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Choosing The Right Program

How do I choose the right mortgage?
In today,s loan market, you have a variety of programs to choose from—fixed-rate, adjustable rate, FHA, VA, special loans for teachers—the list goes on and on. Our Mortgage Professionals are here to help you examine your needs and long-term goals and find the program that is right for you. We have mortgages that are geared toward both first-time and experienced homebuyers. Whatever your financing needs are, we can make your home purchase a smooth move.

Mortgage Terminology
Here’s a basic overview of the most important terms:

  • Points
    Points are often misunderstood, they are actually a good thing to use to ‘buy down” your interest rate.  If you are planning on staying in the property long term, points can save you tens of thousand of dollars over the life of the loan.  Generally speaking, one point equals 1% of your loan amount.
  • Fixed Rate
    This means that the rate is locked in for the life of the loan.  Some loans are fixed for shorter lengths of time, e.g., 3 yeasrs, 5 years, 7 years, etc. – these loans generally convert to Adjustable loans after the fixed rate term of the loan.
  • Adjustable Rate Mortgage
    Also called an ARM or variable rate note, this is a note that generally offers a lower initial APR for the first year and then can change periodically based on the terms and conditions of your note. Check to see if your ARM has a cap rate so that if rates increase, your change cannot exceed a certain pre-defined limit.
  • Term
    Term refers to the length of the loan in years.
  Americana Mortgage Group
NMLS# 22338
1615 Northern Boulevard, Suite 404
Manhasset, NY 11030
Phone (888) 262-6685
Fax (516) 627-0229

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