UrbanFinancial.net

Title

Urban Financial Mortgage Banking & Brokerage - Houston TX - Fixed Rate Mortgages, Adjustable Rate Mortgages, Balloon Mortgages, First Time Buyer Programs, Stated Income Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit, Home Equity Fixed Loan

Description

When interest rates soared into the double digits in the early 1980s, many people were completely priced out of the home-buying market. Lenders responded with a new kind of loan that tied mortgage interest to a variable index, such as U.S. Treasury Bills, in order to go below conventional loan rates. They tacked on an extra 2 percent or 3 percent—known as the margin—to originate the loan and created the adjustable rate mortgage (ARM).

Balloon loans are short term mortgages that have some features of a fixed rate mortgage. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Balloon loans can have many types of maturities, but most balloons that are first mortgages have a term of 5 to 7 years.

2. Look under your phone directory's county listings for the housing department. If there are any publicly funded programs, this would be the place to find them.

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Contact

SALVATIERRA, RENE
HOUSTON TX
US 77057
(281) 352-2463

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