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Giant Realty Incorporated


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.
 
The loan programs are Fixed-Rate Mortgage where the interest rate and the principal payments remain fixed throughout the loan.Variableor Adjustable-Rate Mortgage is taken into an account where the interest rate on the loan fluctuates over the period of the loan. Balloon Loan serves to short term, usually based on a 30-year amortization schedule and a lump sum payment due at the end of term, usually 3, 5 or 7 years. The interest rate is usually less than a 15- or 30-year fixed-rate mortgage. In Piggyback Loan the first mortgage is for 80 percent of the purchase price and the piggyback is for 10 percent. The home buyer covers the remaining 10 percent with their down payment. The Housing Finance Agencies offers special loan programs to low- and moderate-income buyers, buyers interested in rehabilitating a home in a targeted area, and other groups as defined by the agency.

On the other hand Government Loans are taken into account to serve the customers through The Federal Housing Authority FHA, which is part of the U.S. Department of Housing and Urban Development HUD, plays a significant role in helping low- to moderate-income families qualify for mortgages. Loans are guaranteed by the U.S. Department of Veterans Affairs. Service persons and veterans can qualify for a VA Loan, which usually offers a competitive fixed interest rate, no down payment and limited closing costs. While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loan. The Rural Housing Service RHS, which is part of the U.S. Department of Agriculture, guarantees loans from private lenders to help low- to moderate income families qualify for mortgages.
They are committed to put you in the loan that fits your individual needs. Through the process they take you through your application, pull your credit bureau report at the same time, getting you pre-approved for your loan.
 
 

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