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Home > Financial Services > Mortgage Brokers > Interstate Mortgage Corp.
Interstate Mortgage Corp.
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
For adjustable loans, caps are usually quoted as two numbers as in 2/6. The first number indicates how much a loan may adjust at each adjustment period while the second number indicates how much a loan may adjust over its lifetime. Loans like the 3/1 and 5/1 adjustable, which have an initial fixed period, are quoted with 3 numbers as in 2/6/3, which would mean that the first adjustment may be as much as 3 percent subsequent adjustments are capped at 2 percent each, and the lifetime cap is 6 percent.
Fees paid by the borrower when property is purchased or refinanced. These typically include a loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, deed recording fee, and credit report charges. Since points are listed separately, they are not included in the Closing Costs column on the Microsurf tables. PMI costs are also excluded from this figure. Title insurance, though typically considered a part of closing costs, is not reflected on Microsurf's tables. This fee is usually in the range of 25-30cents per $1,000 borrowed. An N/A in the Closing Costs category means that the information was not available from the lender or, in the case of multiple-state lenders, differed materially from state to state.
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. A LTV ratio of 90 means that a borrower is borrowing 90 percent of the value of the property and paying 10 percent as a down payment. For purchases, the value of the property is assumed to be the purchase price, for refinances the value is determined by an appraisal.
The bank, mortgage company, or mortgage broker offering the loan. Many institutions only originate loans and then resell the obligation to third parties.
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