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Home > Financial Services > Mortgage Brokers > Promise International Mortgage
Promise International Mortgage
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.
Promise International Mortgage assists you through six basic steps in procuring a loan for buying a house or renovation of your home. The six steps are 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.
They provide Mortgage Programs such as Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also bi weekly mortgages, which shorten the loan by calling for half the monthly payment every two weeks. Adjustable Rate Mortgages, These loans generally begin with an interest rate that is 2 to3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Standard ARMS and the Differences are ARMs with different indexes are available for both purchases and refinances. Choosing an ARM with an index that reacts quickly lets take full advantage of falling interest rates. London InterBank Offered Rateis the rate on dollar denominated deposits; also know as Eurodollars, traded between banks in London. The index is quoted for one month, three months, six months as well as one year periods.
Promise International is committed to enabling their customers to access the lowest rates, widest array of program options and highest quality service available throughout the industry. They achieve this through their correspondence with the most competitive lenders operating in the region and a team of experienced, knowledgeable staff.
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