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Retirement Planning Services

June 16th, 2005

Retirement products are a key element of overall financial plans. When creating financial plans, both individuals and companies must address the issues of cash management, risk management, and wealth accumulation. Financial plans for individuals must also address the need for financial independence and estate planning. [Read more →]

Category: Insurance

How will I know how long it will take to recoup the cost of my loan?

June 9th, 2005

Your loan officer will have the current interest rates available for the loan program you’ve chosen. These rates, and the term (how many months) of your loan will determine your new monthly payments. Subtract the new monthly payment from your old monthly payment. For example, $980.00 (your old payment) minus $720.00 (your new payment) = $260.00 per month savings. Now, let’s say it costs you $2,500.00 for all of your loan costs and fees. Divide $2,500.00 by $260.00 to find out how many months it will take you to recoup the costs of your loan. In this case, you will have your new loan for a little over 9 1/2 months before you will break even. [Read more →]

Category: Mortgage

Will a “no cost” or “low cost” loan work for me?

June 9th, 2005

That depends on how long you plan to stay in your home. If you decide to move in a few years, the monthly savings you might obtain by refinancing may never add up to the costs you may have to pay to refinance your home. On the other hand, a “no cost” or “low cost” loan might save you money in the long run. [Read more →]

Category: Mortgage

Should I refinance my existing loan now?

June 9th, 2005

Many factors come into play when making the decision to refinance your existing mortgage. You need to ask some important questions: How much lower should my interest rate be for refinancing to make sense?; Can I qualify for a lower rate?, How long will it take for me to recoup the costs of the loan?; and, What type of loan program is right for me? The following questions and answers were designed to help you make an informed decision, and more importantly, to help you know just which questions to ask your loan officer. [Read more →]

Category: Mortgage

Refinancing. The right choice?

June 9th, 2005

For most people today, refinancing often makes good sense. Why? For many people, today’s mortgage rates are much lower than the rates they’re currently paying. If this is your situation, you may be able to save a substantial amount of money by refinancing your home loan. [Read more →]

Category: Mortgage

Adjustable-rate Mortgage

June 5th, 2005

Possibly one of the most popular, yet misunderstood forms of alternate financing is the adjustable-rate mortgage. Usually referred to as an ARM, its popularity with borrowers is due to a lower interest rate than a fixed-rate loan. It is popular with the lenders because the ARM shifts the risk of interest rate fluctuations to the borrower. [Read more →]

Category: Mortgage

Life Insurance

July 5th, 2004

Life insurance products allow individuals to purchase a single financial instrument that provides for both life insurance and long-term accumulation goals. [Read more →]

Category: Insurance

Mortgage Glossary Terms: S-Z

May 12th, 2004

S.I. / Statement of Information – The form the customer fills out for the title company giving further identification of the customer. This allows the title company to eliminate debts and liens owed by people with similar names.

Second Mortgage – A mortgage which is entered after the primary loan. Called a second due to it being the second lien position to the first mortgage.

Secondary Financing – Financing obtained, subordinate to the first mortgage, to facilitate closing the first mortgage. Also known as a “piggyback” loan.
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Category: Mortgage

Mortgage Glossary Terms: P-R

May 12th, 2004

P & I – Principal and Interest. This refers to the principal and interest portions of the monthly mortgage payment.

P & L / Profit and Loss – A statement of a businesses gross income, cost of goods, operating costs and net profit or loss.

P.I.T.I. – Principal, interest, taxes and insurance. The complete monthly cost associated with financing a property. [Read more →]

Category: Mortgage

Mortgage Glossary Terms: M-O

May 12th, 2004

Margin – The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

Market Value – The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.

Mortgage Escrow Accounts – The account set by the Lender to pay Taxes and Insurance on behalf of the Borrower.
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Category: Mortgage