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Home > Financial Services > Mortgage Brokers > Southland Equities Mtg. Corp.
Southland Equities Mtg. Corp.
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.
To refinance primarily to lower the rate and monthly payments, your best option might be a low fixed rate loan. Maybe you have a fixed rate mortgage now with a higher rate, or maybe you have an ARM adjustable rate mortgage where the interest rate varies. Even if it's low now, unlike your ARM, when you qualify for a fixed rate mortgage you lock that low rate in for the life of your loan. This is especially a good idea if you don't think you'll be moving within the next five years or so. On the other hand, if you do see yourself moving within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment.
Consider refinancing with a shorter-term loan, such as a 15 year mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and will build up equity more quickly. If you have had your current 30 year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment you may even be able to save. For example, let's say years ago you took out a $150,000 30 year mortgage at eight percent. Your payment is about $1,100, exclusive of taxes, insurance and so on. If your balance today is down to $130,000, you might take out a 15 year mortgage at six percent and have an almost identical monthly payment. This is a great option for people whose main goal is not to save money on their monthly payment but rather want to build up equity and pay off their home more quickly.
The Company also 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.
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