Adirondack Mortgage Broker

Home Equity Credit Lines

If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans.

Appraisal Methods

An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise. An appraisal is an opinion of value or the act or process of estimating value. This opinion or estimate is derived by using three common approaches.

Low Down Payments

Simply put, mortgage insurance protects the mortgage company against financial loss if a homeowner stops making mortgage payments. Loans and gifts can help with your down payment but you can not use this strategy for all loan programs.

Robert Spenser
Robert SpenserAdirondack Mortgage Broker
Mr. Robert Spencer is a professional with over twenty years of Calgary banking experience and has worked exclusively as a Calgary Mortgage Officer for the last eight years. He has held positions in Branch Management, with experience in virtually all aspects of the banking business; including deposit accounts, investment accounts, commercial loans, installments loans, auto loans, home equity loans and mortgage loans.

Fixed Rate Mortgages

The most common type of mortgage program where your monthly payments for interest and principal never change.

Adjustable Rate Mortgages (ARM)
These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.

Standard ARMS and the Differences
Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.

Introductory Rate ARM’s
Most ARM’s have a low introductory rate, which is good anywhere from 1 month to as long as 10 years.

Reverse Mortgages
A Special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance other needs.

Balloon Mortgages
Short term mortgages that have some features of a fixed rate mortgage.

Interest Rate Buydowns
The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.

Graduated Payment Mortgage (GPM)
With a GPM the payments are usually fixed for one year at a time.

Prequalification Wizard
My Prequal is our multi-step service that will ask you a series of questions and provide mortgage payment and ratio calculations to help determine your home purchase or refinance Prequal status.