Contact Info
You can reach me at (480) 390-7369 (Direct). You can also send email to PatrickHarvey@cox.net
West USA Realty
Kierland Corporate Center
7047 E Greenway Pkwy Suite 180
Scottsdale, AZ 85260
Loans
There are many different sorts of loans. There are the traditional 20% down 30-year fixed interest rate loans, perhaps the most common; There are 15-year versions of this; There are 5%, 10%, and 15% down versions; and there are even a few 0% down.
And, there are interest-only loans. These are loans which only pay the
interest on the loan, and do not add anything to the equity. With this
sort of loan, either you plan to re-finance, or you plan to sell pretty
soon. Some of these loans are "Line of Credit" loans, where you can borrow
and replace the money almost at will.
Almost all of these loans
start out with a fixed interest rate and later float it, correlating with
the prime rate or a rate called the LIBOR rate, a sort of a European
prime rate.
It is important to work with a mortgage professional that will talk with you and fully understand your situation and your plans, so that they can tailor a loan program specifically to your needs. No two situations are alike, and having a good understanding of your particular situation can often save you money.
Loan Officers
There are many loan officers, just as there are many real estate agents. We both work on commission. With a loan, this is often a 1% loan origination fee. But with loans, there is also sometimes a rebate the ultimate lender pays back to the loan officer. Be careful that you are not using a loan officer who both charges an origination fee AND gets another fee back from the lender. You can find a better deal than that.