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Best Residential Mortgage Service Provider in Maitland & Winter Park!

A mortgage company is a company that deals with mortgage or mortgage financing of residential or commercial buildings. A mortgage company is often an originator of the loan, they provide financial support to those who want to buy a house, but they can not pay a big sum. So it's a good chance to avail the best Residential Mortgage Service Provider in Maitland or Winter Park!. Contact Us: Clifton Mortgage

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Best Residential Mortgage Service Provider in Maitland & Winter Park!

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  1. Maitland Residential Mortgage

  2. What Is A Mortgage Company? A mortgage company is a company that deals with mortgage or mortgage financing of residential or commercial buildings. A mortgage company is often an originator of the loan, they provide financial support to those who want to buy a house, but they can not pay a big sum.

  3. Who Is Mortgage Originator? The original lender is called a mortgage originator. The chief promoters of residential mortgage loans are thrifts, Commercial Bank and Mortgage Banker. Mortgage originator can serve those mortgages they originate, for which they receive a service fee.

  4. Types Of Residential Mortgage Loans There are various types of Residential Mortgage loans. They can be classified according to the following characteristics: • Lien Status • Credit Classification • Type Of Interest Rate • Amortization Type • Credit Guarantees • Loan Balances • Prepayments

  5. Lien Status The position of the mortgage loan indicates the seniority of the loan in the event of forced liquidation of the property by default due to the condition of the obligation.

  6. Credit Classification A loan that is generated, where the borrower is seen for a high credit quality, is classified as prime loan. A loan that is generated where the borrower is of low credit quality or where the first lien on the loan property is not classified as subtype loan.

  7. Type Of Interest Rate The interest rate that the borrower agrees to pay, which is referred to as the note rate, can decide or changes on the life of the loan. For a fixed rate mortgage, the interest rate is determined at the close of the loan and remains unchanged on the life of the loan.

  8. Amortization Type Payment of fully fixed rate loans is a payment that is sustained on the life of the loan. For example, suppose a loan has an original balance of $200,000, a note rate of 7.5%, and a term of 30 years. Then the monthly mortgage payment would be $1,398.43. The formula for calculating the monthly mortgage payment is:- where MP = monthly mortgage payment ($), MB0 = original mortgage balance ($), i = note rate divided by 12 (in decimal), and n = number of months of the mortgage loan.

  9. Credit Guarantees Mortgage Loans can be classified on the basis that a credit guarantee attached to the loan is provided by the federal government, a government-sponsored enterprise, or a private entity. These types of loans are said to be received from “conventional financing” and therefore are referred to in the market as conventional loans.A conventional loan can be insured by private mortgage insurer.

  10. Contact Us: Clifton Mortgage Services, LLC 670 N. Orlando Avenue, Suite 101 Maitland, FL 32751 Phone No:- (888) 681-0777 Fax:- (866) 512-0169 Website: http://www.cliftonmortgageservices.com

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