A mortgage is a lien on a property / house that secures a loan and is paid in installments over a set period of time.  The mortgage secures your promise that you'll repay the money you've borrowed to buy your home.  Mortgages come in many different shapes and sizes, each wtih its own advantages and disadvantages. 

Mortgage for Beginners - Useful Mortgage Information

TYPES OF MORTGAGES

Fixed:

A fixed term (for example, 15 or 30 years) as well as a fixed interest rate. The interest rate and term are fixed at the start of the mortgage. The monthly amount for the payment of principal and interest will not change during the term of the mortgage.

Adjustable:

Often referred to as an ARM (Adjustable Rate Mortgage). The interest rate on your mortgage will be adjusted up or down according to current interest rate levels. The monthly amount for your principal and interest payment will go up or down with these rate changes.

Conventional, FHA (Federal Housing Authority) and VA (Veteran's Administration) loans are all available in both fixed and adjustable forms.

Seller Financing:

Depending on your equity position, it is possible that you may get an offer for your home with a seller financing contingency. This type of offer may or may not be to your advantage. Due to the many variances (and possible pitfalls) involved in such transactions, it is highly recommended that you review any contract with a seller financing contingency with your attorney and financial advisor.

Assumable Loans:

Although the vast majority of conventional loans have a "due on sale" clause (meaning the loan must be paid off if you sell your house), certain FHA and VA loans are assumable by the buyer. For example, FHA loans originated prior to December 14, 1989 and VA loans originated prior to March 1, 1988 are freely assumable, meaning that the buyer does not need to go through a qualification process. FHA and VA loans originated after those dates are assumable only to qualified buyers, with conditions. In any offer that contains a mortgage assumption clause, it is advisable to consult your attorney, since there are situations (e.g. on non-qualifying loans) where you as seller may still be held responsible for the timely repayment of the loan by your buyers.

Make sure you select the mortgage that is right for you, your future plans, and your financial situation.

WHAT IS A MORTGAGE BROKER?

Mortgage brokers are companies that sell mortgages for many different banks and lenders. They usually get a commission based on a flat fee or a percentage of the loan, paid by the lender. Brokers can be useful in quickly getting you a loan, because they represent many different types of mortgages, and one of them is bound to be ideal for your financial situation. Sometimes, the APR through brokers can be less expensive than going directly to the same bank yourself for financing, because in many cases the broker charges less for closing a loan than the bank's own internal salespeople.

WHAT IS A MORTGAGE BANKER?  Enter Here

Mortgage Loan Officer:

Maddaline Kostyra, Bank of America  -Home Loans
170 Hamilton Avenue, White Plains, NY  10601

Tel: 914-287-6919 - Cell 914-473-5605 - Fax 888-352-5357
Maddaline.kostyra@bankofamerica.com    

 
Home Mortgage Consultant:

Thomas Sharkey
Wells Fargo Home Mortgage
50 Main Street, 5th Floor
White Plains, NY  10606

914 286-4925  Office
917 319-4221 Cell
877-847-7614 Fax

thomas.sharkey@wellsfargo.com
www.wfhm.com/thomas-sharkey

DEFINITION OF MORTGAGE BANK - Speciliazes in Originating And/Or Servicing Mortgage Loans ....READ MORE

                 CALCULATORS - ENTER HERE


Fannie Mae has launched a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.

ENTER HERE:    AVOID FORECLOSURE -- GET THE HELP YOU NEED:

TONI GUGLIOTTA - REAL ESTATE AGENT -- 914-844-5543