Whether you’re a new buyer searching for your first home, or a long term homeowner, understanding mortgage definitions can give you a better grasp on how to navigate property ownership in ways most beneficial to you.
If you’re in the market for your next home and know your financial standing will increase in the future, consider inquiring about a balloon mortgage loan.
This loan type consists of lower monthly payments at the start of the loan process, with one large sum paid at the closing of the loan term. These loans are associated with short-term loans and with a fixed rate mortgage and interest is typically low.
Discount points allow you to get a lower interest rate on your loan, lowering your monthly mortgage payment. One point is equivalent to 1 percent of the mortgage loan amount and the cost of discount points is due during the closing of the home in cash.
If you’re over the age of 62, a reverse mortgage allows homeowners to borrow from the equity their home has built without monthly payments. This is great for securing a larger sum of financing, but it decreases home equity as it’s not paid down.
Caps are regulations in place to protect consumers and limit the number of times mortgage loans can change on an adjustable mortgage.
A settlement service provider list (SSPL) is a comprehensive list provided by mortgage lenders of service lenders to shop from to aid in the closing process.
This document provides legal leeway to bypass the home inspection process during a home sell.
Making mortgage payments is a large commitment, so understanding the terms associated with the process can help prepare you before working with a mortgage lender.
Angelo Ventresca
239 390-4070
Cell: 716 243-6277
Vickie Ventresca
239 390-4050
Cell: 518 573-0988
Your Brother and Sister Team for real estate in Southwest Florida. Thank you for visiting our website as you search for property in the land of blue skies and sunshine! We hope you find it helpful in familiarizing yourself with the opportunities in Southwest Florida. Your dreams are our focus. Listening to you is our priority. We would be happy to be of assistance in finding your special Florida place, so you can enjoy