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Financing Your Home >Mortgage Terms

New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.

Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.

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A	The Imperial Suite at the President Wilson Hotel in Geneva, Switzerland, which can be reserved for $33,000 per night.
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The Green Real Estate Team, REALTORŽ, real estate agents and broker for Tampa Bay, Tampa and Clearwater Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

The Green Real Estate Team
RE/MAX ACR Elite
14823 N. Dale Mabry
Tampa, FL 33618
Cell: 813-295-2000
Office: 813-961-6000
Fax: 813-830-7450
GreenRealEstateTeam@TopProducer.com
Michael Green, P.A. RE/MAX ACR Elite company-wide #1 Sales Executive 2003, 2004, 2005, 2006, 2007 and RE/MAX International's #1 Sales Executive for Tampa, Florida 2004, 2005, 2006 and 2007 has successfully provided professional and excellent real estate services through integrity, diligence, and extensive market knowledge to many new and repeat clients, their relatives, and friends since 1984, when he completed a distinguished career as a Special Agent of the Federal Bureau of Investigation. Having since managed/co-owned a multi-office real estate firm (where Mike directed the Fine Homes and Estates and Relocation Divisions), today he continues helping clients receive extraordinary success and rewards in their real estate ventures. Let Mike handle the investigation to locate your next home or next buyer for your property and see why so many join his "Repeat Clients Club".

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