What is the amortization? And how can I decrease this? Your amortization is the total length of time it will take you to pay off your mortgage. Often when you first get a mortgage it is amortized over 25 years. However, your amortization period will not stay constant because different borrowing terms at each renewal vary the amount of interest charged over your amortization period. The length of time to pay off your mortgage will be determined by the interest charged, the loan amount, payment amount and payment frequency.The mortgage rate stays the same for the whole term and the mortgage payments are consistent during the term of the mortgage. The mortgage rate varies with fluctuations in the bank prime rate. As a result, mortgage payments may vary during the term of the mortgage.

What is a jumbo mortgage? A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently all loans over $359,650.There is no fee on conventional mortgages as I receive their fees from the financial institutions.

Are there fees for your services? There is no fee on conventional mortgages as I receive their fees from the financial institutions. However in some circumstances lender/broker fees may apply.You may find links to all the major mortgage lenders or the best mortgage interest rates on the internet A home inspection prior to purchasing a home or condominium can bring peace of mind when you sign the sales contract. Knowing what to expect both inside and out will help you make an informed decision about the value of the home and the future upkeep.

Why do I need a pre-approval and how do I get one? A pre-approved mortgage provides you with a interest rate guarantee from the lender for a specific period of time (usually 90-120 days) and also gives you the maximum amount of mortgage that you qualify for. This is the first step in the Home Buying process. The pre-approval is a calculation based on the information that you provide to the lender and generally will be subject to certain standard conditions.Yes, but it depends on the circumstances surrounding your bankruptcy as to when you would be eligible and what products are available to you.

What is the difference between an Open and Closed mortgage? Open mortgages can generally be paid off at any time without penalty. They are suited to homeowners who have some uncertainty in your lives, are planning to sell in the near future or those who want the flexibility to make large, lump-sum payments before the end of the term. Compared to open a closed mortgage offers little to no privileges in paying off your mortgage early. You can not pay off your mortgage without attracting prepayment penalties, from the lender.A pre-approved mortgage provides you with a interest rate guarantee from the lender for a specific period of time (usually 90-120 days) and also gives you the maximum amount of mortgage that you qualify for. This is the first step in the Home Buying process.

What can I do if I have a variable interest rate and interest rates start to increase? Most variable mortgages give you the right to convert to a fixed rate at any time. If you think the interest rise is not just a short-term fluctuation but will be a long-term trend then you may want to consider locking into a fixed rate. There is usually no charge for this but you should consult me to ensure that you are getting the best rate possible.soon as we get your application, we assign a dedicated Customer Services Associate to your case, backed up by a 'buddy' in case they are ill or away. This means you have a named contact and someone who is familiar with your case to call on. Customer Services Associate will follow your application through from start to finish and tackle any problems that arise on the way.YOUR lending institution will only advise you on their own product. You could visit every institution out there, one by one if you had time..