New home loans
After getting a new home loan, do you always wonder whether you really got the
mortgage that fits you the best? Are you comfortable with the payment, the risk
factor, and the investment strategy behind your mortgage? Do you feel that you
really understand which mortgage product is best for you?
At Sierra Western Home Loans
, we want to find the best mortgage for you. And we want you to understand why
it is the best loan for you. Obviously this requires that we get to know you:
your current financial situation, your long-term goals, and how you feel about
various options available in the wide variety of mortgages that we can offer you.
Like a personal shopper your loan officer will show you the best products
to suit your personal style. His experience and advice will be invaluable in
deciding which loan is you.
As a mortgage broker with senior loan officers that have been doing
loans for more than 10 years each, we have the options you need and the
experience to help you choose them. Our customer service is unsurpassed because
to us, excellence is a minimum requirement.
Here you will find information on the three major types of loans:
option ARM, intermediate ARM, and fixed rate mortgage. Below is a glossary of
terms to help you understand each loan and its benefits. Once you understand the
loans, youll know exactly which one is right for you. If not, please call us
and well be happy to help!
Glossary
Fixed Rate Mortgage: A mortgage in which the rate is fixed for the entire
term of the loan. The rate and payment stay the same for the life of the loan.
Adjustable Rate Mortgage or ARM: A mortgage in which the rate begins to
adjust at some point before the loan is paid off in accordance with the index
that the loan is related to.
Rate: The simple interest rate that is used to calculate the amount of
interest you must pay on your loan.
Term: The amount of time you have to pay off the loan. Example: 15, 30 or
40 years.
Principal Balance: The amount of the loan that remains to be paid.
Deferred Interest: When the minimum payment on the loan is less than the
amount of interest due that month, the difference is deferred and added to the
principal balance. Deferred interest is often tax-deductible after the loan is
refinanced consult your tax advisor.
Loan analysis is free I´ll present you with your
free credit report and find out your real home value. Let me show you
what we have to offer; you will not be disappointed.
