U.S. Bank is one of the ten largest banks in the United States in terms of assets and the number of branches. Headquartered in Minneapolis, The bank offers a wide variety of financial services in 25 Midwestern and Western states through more than 3,000 branches and over 5,000 ATMs. The home mortgage department of the …
A lender is a person or institution that lends money for purchase of a home or any other asset. Also known as a credit grantor, or simply a creditor, a lender makes loans either directly or through an individual or company that intermediates between the borrowers and the loan providers. When your loan provider disburses …
Gone are the days when you just need to fill out a mortgage application and your lender just need to pull your credit score to get the underwriting process completed. Now, the lenders prefer long-term stability to short-term gains. No lender is willing to take the risks, leading to a more stringent requirement of documents …
Mortgage Application – The Documents you need to Submit Read More »
Your mortgage closes successfully and you now live in a home that you can call your own. After the long, tedious buying process, you now enter mortgage servicing phase, taking aside a significant portion of your income every month to pay for your mortgage. What is PITI? But do you know what constitute your monthly …
An adjustable-rate mortgage (ARM) has a variable interest rate that may change monthly payments many times during the life of the loan. Unlike discretionary ARMs, which allow rate changes at the lender’s discretion, the indexed ARMs are linked to an interest rate index, giving a lender very limited control on rate changes. All adjustable-rate mortgages …
Though these mortgages are not so common, they may be useful on certain occasions. Some of these loans, however, may not exist or you may find it difficult to obtain them. They have only been mentioned for the sake of completeness. What are some most common mortgages? Balloon Loan A balloon loan typically has a …
One of the major components of an adjustable-rate mortgage is index, which is difficult to understand because of its different types and unpredictable nature. An ARM interest rate is made of two components – index and margin. While the margin is fixed, the index rate is set by market forces and is published regularly in …
Central Mortgage Company is a wholly-owned subsidiary and a servicing arm of Arvest Bank, a leading bank and financial services provider in Arkansas, Oklahoma, Missouri and Kansas. You can contact the customer service department of Arvest Bank for new mortgages. Existing customers need to contact Central Mortgage Company’s customer service department for seeking account information …
Central Mortgage Company – Payment, Customer Service Read More »
An adjustable rate mortgage, though offering you a more affordable payment option than a fixed-rate mortgage, is not without risk. You have a reason to worry when the fixed period is over and the rate begins to adjust according to the index it is tied to. What if the interest rate, responding to a volatile …
Adjustable Rate Mortgage Interest Rate Cap Structure Read More »
BOK Financial Corporation consists of seven banking divisions, each serving a particular U.S. state. These include Bank of Arizona, Bank of Arkansas, Colorado State Bank and Trust, Bank of Kansas City, Bank of Albuquerque, Bank of Oklahoma, and Bank of Texas. Headquartered in Tulsa, BOK Financial Corporation is well recognized for its wide range of …