There is no simple method to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial standing and how long you intend to keep your house. Patriot Lending Services can help you evaluate your choices and help you make the best decision that fits your personal needs.

A fixed-rate mortgage has an interest rate stays the same during the life of the loan. An adjustable-rate mortgage or ARM has an interest rate that changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There can be advantages and disadvantages to each type of mortgage, and the best way to select a loan program is by consulting our staff.

People choose to refinance for a number of different reasons. The main reason you may decide to refinance is because it can save you money, either by obtaining a lower interest rate or by reducing the term of the loan. A lower interest rate causes the monthly mortgage payment to be reduced. A shorter loan term can help save money over the overall life of the loan. People also refinance to convert their adjustable loan to a fixed loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas adjustable loans tend to be more popular when rates are higher. When rates are low, homeowners refinance to lock in low rates. When rates are high, homeowners prefer adjustable loans to obtain lower payments. Another reason homeowners refinance is to consolidate debts and replace high-interest loans with a low-rate mortgage. The loans being consolidated may include second mortgages, credit lines, student loans, credit cards, etc. In many cases, debt consolidation results in tax savings, since consu

For most homeowners, there are three separate parts that make up the mortgage payment: •Principal: Repayment on the amount borrowed •Interest: Payment to the lender for the amount borrowed •Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

A mortgage banker has the ability to approve and fund their own loans. A mortgage broker has to rely upon a third party to close and/or approve possible loans. A banker also does not rely on broker obligation fees to make money; therefore closing costs are reduced when going through a banker. Patriot Lending prides itself on being a mortgage banker, helping make relationships with our customers even more personal.