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Arrowhead Home Loans, Inc.

A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
Arrowhead Home Loans, Inc.  Is a full service mortgage brokerage specializing in mountain resort lending.  However, they are licensed to provide financing anywhere in California. Their goal is to provide competitive mortgage rates and fees, as well as creative mortgage solutions.
Acceleration; when a lender demands a promissory note is paid off before its stated term, usually for a violation of a term or condition of the loan. This is usually a precursor to foreclosure. Adjustable Rate Mortgage also known as variable rate, an ARM is a mortgage with an interest rate that may fluctuate up or down periodically, according to the index which it is based.  Most ARM’s will have a limit on the amount that the rate will vary.
Balloon Payment- Final payment on a mortgage that is larger than preceding payments which pays the loan in full. Bi-Weekly Mortgage; a way of prepaying your mortgage where payments are made every two weeks instead of monthly. This form of payment makes additional principal reduction payments, therefore paying the loan off faster and saving the borrower interest payments.
Loan Processor; the loan processor handles the file during the period prior to submitting to underwriting. A good loan processor will make the difference between not only a loan being approved or declined, and also the ease with which the approval is obtained.
A mortgage which encompasses to separate mortgages with a single payment.  The buyer pays the seller the payment, and the seller then in turn makes the payment to the mortgage company. Usually the seller has a second to the buyer thus the second is wrapped around the first.

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