Santa
Ana Mortgage
Santa Ana Home Loans
Santa Ana Refinance
HomeLoansSantaAna.com
Panamerican Mortgage has experienced refinance loan officers,
with low cost home loans providing personal, creative service
for Santa Ana California. Our loan officers speak english and
spanish and will pre-qualify to buy Santa Ana real estate. Mortgage
interest rates are the best ever and you can qualify for Santa
Ana home loans.
Call us Today! (800) 607-
8484
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Refinancing
Lower your monthly payment by refinancing your home
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rates
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refinancing
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access to loan status
Home Equity Loans
Unlock the equity in your home and get cash now
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Bad Credit Loans
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rates for your credit
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your credit
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us Today! (800) 607- 8484
Santa
Ana Fixed Rate Mortgages
This
is the most common type of mortgage program. Your monthly payments
for interest and principal never change. Property taxes and homeowners
insurance may increase, but generally your monthly payments will
be very stable.
Santa
Ana Adjustable Rate Mortgages
These
loans generally begin with an interest rate that is 2-3 percent
below a comparable fixed rate mortgage, and could allow you to
buy a more expensive home. However, the interest rate changes
at specified intervals (for example, every year) depending on
changing market conditions; if interest rates go up, your monthly
mortgage payment will go up, too. However, if rates go down, your
mortgage payment will drop also.
Santa
Ana Reverse Mortgage
A
reverse mortgage is a special type of loan made to older homeowners
to enable them to convert the equity in their home to cash to
finance living expenses, home improvements, in-home health care,
or other needs. With a reverse mortgage, the payment stream is
"reversed." That is, payments are made by the lender
to the borrower, rather than monthly repayments by the borrower
to the lender, as occurs with a regular home purchase mortgage.
Santa
Ana FHA and VA Mortgage Loans
There
are many factors to consider when applying for a government loan.
We will be by your side every step of the way.
Call
us Today! (800) 607- 8484
ABOUT SANTA
ANA:
- The Unexpected - Founded in 1869, Santa Ana has long
been the county’s government powerbase. Today, this historic city
serves as Orange County’s downtown. Businesses, tourists and locals
come to Santa Ana for its fresh, unexpected experiences – from
gleaming, technologically advanced office buildings and innovative
exhibits at the many museums and galleries, to luxury high-rise
living and distinctive restaurants. Come…take a look at Santa
Ana’s offerings. We think you’ll be pleasantly surprised.
Over a century
ago, Santa Ana was no more than a mustard field. Founder William
H. Spurgeon bought the land and started to build a community,
complete with a courthouse that can still be visited today. In
the city’s infancy, it was the political center of the county.
Although it experienced some economic and social problems in the
1960’s, Santa Ana is making a comeback. The
Main Place shopping center is a popular stop, as is the Santa
Ana Zoo, the Discovery
Science Center, and the Bowers
Museums. The population has far surpassed the 300,000 mark,
and the city’s diversity is well known and celebrated.
Santa Ana is the most populous city in Orange County, California
and is the county seat. It lies approximately 10 miles (16 km)
inland from the Pacific Ocean, on the largely seasonal Santa Ana
River. The Santa Ana Freeway (Interstate 5) runs through the city,
and the Costa Mesa Freeway (55 Freeway) and Garden Grove Freeway
(22 Freeway) travel along its edges.
According
to the United States Census Bureau, the city has a total area
of 71.0 km² (27.4 mi²). 70.3 km² (27.1 mi²) of it is land and
0.7 km² (0.3 mi²) of it (0.95%) is water. It is the 8th most densely
populated place in the United States with a population of 100,000
or more with 12,471.5 people per sq. mile.
WHAT IS
NEW IN SANTA ANA
The
Renaissance Specific Plan outlines the re-birth of Santa Ana’s
core. The Renaissance Specific Plan uses the community's hopes,
values and ideas as its foundation. Community input began through
a series of workshops in the spring of 2006. This input culminated
in a six-day community "charrette." A charette is an intense,
design-focused workshop that involves all interested people in
the planning process. It envisions the expansion of housing, retail
and restaurants in the downtown, building on the vibrant mix of
existing businesses. The Renaissance Specific Plan reintegrates
the Civic Center into the downtown. It emphasizes walkable streets
and a range of amenities such as parks and open spaces. The plan
will embrace transit opportunities for local and regional transportation.
SANTA
ANA EDUCATION:
Santa
Ana Unified School District is the fifth largest district
in the state, currently servicing over 59,300 students in grades
K-12 and residing in the city of Santa Ana. The district currently
operates 36 elementary schools, 9 intermediate schools, 6 high
schools, 3 alternative high schools, 1 charter school, and 10
special schools/programs. Santa Ana is home to Santa
Ana College, a community college that is part of the Rancho
Santiago Community College District. Mater
Dei High School, Valley
High School, Middle
College High School, Santa
Ana High School, Saddleback
High School, Century
High School, Segerstrom
Fundamental High School, newly opened Godinez
Fundamental High School, Cesar
E. Chavez High School, Lorin
Griset Academy, and the Orange
County High School of the Arts in the midtown district. It
also is home to one of the many post-secondary private Art Institutions
of California.
The Roman Catholic Diocesan K-8 schools available in Santa Ana
are: School of Our Lady,
Saint Anne, Saint
Barbara, and Saint
Joseph.
SANTA ANA
BUSINESS:
One of Santa Ana's most notable businesses is the Rickenbacker
musical instrument company, whose electric guitars and bass guitars
earned fame in the hands of many rock and roll legends. Santa
Ana is also the home of the First
American Corporation and Ingram
Micro, and the original Glenn L. Martin aviation company,
which later merged with the
Lockheed Corporation to form the largest aircraft and weapons
manufacturing corporation on the planet, Lockheed Martin.
BEHR is located in Santa Ana and is a manufacturer of interior
and exterior residential paint, and is known for their extensive
range of available colors (over 1,800 colors are represented at
most Behr paint-swatch kiosks). Behr has also created an automated
paint-mixing software system used in all Home Depot stores, which
automatically dispenses the proper amounts of pigments into the
paint upon entering a four-digit color code printed on each color
swatch. The Orange County
Register and the spanish version The
Excelsior is also located in Santa Ana. Register has the fourth
largest paid daily circulation in California, behind only the
Los Angeles Times, San Francisco Chronicle, and The San Diego
Union-Tribune. The Register is the flagship publication of Freedom
Communications, Inc., Greenwood & Hall is a Santa Ana based
company is customer relationship management firm that provides
outsourced contact center, logistics, order fulfillment, and consulting
services to several key industries, non-profit organizations,
educational institutions, and governmental agencies. Greenwood
& Hall operates a 16,710 seat call center network with facilities
located across the United States.
SANTA ANA
TRANSPORTATION:
Amtrak, the national passenger
rail system, provides service to Santa Ana several times on weekdays
with less frequent service on weekends. It operates its Pacific
Surfliner between San Diego, California to the south and either
Los Angeles, California or Paso Robles, California to the north
(see Santa Ana Regional Transportation Center). Greyhound
USA is the largest bus transportation service in Santa Ana.
Greyhound serves the continental United States and Canada. The
bus lines Crucero,
Transportes Intercalifornias 714-569-0040, Americanos
USA 714-543-3344 and others serve all points into Mexico.
OCTA buses
travel all around Santa Ana and Orange County. Santa Ana is also
served by Metrolink's
Orange County Line (Oceanside to Union Station), and Inland
Empire-Orange County Line (San Bernardino to San Juan Capistrano).
SANTA ANA BUSINESS INCENTIVES:
Business
Incentives - Enterprise Zone The Santa Ana Enterprise Zone
encompasses more than 7,100 acres of industrial and commercial
land. On June 8, 1993, the City of Santa Ana was designated as
an Enterprise Zone (EZ) by the State of California. Businesses
already in the Zone can qualify for benefits, as well as new businesses
relocating or expanding into Santa Ana's EZ. To find out if you
are in the enterprise zone Click
Here.
Hiring Credit Your company can receive over $35,100 in
state tax credits over a five-year period, for each eligible employee.
It is easy to find employees who meet the eligibility criteria
if your company takes advantage of the Santa
Ana W/O/R/K Center.
Sales and use Tax Credit Your business can claim a state
tax credit equal to the sales or use tax paid on the cost of any
of the following equipment purchased for exclusive use in the
Enterprise Zone. * Equipment used to manufacture, process, combine,
assemble or fabricate a product. * Data processing and communications
equipment including computers, telephone systems, fax machines
and copiers. * Equipment used in motion picture production and
post-production. * Air and water pollution control devices. *
Equipment used to produce renewable energy resources.
Business Expense Deduction Part of the cost of certain
property purchased for exclusive use in the Enterprise Zone may
be deducted as a business expense in the first year it is placed
in service. (Amount of deduction changes annually, call for current
value.)
Net Operating Loss Carryover Up to 100% Net Operating Loss
(NOL) for individuals or corporations doing business in the Enterprise
Zone may be carried over for up to 15 years to reduce the amount
of taxable income generated within the Enterprise Zone for those
years. (Suspended for tax years 2002 and 2003)
Net Interest Deduction for Lenders A deduction from income
is allowed on the amount of "net interest" earned on loans made
to a trade or business located exclusively in the Enterprise Zone.
Federal Wage Credit As of January 1, 2002, any Santa Ana
business located within the Santa Ana Federal Empowerment Zone
(FEZ) who hires or currently employs a resident of the FEZ may
earn an annual federal credit up to $3,000 per qualified employee.
To claim the credit, please complete the
FEZ Wage Credit Affidavit Form and submit to the FEZ office
to receive address confirmation from a FEZ Representative.
Tax-Exempt Bond Financing Through the FEZ, companies can
apply for a tax-exempt federal bond to purchase new equipment,
renovate existing property and purchase property. Companies wishing
to use this type of financing must employ thirty-five (35%) of
FEZ residents to maintain the tax-exempt status of their bonds.
SANTA ANA
HISPANIC ORGANIZATIONS WEB SITES:
American
GI Forum of the United States - California Chapter
The American GI Forum of the United States is an organization
of American military veterans of Hispanic descent.
http://www.agif.org/
Congressional
Hispanic Caucus Institute
"The mission of the Congressional Hispanic Caucus Institute (CHCI)
is to develop the next generation of Latino leaders. Our vision
is an educated and civically active Latino community who participates
at the local, state, and federal policy decision-making levels.
CHCI seeks to accomplish its mission by offering educational and
leadership development programs, services, and activities that
promote the growth of participants as effective professionals
and strong leaders. In the spirit of building coalitions, CHCI
seeks to establish partnerships with other Latino and non-Latino
organizations."
http://www.chci.org/
Hispanas
Organized for Political Equality
"HOPE is a non-profit, non-partisan, advocacy organization dedicated
to furthering the education and participation of Latinas and all
other women in the political process. HOPE has anchored itself
to the principle that knowledge of the political process coupled
with active participation will fuel a powerful and necessary engine
of change."
http://www.latinas.org/
Hispanic
American Police Command Officers Association
"H.A.P.C.O.A., is a national nonprofit organization composed of
command-level officers from local, county, state, and federal
law enforcement agencies throughout the United States and Puerto
Rico. Organized into various chapters nationwide, H.A.P.C.O.A.
continues to provide yearly national conferences for training,
networking, and establishing relationships and partnerships within
the law enforcement profession."
http://www.hapcoa.org/
Hispanic
Association of Colleges and Universities
"HACU represents more than 300 colleges and universities committed
to Hispanic higher education success in the U.S., Puerto Rico,
Latin America and Spain."
http://www.hacu.net/
Hispanic
Association on Corporate Responsibility
"HACR's mission is to ensure the inclusion of Hispanics in Corporate
America at a level commensurate with our economic contributions.
HACR focuses on four areas of corporate economic activity and
refers to them as indicators of corporate responsibility and "Market
Reciprocity." They are: Employment, Procurement, Philanthropy
and Governance."
http://www.hacr.org/index.htm
Hispanic
National Bar Association
"The Hispanic National Bar Association (HNBA) is an incorporated,
non-profit, national association representing the interest of
over 25,000 Hispanic American attorneys, judges, law professors,
and law students in the United States and Puerto Rico."
http://www.hnba.com
Hispanic
Organization of Latin Actors
"Hispanic Organization of Latin Actors (HOLA), is an arts service
organization established in 1976 to expand the presence of Hispanic
actors in both Latino and mainstream arts and media by facilitating
industry access to employing professional and emerging Hispanic
actors. HOLA members represent the full spectrum of Latino cultures,
reflecting the nation's growing Hispanic population."
http://www.hellohola.org
Hispanic
Scholarship Fund
"The Hispanic Scholarship Fund (HSF) is the nation's leading organization
supporting Hispanic higher education. HSF was founded in 1975
with a vision to strengthen the country by advancing college education
among Hispanic Americans, the fastest-growing segment of the U.S.
population."
http://www.hsf.net/
Hispanic
Women's Corporation
"HWC is a model organization, a nationally recognized 501(c)(3)
non-profit corporation known for being a proactive leader in the
development of Latina women. HWC empowers Latina women through
its commitment to the culture by promoting education, community
involvement, professional advancement and leadership development
for the improvement of our cultural quality of life."
http://www.hispanicwomen.org/
Inter-University
Program for Latino Research
"IUPLR, a consortium of 18 Latino research centers based at major
universities across the United States, is the only nationwide
university-based research organization bringing together scholars
from a wide variety of disciplines to conduct policy-relevant
research on Latinos. The primary objectives of IUPLR are to expand
the pool of scholars and leaders, to strengthen the capacity of
Latino research centers, and to facilitate the availability of
policy-relevant, Latino-focused research."
http://www.nd.edu/~iuplr/
Labor
Council for Latin American Advancement
"LCLAA works with Latino union members to advocate for the rights
of all Latino workers and their families at all levels of the
American trade union movement and the political process. LCLAA
strives to achieve social and economic equality for each and every
Latino worker by developing programs that reach out and educate
Latino workers about the importance of participating in the political
process in order to ensure a strong voice for Latino working families."
http://www.chci.org/
Latin
Business Association
"The primary purpose of the LBA is to promote the growth of Latino-owned
businesses by fostering development opportunities, providing educational
workshops, and formulating effective advocacy programs."
http://www.lbausa.com/
League
of United Latin American Citizens--LULAC
"With approximately 115,000 members throughout the United States
and Puerto Rico, LULAC is the largest and oldest Hispanic Organization
in the United States. LULAC advances the economic condition, educational
attainment, political influence, health and civil rights of Hispanic
Americans through community-based programs operating at more than
600 LULAC councils nationwide."
http://www.lulac.org
MANA:
A National Latina Organization
"MANA, empowers Latinas through leadership development, community
service and advocacy. MANA is a national community of Latinas
actively working to create a better quality of life for Hispanics."
http://www.hermana.org
Mexican-American
Legal Defense and Educational Fund
"MALDEF's mission is to foster sound public policies, laws and
programs to safeguard the civil rights of the 40 million Latinos
living in the United States and to empower the Latino community
to fully participate in our society."
http://www.maldef.org/
National
Alliance for Hispanic Health
"The National Alliance for Hispanic Health (the Alliance) is the
Nation's oldest and largest network of Hispanic health and human
services providers. As the nation's action forum for Hispanic
health and well-being, the programs of the Alliance: Inform and
mobilize consumers; Support providers in the delivery of quality
care; Promote appropriate use of technology; Improve the science
base for accurate decision making; and, Promote philanthropy."
http://www.hispanichealth.org/
National
Association of Hispanic Federal Executives
"Our mission is to enhance the excellence and professionalism
of the Federal workforce while assuring the fair and equitable
delivery of services to the Hispanic American community in housing,
justice, economic development, health and employment opportunities."
http://www.nahfe.org/index.html
National
Association of Hispanic Journalists
"The National Association of Hispanic Journalists (NAHJ) is dedicated
to the recognition and professional advancement of Hispanics in
the news industry. Established in April 1984, NAHJ created a national
voice and unified vision for all Hispanic journalists."
http://www.nahj.org/
National
Association of Hispanic Nurses
"The purpose of this Association (is) to foster the development
and improvement of health care for all people and in particular
the Hispanic ethnic groups through the concerted efforts of Hispanic
/ Latino/a Nurses."
http://www.thehispanicnurses.org/
National
Association of Hispanic Publications
"The National Association of Hispanic Publications (NAHP) is a
nonprofit organization representing more than 200 Hispanic Publications
serving more than 55 markets in 28 states and Puerto Rico with
a combined circulation of over 12 million...Founded in 1982, the
mission of the NAHP is to further the excellence, recognition
and usage of Hispanic publications in order to serve NAHP members,
educate readers and empower the Hispanic community."
http://www.nahponline.org
National
Association of Latino Elected and Appointed Officials
"The National Association of Latino Elected and Appointed Officials
Educational Fund is the leading organization that empowers Latinos
to participate fully in the America political process, from citizenship
to public service. Established in 1981. The NALEO Educational
Fund carries out this mission by developing and implementing programs
that promote the integration of Latino immigrants into American
society, developing future leaders among Latino youth, providing
assistance and training to the nation's Latino elected and appointed
officials and by conducting research on issues important to the
Latino population."
http://www.naleo.org/
National
Council of La Raza
"The National Council of La Raza (NCLR) is a private, nonprofit,
nonpartisan, tax-exempt organization established in 1968 to reduce
poverty and discrimination, and improve life opportunities for
Hispanic Americans. Capacity-building assistance to support and
strengthen local Hispanic groups - provided from NCLR's Washington,
D.C., headquarters and its field offices in Los Angeles, Phoenix,
Chicago, San Antonio, and San Juan, Puerto Rico - focuses on resource
development, program operations, management, and governance…NCLR's
Policy Analysis Center is the preeminent Hispanic "think tank"
serving as a voice for Hispanic Americans in Washington, D.C."
http://www.nclr.org/
National
Hispana Leadership Institute
"To develop Hispanas as ethical leaders through training, professional
development, relationship building and community and world activism."
http://www.lulac.org
National
Hispanic Corporate Council
"To serve member companies and their representatives as a principal
resource for information, expertise, and counsel on selected Hispanic
issues affecting corporate objectives. To advocate for increased
employment, leadership, and business opportunities for Hispanics
in Corporate America."
http://www.nhcc-hq.org/
National
Latina Health Network
"NLHN's mission is to address critical health concerns affecting
Latinas and their families by promoting leadership, advocacy,
community health partnerships and initiatives through which education
and outreach efforts help foster well-being and healthy behaviors
and attitudes within our nation's Latino communities."
http://www.nlhn.net/
National
Latina Institute for Reproductive Health
"The mission of NLIRH is to ensure the fundamental human right
to reproductive health for Latinas, their families and their communities
through education, advocacy and coalition building."
http://www.latinainstitute.org/
National
Latino Children's Institute
"The National Latino Children's Institute (NLCI) is the only national
Latino organization that focuses exclusively on children. Incorporated
in 1997 in Texas, NLCI has its headquarters in San Antonio and
is a nonprofit, nonpartisan, 501(C)3 tax-exempt organization.
NLCI's mission is to serve as the voice for young Latinos."
http://www.nlci.org/common/
National
Latino Peace Officers Association
"The Goal of the organization is to promote equality and professionalism
in law enforcement. The objectives of the organization are to
create a professional association that provides its members and
members of the community with career training; conferences and
work shops to promote education, and career advancement; mentoring;
and a strong commitment to community service."
http://www.nlpoa.org/
National
Society of Hispanic MBAs
"The National Society of Hispanic MBAs (NSHMBA) was created in
1988 as a 501(C)(3) non-profit organization. Widely known as the
"Premier Hispanic Organization," NSHMBA serves 28 chapters and
6,000 members in the U.S. and Puerto Rico. It exists to foster
Hispanic leadership through graduate management education and
professional development. NSHMBA works to prepare Hispanics for
leadership positions throughout the U.S., so that they can provide
the cultural awareness and sensitivity vital in the management
of the nation's diverse workforce"
http://www.nshmba.org/
REFORMA
The Association to Promote Library and Information Services to
Latinos and the Spanish Speaking, An affiliate of the American
Library Association. REFORMA has actively sought to promote the
development of library collections to include Spanish-language
and Latino oriented materials; the recruitment of more bilingual
and bicultural library professionals and support staff; the development
of library services and programs that meet the needs of the Latino
community; the establishment of a national information and support
network among individuals who share our goals; the education of
the U.S. Latino population in regards to the availability and
types of library services; and lobbying efforts to preserve existing
library resource centers serving the interests of Latinos.
http://www.reforma.org
SER-Jobs
for Progress, Inc.
"SER is a national network of employment and training organizations
that formulates and advocates initiatives that result in the increased
development and utilization of America's human resources, with
special emphasis on the needs of Hispanics in the area of education,
training business and economic opportunity."
http://www.ser-national.org/
Smithsonian
Center for Latino Initiatives
"The Smithsonian Institution, of which the Center for Latino Initiatives
is a part, is the world's largest museum and research complex…The
Smithsonian's mission, as expressed in its founding charter by
Congress in 1846, is an Establishment for the increase and diffusion
of knowledge. Our mission is to advance the knowledge and contributions
of Latinos in the United States."
http://latino.si.edu/
Society
for Advancement of Chicanos and Native Americans in Science
"The mission of SACNAS is to encourage Chicano/Latino and Native
American students to pursue graduate education and obtain the
advanced degrees necessary for research careers and science teaching
professions at all levels."
http://www.sacnas.org
Society
of Mexican American Engineers and Scientists
"To promote excellence in engineering, science & math while
cultivating the value of cultural diversity by:
| Possible
Required Documents |
|
Following
is a list of all possible documentation that could be required
for the mortgage application process. If you are self employed,
business owner, or a senior these documents can vary greatly.
Also it will depend on the type of loan we are applying
for, documented income, stated Income, no-documentation,
or equity.
In
most cases if employed we only need the items with a  .
We will pre-underwrite your loan and give you a list of
items that are required.
|
| FREQUENTLY
ASKED QUESTIONS |
Your
maximum loan amount depends on many factors, including:
- How
much you can afford for monthly payments.
- The
appraised value of the property.
- The
amount of equity in your home, if you're refinancing.
- How
much money you have available for closing
costs and a down payment (if you're purchasing).
- Your
credit history.
What
happens after I turn in my application?
After
we receive your application, we will:
Review your application to make sure the information
is complete and consistent. A Loan Officer or
a Processor may contact you for additional information
or clarification. Verify the information you provided
and confirm that all necessary documents are included.
Evaluate your loan information in a process known
as underwriting. Underwriting is a major step
in the approval process because it evaluates your
ability to comfortably make your loan payments.
Order and review an appraisal of the home you
are buying or refinancing. The appraisal confirms
whether the property's value is in line with the
purchase price and loan amount.
Your Loan officer will work with you to make sure
you obtain homeowners insurance for the property
and to set up an escrow account to collect funds
for expenses such as your homeowners insurance
premium and property taxes. Throughout loan processing,
Panamerican Mortgage staff will provide you with
important information about your loan and purchase
transaction.
How
can I get help choosing a loan?
Panamerican
Mortgage offers a variety of loan programs.
The Credit Repair mortgage programs are even
designed to help improve your credit situation.
Use our online Application for personalized
recommendations from one of our Loan Officers
to advise you on your options.
How
can I speed up the application process?
No
matter how you apply, one key to getting your
loan quickly is filling in the application completely
and accurately. It's also very important to attach
all the supporting paperwork required. Use our
Application Checklist to help.
The
actual closing process varies from place to place,
but usually includes the following steps:
- A
Notary reviews the settlement sheet with you.
This document includes all the final costs
for the purchase transaction or refinance
loan.
- You
sign loan documents such as the mortgage or
deed of trust, note and Truth-in-Lending statement.
- For
a purchase loan, you provide a certified check
or cashier's check to the closing agent to
cover the down payment and closing costs.
If you're refinancing, your closing costs
may be paid from cash out of your new loan.
- For
a purchase loan, the Escrow gives a check
for the home loan amount to the closing agent
(usually Title Company). For a refinance loan,
the closing agent (usually title company)
receives a check for the balance of your old
loan. The "cash out" from a refinance may
be paid directly to creditors by Escrow, if
you wish, or you can choose to receive a check
for this money.
- The
monthly payments will include amounts paid
toward the payment of property taxes and insurance,
the escrow account is set up.
- You
receive the keys to your new home, along with
copies of all the closing documents.
How
do I know how much house I can afford?
Generally
speaking, you can purchase a home with a value
of two or three times your annual household income.
However, the amount that you can borrow will also
depend upon your employment history, credit history,
current savings and debts, and the amount of down
payment you are willing to make. You may also
be able to take advantage of special loan programs
for first time buyers to purchase a home with
a higher value. Give us a call, and we can help
you determine exactly how much you can afford.
What
is the difference between a fixed-rate loan and
an adjustable-rate loan?
With
a fixed-rate mortgage, the interest rate stays
the same during the life of the loan. With an
Adjustable Rate Mortgage (ARM), the interest changes
periodically, typically in relation to an index.
While the monthly payments that you make with
a fixed-rate mortgage are relatively stable, payments
on an Adjustable Rate (ARM) loan will likely change.
There are advantages and disadvantages to each
type of loan, and the best way to select a loan
product is by talking to us.
How
is an index and margin used in an ARM?
An
index is an economic indicator that lenders use
to set the interest rate for an Adjustable Rate
Mortgage (ARM). Generally the interest rate that
you pay is a combination of the index rate and
a pre-specified margin. Three commonly used indices
are the One-Year Treasury Bill, the Cost of Funds
of the 11th District Federal Home Loan Bank (COFI),
and the London InterBank Offering Rate (LIBOR).
How
do I know which type of mortgage is best for me?
There
is no simple formula to determine the type of
mortgage that is best for you. This choice depends
on a number of factors, including your current
financial picture and how long you intend to keep
your house. Panamerican Mortgage can help you
evaluate your choices and help you make the most
appropriate decision.
|
Contact
us for any questions.
Call us Today!
(800) 607- 8484
|
| GLOSSERY
OF LOAN TERMS
|
Addendum
A supplemental document
for borrowers to advise them of the characteristics of the
mortgage loan they are applying for. This document is often
required when applying for a government loan program.
|
Adjustment period
The time between changes in your interest rate and/or monthly
payment with a variable rate loan. These intervals will vary
depending on the type of loan. |
Amortization
The means by which a home loan is scheduled to be paid off,
including interest and principal, by a series of regular installment
payments. Loans are typically amortized over 30 years. |
Application
Fee
A fee charged used to cover the out of pocket costs of processing
your loan. |
Appraisal
A formal, written estimation by a qualified appraiser of the
current value of a home. |
