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Home > Financial Services > Mortgage Brokers > Miller Mortgage Group
Miller Mortgage Group
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.
Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio used in this calculation is 30percent. The housing expense, or front ratio, compares your total mortgage payment to your monthly income. The total debt expense ratio back is 36percent. This total debt expense, or back ratio, compares your total monthly obligations including your total mortgage payment to your monthly income.
Company some second mortgage loans may extend for as long as 15 or 20 years others may require repayment in one year and company provide loan programes adjustable rate mortgages. These loans generally begin with an interest rate that is 2 to 3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Private mortgage insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed.
The Company loan, the borrower will be charged a mortgage insurance premium equal to 1.50percent of the purchase price of the property and a renewal premium of 500percent in subsequent years.
Commercial Financing is underwritten on a case by case basis. Every loan application is unique and evaluated on its own merits, but there are a few common criteria lenders look for in commercial loan packages.
Company assists you through six basic steps in procuring a loan for buying a house or renovation of your home. The six steps are 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.
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