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Home > Financial Services > Mortgage Brokers > Pinnacle Lending Group, Inc.
Pinnacle Lending Group, 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.
Pinnacle Lending Group is a Boca Raton-based firm that originates loans throughout the state of Florida and several other states. They have over 40 years of combined lending experience. They specialize in loans for purchases, refinances, investor loans and construction-perm loans. Their lending team represents a variety of lenders and loan programs to fit every kind of borrower.
The ARM is an adjustable-rate loan that often has a below market start rate. This enables borrowers to make a lower monthly payment for a set period of time. For example, a 3/1 ARM has a fixed rate for the first three years and it then adjusts every year during years 4 through 30. The 30 Year Fixed Rate loan is still the most widely popular loan program. For years borrowers have enjoyed the security offered by fixed rate loans, because no matter what happens to rates in the future their rates and payments will stay the same. The price you pay for stability and certainty of monthly payments is often a higher rate.
An Interest Only Mortgage enables the borrower to make a monthly payment that is based on a calculation of the loan balance multiplied by an interest rate, then divided by 12 to obtain a monthly payment. This rate is typically fixed for some period of time. For instance the rate on a typical 5 Year Interest Only loan is currently 4.875 percent. This rate will remain the same for 5 Years. Based on a loan amount of $150,000 the monthly interest only payment is only $609. Again, this is $290 less than the sample fixed rate payment of $899 for the same loan amount.
They work with an extensive network of nationwide lenders, which enables them to personally align borrowers with the lender and loan program that best suits their situation.
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