General Mortgage Information

Did you know that you have several choices of loan programs when deciding to finance your
home or future home?  Depending on your plan and/or need, there are Fixed, Variable/Adjustable
(Hybrid/Option Arms), Interest Only, Balloon Payment, FHA,
VA loan program you can choose
from.  Joseph Gilana would be happy to spend time with you to explain each loan programs’
advantages and importance base on your goal and need.
What you should know

Did you know that mortgage lenders base their decision on what home loan interest rates they
offer on the borrowers' credit record/report and financial ratios [
Loan-to-Value (LTV),
Cumulative/Combined Loan To Value (CLTV) and Debt-to-Income (DTI)]?  What this means is
the better credit report and the lower financial ratios you have, the better home loan interest rate
you could get and the better chance you would be approve for a mortgage loan.

"Important Things to Know"

Better Credit Report:  "Building a Better Credit Report" by the Federal Trade Commission

Mortgage Lock-Ins:  "A Consumer's Guide to Mortgage Lock-Ins" by The Federal Reserve Board

Adjustable Rate Mortgages (ARM):  "Consumer Handbook on ARM" by The FRB

Equity Lines of Credit:  "What you should know about Home Equity Lines of Credit" by The FRB

Yield Spread Premium (YSP):  What is YSP?  Meaning from Wikipedia, The Free Encyclopedia

Average Mortgage Rates:  "Primary Mortgage Market Survey SM, Current Weekly Survey" by
Freddie Mac

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Joseph Gilana, Broker is a California Department of Real Estate licensed, #01475004
Joseph Gilana
Real Estate Broker / Realtor®
"Providing Exemplary Service."
"As a guide to owning a home and to
efficiently manage its financing, real
estate and mortgage consumer
education are key home and financial