HOW IT WORKS

GLOSSARY OF MORTGAGE TERMS

Adjustment Date
The date that the interest rate changes on an adjustable rate mortgage (ARM).

Adjustment Period
The period elapsing between adjustment dates for an adjustable rate mortgage.

Amortization Term
The length of time required to amortize the mortgage loan expressed as a
number of months. For example, 360 months is the amortization term for a 30- year fixed rate mortgage.

Appraised Value
An opinion of a property's fair market value, based on an appraiser's know- ledge and analysis of the property.

Assessment
A local tax levied against a property for a specific purpose, such as a sewer.

Assumption Fee
The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.

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THE LOAN PROCESS

Cornerstone Capital Group has some of the best and most experienced mortgage professionals in the industry. Each has a made a commitment to find solutions, which, first and foremost are in our customers best interest.

STEP 1:

Pre-Qualification

Mortgage Programs and Rates

The Application

Credit Reports

STEP 2:

Appraisal Basics

Processing Underwriting

Closing

When your loan will begin adjusting - adjustable rate loans adjust at different times, many are fixed for a year or more.

Everyone is entitled to a Good Faith Estimate in writing - many companies, do not send these until they are asked, make sure you have your rate quoted in writing.

The cost of your loan - this is just as important as your rate, you may get quoted a really great rate, but how much are you paying up front to get it.

What is the cap rate on my adjustable loan?

Is an interest only loan right for me and my situation?

Do I have a prepayment penalty?

Is my credit considered good?