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How do I know how much house I can afford? |
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Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? |
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With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest 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 are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. |
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How is an index and margin used in an ARM? |
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An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). |
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How do I know which type of mortgage is best for me? |
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There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Perpective Financial Services, LLC can help you evaluate your choices and help you make the most appropriate decision. |
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What does my mortgage payment include? |
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For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowedInterest: Payment to the lender for the amount borrowedTaxes & 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. |
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How much cash will I need to purchase a home? |
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The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:Earnest Money: The deposit that is supplied when you make an offer on the houseDown Payment: A percentage of the cost of the home that is due at settlementClosing Costs: Costs associated with processing paperwork to purchase or refinance a house |
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What is your DO NOT CALL POLICY? |
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Perspective Mortgage Group
1115 Illinois Ste. 4
Joplin Missouri 64801
(417) 624-5151
5/12/2006
RE: Do Not Call Policy Request, Ref#: 490-1
Recently you asked our company to provide you with a copy of our 'Do Not Call' Policy.
The following information represents our 'Do Not Call' policy at the time of your request:
'Do Not Call' Policy
Policy last updated: 06/22/05
Policy version # : 1
If a consumer requests a copy of our 'Do Not Call' policy, we will send a copy via U.S. mail.
Consumers may request, by telephone or in writing, that our company stop calling them and place their name on a 'Do Not Call' list. Although we may ask for your name, address and telephone number, we will accept your request even if you only provide your telephone number. You have a right to have calls stopped and to be put on our 'Do Not Call' list even if you are still a customer.
When we receive your request, your telephone number is added to our 'Do Not Call' list within 1 business days. In some cases it may take up to 1 business days for your telephone number to be removed from other company wide calling lists. Your request will stay on our list for at least 5 years. If you move, change your telephone number, or add an additional telephone number, you must provide us with the new telephone number in order for us to prevent calls to that number. We will not share the information you provide with anyone except affiliated companies or subsidiaries without your prior written permission.
All employees that engage in outbound telephone solicitation are trained in this policy and made aware of these procedures before they are allowed to place calls to consumers. Managers, supervisors, or trainers review the policy with these employees periodically.
If the consumer notifies us that they have received a telephone call from us after they have already requested to be placed on our 'Do Not Call' list, we will apologize for the intrusion and have a manager or supervisor investigate. The manager or supervisor will also personally confirm that the telephone number is on the 'Do Not Call' list. Upon request, we will mail the consumer a confirmation that their telephone number is on the list.
The methods and procedures in this 'Do Not Call' policy are reviewed by Executive Management annually.
Sincerely,
Brandon Campbell
Owner |
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