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Patricia "Patty" Gillespie

Interest

   

With an Interest Only mortgage, your mortgage payment covers interest only, with no principal reduction, for a designated period of time. Payments will be lower during the interest only period and increase when that period is over.

         

ARM

   

An Adjustable Rate Mortgage may offer a lower initial interest rate and monthly payments than a conventional fixed rate mortgage.

 

 


 

FRM

   
A Fixed Rate Mortgage offers peace of mind. Regardless of fluctuations in the market, your principal and interest payment remains the same for the duration of the loan.    

FHA

   

Home ownership has long been recognized as a major component of the American Dream. The Federal Housing Administration's loan programs enable more buyers to qualify for a mortgage.

   

Escrow

   

 A lender may require you to pay a portion of your property taxes and insurance premiums with each monthly mortgage payment.

 

   

Annual Percentage Rate

   

 Your lender will provide the annual percentage rate for your loan. The annual percentage rate, or APR, must be listed in the Truth in Lending Disclosure. The annual percentage rate is not the interest rate on your loan.

   

What is Credit?

   

 Your lender will review your credit report when determining if you qualify for a loan.

 

   

Mortgage Process

   
  1.  Complete mortgage application
  2. Review Truth-In-Lending disclosure. Sign, date, and return.
  3. Submit requested documentation.

 

   

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