Best Residential Mortgage Service Provider in Maitland & Winter Park!

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Maitland Residential Mortgage
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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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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Contact Us
Clifton Mortgage Services, LLC 670 N. Orlando
Avenue, Suite 101 Maitland, FL 32751 Phone No-
[phone] Fax- [phone]
Website http//www.cliftonmortgageservices.com