Mortgage Terms

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Adjustable Rate Mortgage (ARM) – A mortgage in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage.

Adjustment Interval – For an adjustable rate mortgage, the time between changes in the interest rate charged. The most common adjustment intervals are one, three or five years.

Amortization – Literally to “kill off” (root: mort) the outstanding balance of a loan by making equal payments on a regular schedule (usually monthly). The payments are structured so that the borrower pays both interest and principal with each equal payment.

Annual Percentage Rate (APR) – The interest rate which reflects the cost of a mortgage as a yearly rate. This rate is usually higher than the stated loan rate for the mortgage, because it takes into account points and other charges.

Application Fee – The fee charged by the lender to the borrower for applying for a loan. Payment of this fee does not guarantee that a loan will be approved. Some lenders may apply the cost of the application fee to certain closing costs.

Appraisal – The determination of property value based on recent sales information of similar properties.

Assumable Loan – These loans may be passed on from a seller of a home to the buyer. The buyer “assumes” all outstanding payments.

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Joel Brant, Mortgage Loan Types

Joel Brant

President
NMLS# 189546

Jody Brand, Senior Loan Officer, Mortgage Loans

Jody Brant

Senior Loan Officer
NMLS# 189545

Pamela Smith, Senior Loan Officer, Mortgage Loans

Pam Smith

Senior Loan Officer
Albertville
NMLS# 189538

Barbara Hood, Mortgage Loan Originator, Mortgage Loans

Barbara Hood

Mortgage Loan
Originator
NMLS# 189539

Scott Osborn, Mortgage Loan Originator, Mortgage Lenders

Scott Osborne

Mortgage Loan
Originator
NMLS# 192771

Judy Myers, Mortgage Loan originator, Mortgage Lenders

Judy Myers

Mortgage Loan
Originator
NMLS# 191529