Shopping for a mortgage?
Yes, we encourage you to compare mortgage quotes from several different mortgage lenders. Shop around to find the best fit for your needs. The easiest way to do this is to ask one of our Realtors for a list of great lenders that are local and have a proven track record for customer service and timely closings. The team at Cross Capital Realty can recommend the right lender for the loan you need. Call to speak with one of our real estate agents today!
Our team of local financing experts are ready to guide you through the home buying process. We're committed to fast, professional, courteous and personal service to help you understand and feel at ease throughout the home buying process. Our trained and certified loan originators specialize in financing homes in the local area real estate market. We are prepared to find the right loan program with competitive rates and low upfront costs for you.
Words to Know
A loan offered by a bank, mortgage company or other financial institution for the purchase of a primary or investment residence. In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the loan has been fully paid and all other terms of the mortgage have been met.
The person borrowing the mortgage money, who either has or is creating an ownership interest in the property.
Any organization lending the mortgage money, but usually a bank or other financial institution (Lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.).
Mortgage Calculator & Help
Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
Mortgage Help | Down Payment? Loan Term? Loan Type? Interest Rate? Property Tax Rate? Home Insurance? HOA Fees?
Affordability Calculator & Help
Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.
Affordability Help | Annual Income? Down Paymnet? Other Monthly Debts? Loan Term? Loan Type? Interest Rate? Property Tax? Home Insurance? HOA Fees? Debt-to-Income (DTI)?
The original dollar amount of the loan, which may or may not include certain other costs; as any principal is repaid, the principal amount will decrease.
A financial charge for use of the lender's money.
Mortgage Loan Types
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as a floating rate or variable rate mortgage).
- In a fixed rate mortgage, the interest rate, remains fixed for the life (or term) of the loan. In case of an annuity repayment scheme, the periodic payment remains the same amount throughout the loan. In case of linear payback, the periodic payment will gradually decrease.
- In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically (for example, annually or monthly) adjust up or down in relation to a market index. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive. Since the risk is transferred to the borrower, the initial interest rate may be, for example, 0.5% to 2% lower than the average 30-year fixed rate; the size of the price differential will be related to debt market conditions, including the yield curve.