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Home > Financial Services > Mortgage Brokers > L.S.M. Mortgage, Inc.
L.S.M. Mortgage, Inc.
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.
L.S.M. Mortgage, Inc. strong and genuine belief in the customer for life principle of doing business is what fuels this company. Referrals from previous customers and local real estate professionals have always delivered the majority of the Company's production. They use the most advanced technology available to close loans quickly, at a low cost. They offer Fixed-rate Mortgages, Adjustable-rate mortgage, balloon mortgage etc.
Fixed-rate Mortgages offers an interest rate that will never change over the entire life of the loan. If you lock in a rate of 7 percent that calculates a payment of $1,247 per month, then you know that in 20 years you'll still be paying $1,247 per month. The only things that will change will be the property tax and any insurance payments that are included in your monthly payment. The length of your fixed rate mortgage can be 15, 20 or 30 years. These terms have an affect on the various benefits you'll get from your mortgage. A balloon mortgage offers an initial interest rate that is lower than fixed-rate mortgages. It keeps this low fixed rate for five to seven years and then requires a balloon payment. The balloon payment is the final payment of the loan and pays off the entire balance. Monthly payments are low because the payments for those first five to seven years are amortized at a low interest rate over the total length of the loan. If you plan on either selling your home, paying it off, or refinancing it before the balloon payment is due, then this type of mortgage is good deal.
By combining the use of the Internet along with advanced processing software and automated underwriting systems they have taken the mystery out of approving and closing a home loan.
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