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Generally speaking, there is a different lending market for those loans over $1-2 million than for those under that amount. Even that may depend upon your community (city vs small town or rural area) and how well served the community is by banks and commercial mortgage bankers. |
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These factors include but are not limited to... |
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I hope this information helps you understand both the discount rate and prime rate. |
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This is going to depend on your lender. And it will also depend on what your definition of "defer" is. |
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Lenders also give a slightly better interest rate if you choose to impound. Impound accounts are also known as reserve accounts, and escrow accounts. There are many different ways people refer to it.
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Many people say a conventional mortgage is any loan, secured by real estate that is not insured by FHA or VA. However, most mortgage lenders make further distinctions between conventional loans and other loan types. |
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APR is a federally engineered term that is very confusing to most customers. Simply put, APR is an equation that shows the true cost of a mortgage including costs associated with the loan itself.
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Your minimum payment is only simple interest, but like most loans you can pay additional towards the principal balance with your monthly statement. As a side note, in doing this the advantage of an interest only line of credit is that your next months minimum payment will go down. |
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It's a numbers game. The licensor has to have enough volume to break even on all their costs. They usually charge a flat fee or a "per loan" fee.
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You may also want to contact The Department of Consumer Protection. They accept complaints about misconduct by licensed real estate brokers and salespersons. Complaints will be investigated by their Real Estate Enforcement Unit. They also request that complaints be filed in writing. Please visit their website for more information. |
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