Mortgage Brokers

Fixed Rate Loans

Fixed rate loans are fully amortized loans characterized by a fixed interest rate and consistent monthly payment over the life of the loan.

Debt to Income Ratio (DTI)

A person’s debt to income ratio is the percentage of their monthly gross income that goes towards paying debts. It is an assessment of their income strength.

Credit Worthiness

Credit Worthiness refers to a lenders appraisal of a borrower’s financial stability.

Balloon Loans

A balloon payment mortgage is a mortgage which does not fully amortize over the term of the loan, thus leaving a balance due at maturity.

Assumability or Loan Assumption

Loan assumption is the ability of a new borrower to take over a loan -on the same terms- from the original borrower.