|30 Years of Dedicated Service
505-828-1366 | 505-269-3027
10001 Barrinson NE
Albuquerque, New Mexico 87111
ARM's: Adjustable Rate Mortgages are those whose rates of interest adjust periodically to reflect the market conditions.
Bridge Loan: A sum of money lent by a bank to cover an interval between two transactions, typically the buying of one house and the selling of another.
Commercial Loan: A debt based funding arrangement that a business can set up with financial institution.
Construction Loan: A short term (often 3 year) real estate financing secured by a mortgage on the property being financed. The loan is meant to cover the cost of land development.
Conventional Loan: A mortgage loan not insured by any government program. This loan is the most common and different from the FHA and VA loans, that are insured by the government.
FHA Loan: (Federal Housing Administration)A Loan issued by a federally qualified lender.
Income Property Loans: A loan secured on a property which already has a source of income, such as rent. The loan is used to cover the debt service payments on the loan.
Low-doc loans: A loan that does not require borrowers to provide documentation of their income to the lenders or do not require much documentation.
LTV: One of the key risk factors that lenders assess when qualifying borrowers for a mortgage.
MIP: MIP, or "Mortgage Insurance Premium" is an insurance policy that protects a mortgage lender in the event that the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligation of the mortgage.
Origination Fee: A fee charged by a lender on entering into a loan agreement to cover the cost of processing a loan.
PMI: Private Mortgage Insurance, insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan.
Points: Points are additional mortgage company charges for making a loan.
Ratios: The ratios of a consumer's proposed monthly mortgage payment, and proposed overall monthly debt to his or her gross monthly income. These ratios must fall within specific ranges for specific types of mortgages.
VA Loan: A mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs. The loan is issued by qualified lenders.