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Home > Financial Services > Mortgage Brokers > Gilbraller Finance & Mortgage
Gilbraller Finance & Mortgage
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.
The loan programs include Fixed Rate Mortgages where your monthly payments for interest and principal never change. Adjustable Rate Mortgages ARM where the loan begins with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals. Reverse Mortgages are made to older homeowners to enable them to convert the equity in their home to cash to finance other needs. London Inter Bank Offered Rate LIBOR is the rate on dollar-denominated deposits; also know as Eurodollars, traded between banks in London. Balloon Mortgages are short term mortgages that have some features of a fixed rate mortgage.
In Interest Rate Buydowns the buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term. Cost of Funds Index COFI covers the ratio of the dollar amount paid in interest during the month to the average dollar amount of the funds for that month constitutes the weighted average cost of funds ratio for that month. In Graduated Payment Mortgage GPM the payments are usually fixed for one year at a time.
The Company also assists you through six basic steps in procuring a loan for buying a house or renovation of your home such as getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan. . They offer conforming, non-conforming and government loan programs.
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