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Janet Whitfield Realty

2801 Field Creek Court,

Marietta, GA 30062

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pgaddison@bellsouth.net

Pamela Addison
(REALTOR)

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Mortgage Loan Types

Fixed-rate loans. Because they offer a monthly payment that is known and does not change, fixed-rate mortgage loans remain the most popular type.

Most fixed-rate mortgages are for loan terms of 15 or 30-years. A 30-year loan has lower payments but a slightly higher interest rate.

To pay off a fixed-rate loan sooner, check with your lender to make sure you can make prepayments. You should be allowed to make these anytime and for any amount, and at no penalty.

First Option Mortgage

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Gianni Cerretani, Sr. Loan Officer

(770) 266-5858

The best loan, The best terms!

Adjustable-rate loans - Called ARM.

After an initial term, the interest rate on an adjustable-rate mortgage loan is re-set periodically. This is to keep the rate in line with current market interest rates. For example, a 3/1 ARM loan offers a fixed rate for the first three years, adjusting once a year thereafter. A 5/1 ARM loan offers a fixed rate for the first five years, adjusting yearly thereafter. Most ARM loans have a periodic rate cap and a lifetime cap to limit the amount the interest rate can increase.

Convertible mortgage loans. These are ARM loans that allow you to convert to a fixed-rate loan at or before a specified time. The conversion privilege lets you start off with a low variable rate, then lock in when fixed rates drop low enough.

FHA Loans . These loans often have interest-only payments. In this case, you don't amortize any loan principal and the entire loan amount is due at the end of the loan term. A balloon mortgage allows you to minimize your monthly payments until you can refinance the loan. Another advantage is that a larger share of your payment may be eligible for the mortgage interest tax deduction.

Need a loan, WaMu says ...... try us!

For more information, call your Real Estate Professional, Pamela Addison

@ 770-355-4544 or send an e-mail to pgaddison@bellsouth.net

Heard About MPI?

A new mortgage insurance called MPI (Mortgage Payment Insurance) may reduce rates

on high risk loans. MPI costs

for the insurer is less than

traditional mortgage insurance.

Under MPI, the insurer

guarantees timely receipt of

the mortgage payment after

the borrower defaults as well

as protection against loss if

the loan goes to foreclosure

Despite the fact that the

insurer under MPI assumes

virtually the entire risk of

default because MPI also

reduces the rate on high risk

loans, MPI on such loans will

cost the insurer less than

traditional mortgage insurance

(TMI) Existing TMI policies may be converted to MPI at the

currently prevailing prime

interest rate provided that the

monthly mortgage payment

declines by 10 percent or

more when converting.

Mortgages Made Simple
Financial Education is a key defense against abusive lending practices.

Obtain many helpful pamphlets and brochures on Mortgages Loans. Contact a Sr. Loan Officer Today at First Option Mortgage! Request Helpful Info Now!

Concerned about foreclosure? Call your Trusted Real Estate Source for more on this an many other important Real Estate Topics. Call Pamela Addison today at (770) 355-4544.