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Home > Financial Services > Mortgage Brokers > Bridgewater Mortgage, LTD.
Bridgewater Mortgage, LTD.
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.
Bridgewater Mortgage 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.
The loan program includes Fixed-rate loans which are 30 year, 20 year, 15 year, and 10 year. Adjustable Rate Mortgages ARM, determine what you must pay based on an outside index, perhaps the 6-month Certificate of Deposit CD rate, the one year Treasury Security rate, the Federal Home Loan Bank's 11th District Cost of Funds Index COFI, or others. ARMs often have their lowest, most attractive rates at the beginning of the loan, and can guarantee that rate for anywhere from a month to ten years.
The terms home equity loan and second mortgage are often used interchangeably. The process for a home equity loan is similar to your first mortgage. The closing costs often 2-3 percent of the loan amount is usually lower and, although the interest rate is higher on a home equity loan, the interest paid is tax deductible. Reverse mortgages also called home equity conversion loans enable elderly homeowners to tap into their equity without selling their home. Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with social security or medicare benefits.
The Company is committed to providing the best service to clients seeking it from this industry as also to the pursuit of excellence, integrity being the forefront of their list of objectives.
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