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Home > Financial Services > Mortgage Brokers > Columbia First Mortgage, Inc.
Columbia First 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.
When you decide to buy a home or refinance a mortgage, it's a big step. You can trust us to find the loan program that's best for you. Buying a new home is a source of anxiety, frustration and a huge sense of accomplishment. You didn't pick the house that was best for someone else; you picked the one that's right for you, trust their professionals to find the mortgage loan that best fits your needs, too.
With a fixed-rate loan, your monthly payment of principal and interest never change for the life of your loan. Your property taxes may go up, and so might your homeowner's insurance premium part of your monthly payment, but generally with a fixed-rate loan your payment will be very stable. Fixed-rate loans are available in all sorts of shapes and sizes; 30 year, 20 year, 15 year, and even 10 year. Some fixed-rate mortgages are called biweekly mortgages and shorten the life of your loan. You pay every two weeks, a total of 26 payments a year which adds up to an extra monthly payment every year.
Private mortgage insurance andgovernment mortgage insurance protect the lender against default and enable the lender to make a loan, which the lender considers a higher risk. Lenders often require mortgage insurance for loans where the down payment is less than 20 percent of the sales price. You may be billed monthly, annually, by an initial lump sum, or some combination of these practices for your mortgage insurance premium. Mortgage insurance should not be confused with mortgage life, credit life or disability insurance.
They help their clients finance their dream of home ownership. They educate and guide the applicants, including the credit challenged, through the process of loan approval.
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