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The Web's Definitive source of information about mortgages and how you can choose the best mortgage for your situation because... all mortgages are not created equal and neither are mortgage borrowers. |
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Our guiding principle: Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live. |
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Envision Mortgage Solutions is a local company with 2 locations to serve you: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 597-8884 Schaumburg Office
1051 Perimeter Drive, Suite 900
[contact us] [directions]
Schaumburg, IL 60173 [847] 619-8123
Licensed with the Illinois Department of Banks & Real Estate # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Brokers www.iamb.org, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
Fixed Rate Mortgages
The most common type of mortgage program where your monthly payments for interest and principal never change.
Adjustable Rate Mortgages (ARM)
These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals. Remember that your total housing payment can change as your property taxes and home owners insurance premiums rise.
Standard ARMS and the Differences
Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.
Introductory Rate ARM's
Most ARM's have a low introductory rate, which is good anywhere from 1 month to as long as 10 years.
Reverse Mortgages
A Special type of loan made to older homeowners (typically 62 +) to enable them to convert the equity in their home to cash to finance other needs.
London Inter Bank Offered Rate (LIBOR)
LIBOR is the rate on dollar-denominated deposits, also know as Eurodollars, traded between banks in London.
Balloon Mortgages
Short term mortgages that have some features of a fixed rate mortgage.
Interest Rate Buydowns
The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.
Cost of Funds Index (COFI)
The ratio of the dollar amount paid in interest during the month to the average dollar amount of the funds for that month constitutes the weighted average cost of funds ratio for that month.
Graduated Payment Mortgage (GPM)
With a GPM the payments are usually fixed for one year at a time.
Choosing The Best Program
The right type of mortgage for you depends on many different factors
Mini Glossary
The Term Conforming simply indicates a loan that meets the underwriting guidelines, loan amount limits, and regulatory parameters set by Freddie Mac and Fannie Mae. Conforming loans follow strict guidelines for eligibility relating to loan size, credit score, income and residence stability, savings and investing habits, etc. which directly affect the rate of the loan. Meaning that conforming loans are for a more limited group of customers who not only have high credit scores but meet all the other requirements as well.
A Conventional loan is one that is not insured by FHA and not guaranteed by VA
Jumbo Mortgages are conforming mortgages inevery way except that they are larger than $417,000. A loan that size is automatically considered greater risk and greater risk means a higher interest rate.
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