risk of interest rate fluctuations to the […]

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S.I. / Statement of Information – The form the customer fills out for the title company giving further identification of the customer. This allows the title company to eliminate debts and liens owed by people with similar names. Second Mortgage – A mortgage which is entered after the primary loan. Called a second due to […]

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P & I – Principal and Interest. This refers to the principal and interest portions of the monthly mortgage payment. P & L / Profit and Loss – A statement of a businesses gross income, cost of goods, operating costs and net profit or loss. P.I.T.I. – Principal, interest, taxes and insurance. The complete monthly […]

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Margin – The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment. Market Value – The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property […]

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Hazard Insurance – A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like, it would not cover earthquake, riot, or flood damage. Homestead – The dwelling (house and contiguous land) of the head of the family. Some states grant statutory exemptions, protecting homestead […]

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Farmers Home – Administration Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere. (FMHA) Federal Home Loan Mortgage Corporation – Also called Freddie Mac, is a quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers. (FHLMC) Federal Housing Administration – A division of the […]

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