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Panamerican Mortgage has experienced refinance loan officers, with low cost home loans providing personal, creative service for Anaheim California. Our loan officers speak english and spanish and will pre-qualify to buy Anaheim real estate. Mortgage interest rates are the best ever and you can qualify for Anaheim home loans.

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Anaheim Fixed Rate Mortgages

This is the most common type of mortgage program. Your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Anaheim Adjustable Rate Mortgages

These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also.

Anaheim Reverse Mortgage

A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in-home health care, or other needs. With a reverse mortgage, the payment stream is "reversed." That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

Anaheim FHA and VA Mortgage Loans

There are many factors to consider when applying for a government loan. We will be by your side every step of the way.

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ABOUT ANAHEIM:
Anaheim is a city in Orange County. As of 2007, the city population was 345,556, making it the tenth-largest city in California and 54th-largest in the United States. Anaheim is the second most populous city in Orange County (behind Santa Ana) and second largest in terms of land area, and it is known for its theme parks, sports teams, and convention center.

Founded by fifty German families in 1857 and incorporated on February 10, 1870, Anaheim developed into an industrial center, producing electronics, aircraft parts, and canned fruit. It is the site of the Disneyland Resort, a world-famous grouping of theme parks and hotels which opened in 1955, Angel Stadium, Honda Center, and Anaheim Convention Center, the largest convention center on the American West Coast and the Anaheim Visitor Center is adjacent to the Convention Center. Its name is a blend of "Ana", after the nearby Santa Ana River, and "heim", a common Upper German place name compound originally meaning "home".

Anaheim's city limits stretch from Los Alamitos in the West to the San Bernardino County and Riverside County lines in the East, and encompass a diverse collection of neighborhoods and communities. Anaheim Hills is a master-planned community that resembles South Orange County more than the county's northern cities. West Anaheim is notable for its more mature neighborhoods dating from the 1950s, which comprise part of the continuous suburban sprawl extending from Los Angeles. The Anaheim Resort, a commercial district, includes Disneyland and the neighboring hotel and retail complexes. The Platinum Triangle, a neo-urban redevelopment district surrounding Angel Stadium, will soon be populated with mixed-use streets and high-rises. Finally, the Canyon is an industrial district north of the Riverside Freeway and east of the Orange Freeway.

Anaheim is located at 33°50?10?N, 117°53?23?W (33.836165, -117.889769)GR1. According to the United States Census Bureau, the city has a total area of 130.7 km² (50.5 mi²). 126.8 km² (48.9 mi²) of it is land and 3.9 km² (1.5 mi²) of it (2.99%) is water.

In the western portion of the city (not including Anaheim Hills), the major surface streets run east to west, starting with the northernmost, are La Palma Avenue, Lincoln Avenue, Ball Road, and Katella Avenue. The major surface streets running north-south, starting with the westernmost, are Beach Boulevard (CA-39), Magnolia Avenue, Brookhurst Street, Euclid Street, Harbor Boulevard, Anaheim Boulevard, and State College Boulevard. The Santa Ana Freeway (I-5), the Orange Freeway (CA-57), the Riverside Freeway (CA-91) all pass through Anaheim. The Costa Mesa Freeway (CA-55), and the Eastern Transportation Corridor (CA-241) also have short stretches within the city limits. Anaheim is served by rail by two major railroads, the Union Pacific Railroad and the BNSF Railway. In addition, Anaheim sees Amtrak California and Metrolink services and hosts a major regional train station in the Angel Stadium parking lot. The current federal Office of Management and Budget metropolitan designation for Anaheim and the Orange County Area is "Santa Ana-Anaheim-Irvine, CA." The city recognizes several districts, including the Anaheim Resort (the area surrounding Disneyland), The Canyon (an industrial area north of the Riverside Freeway and east of the Orange Freeway), and the Platinum Triangle (the area surrounding Angel Stadium). Anaheim Hills also maintains a distinct identity.

Anaheim ranks as one of the safest cities of its size in the nation.

ANAHEIM EDUCATION:
The Anaheim City School District has 23 schools and over 23,000 students in grades K-6 in attendance. It is one of the largest districts in Orange County, and is a 4-track , year-round school system. You can check out their website and find the boundaries of each school as well as the calendar of events and job opportunities. The Anaheim Union High School District was founded in 1898 and holds many prestigious awards. It has the second highest API scores in the State of California. The district's rate of graduation is a proud 95%.

As of May 2006, Anaheim is served by eight public school districts:
* Anaheim City School District
* Anaheim Union High School District
* Centralia School District
* Magnolia School District
* North Orange County Community College District
* Orange Unified School District
* Placentia-Yorba Linda Unified School District
* Savanna School District

ANAHEIM TRANSPORTATION:
Anaheim is served by two public bus transit systems (Metro & OCTA) and 2 rail systems (Amtrak & Metrolink). Anaheim is serviced by John Wayne Airport located 15 miles, Long Beach Airport located 20 miles away, and Los Angeles International (LAX) and Ontario Airport, located 35 miles away. In addition, a not-for-profit organization called the "Anaheim Transportation Network" provides local shuttle service in the Disneyland Resort area serving local hotels and both the California Adventure and Disneyland theme parks.

ANAHEIM ATTRACTIONS:
* Disneyland Resort ESPN Zone in Anaheim
ESPN Zone is a small chain of very large sports-theme restaurants that include arcades, TV studios, and radio studios.The chain of restaurants is owned and operated by Disney Regional Entertainment, which is in turn owned by The Walt Disney Company.

o Disneyland park
Disneyland is an world famous theme park invented by Walt Disney that is located at 1313 South Harbor Boulevard in Anaheim, California, USA. It opened on July 17, 1955. The park is owned and operated by The Walt Disney Company. Currently the park has been visited by more than 515 million guests since it opened to the public, including presidents, royalty, and other heads of state.

When the park initially opened, it consisted of five themed areas:
* Main Street, U.S.A., an early 20th century Midwest town
* Adventureland, featuring jungle adventures
* Frontierland, illustrating western frontier
* Fantasyland, bringing fantasy into a reality
* Tomorrowland, looking into the future.

After the inital opening, three additional areas were added:
* In 1966, New Orleans Square, based on 19th century New Orleans
* In 1972, "Bear Country", later renamed Critter Country, themed both to the South in the 19th century and to forests of the Pacific Northwest.
* In 1993, Mickey's Toontown, themed on the Toontown seen in the film Who Framed Roger Rabbit

Because of Disneyland Park became so famous and inspired so many people in Anaheim, California, USA, more were created around the world to share the happyness and joy with kids of the world who might not be able to make the trip to Anaheim California, Disneyland Resort Paris in Paris, France, Hong Kong Disneyland Resort in Hong Kong, China, and Tokyo Disney Resort in Tokyo, Japan. These resorts are in addition to Walt Disney World Resort in Florida, whose Disneyland-like park is called the Magic Kingdom.

o Disney's California Adventure park
is magic of Disney with the best that California has to offer and the result is Disneyland California Adventure, a theme park that celebrates the Golden State in style. Once you enter the gates of Disney California Adventure, you are transported to the land of promise, opportunity and glamour. Disneyland California Adventure Park is a journey from the California of yesterday to today. Disneyland California Adventure is a tribute to this land of dreams. Its larger than life images and icons seem to be plucked from a Hollywood blockbuster. From Grizzly Peak (an icon at Disney's California Adventure Park) to a white knuckled roller coaster, the sights and sounds are inspired by the rich history of this majestic state. Guest of Disney California Adventure can ‘soar’ high above the pacific coastline, bobbing along white water rapids, tumbling down an elevator shaft or simply savor a glass of wine from the Napa Valley. Whether you prefer "action, comedy or romance," Disney California Adventure has something for everyone. When the "Entertainment Capital of the World" gets a touch of Disney, you know that Disney's California Adventure Parkwill be an unforgettable experience.

o Downtown Disney district + ESPN Zone + House of Blues
Downtown Disney District is an outdoor shopping, dining, and entertainment area, themed after a garden walk, located at the Disneyland Resort in Anaheim, California. It was constructed during the Disneyland Resort expansion which also included the construction of Disney's California Adventure opening in 2001. Downtown Disney District occupies a space in between Disney's California Adventure Park and Disneyland park on the western side of the resort, west to Disneyland Hotel. Part of Anaheim's Downtown Disney is built on a bridge over Disneyland Drive (formerly West Street). It is smaller than its Florida namesake. Currently, no admission ticket is required for Downtown Disney District and parking is free for the first three hours. The location of the Disneyland Hotel Monorail station was incorporated into the Downtown Disney District area, while never physically moving the station's location.

Downtown Disney District in Anaheim includes the following attractions: * An AMC 12-screen theater
* Various restaurants:
o Catal
o Compass Books and Café
o ESPN Zone (a sports-themed restaurant)
o Häagen-Dazs o House of Blues (restaurant and night club)
o Jamba Juice
o La Brea Bakery Cafe
o Naples Ristorante e Pizzeria
o Napolini o Rainforest Cafe
o Ralph Brennan's Jazz Kitchen
o Tortilla Jo's
o Uva Bar
o Wetzel's Pretzels

* Retail outlets:
o Disney Vault 28
o Anne Geddes
o Basin
o Build-A-Bear Workshop
o Compass Books
o Club Libby Lu
o Department 56
o Disney's Pin Traders
o Fossil
o Illuminations
o Island Charters
o Marceline's Confectionery
o Quiksilver Boardriders Club Store
o Rainforest Retail Shopping Village
o Sephora
o Something Silver
o Starabilias
o Sunglass Icon
o The LEGO Imagination Center
o Travelex
o World of Disney (a store featuring Disney themed merchandise)

* A Walt Disney Travel Company Information Center
* Live musicians usually selling their CDs

* Angel Stadium of Anaheim
Angel Stadium of Anaheim (originally Anaheim Stadium and later Edison International Field of Anaheim) is a baseball stadium located in Anaheim, California. It is the home ballpark to Major League Baseball's Los Angeles Angels of Anaheim of the American League, and was previously home to the NFL's Los Angeles Rams (now St. Louis Rams). The stadium is often referred to by its unofficial nickname The Big A.

Anaheim Stadium had been the home of the Angels since their move from Los Angeles following the 1965 season. The stadium opened April 9, 1966, as the California Angels hosted the San Francisco Giants in an exhibition game. The franchise's first American League game was April 19, 1966 vs. the Chicago White Sox. The Los Angeles Angels played at Wrigley Field in 1961 and Chavez Ravine from 1962-65.

Angel Stadium and its surrounding parking lot are roughly bounded by Katella Avenue to the north, the Orange Freeway to the east, Orangewood Avenue to the south, and State College Boulevard to the west. Located near the eastern boundary of the parking lot is the landmark "Big A" sign and electronic marquee, which originally served as a scoreboard support. The halo located near the top of the 23-story, 210-ton sign is illuminated following games in which the Angels win, which gives rise to the fan expression, "Light up the Halo!"

To the north, a train station servicing Metrolink's Orange County Line and Amtrak's Pacific Surfliner, is located on the edge of the stadium's parking lot. The station provides convenient access to the stadium, the nearby Honda Center, and Disneyland from various communities along the route, which links San Luis Obispo, Los Angeles, and San Diego. The track is owned by the Orange County Transportation Authority.

Aside from professional baseball and football, Angel Stadium has hosted high school and college football games, National Football League pre-season games, the short-lived World Football League, two crusades by evangelist Billy Graham, and musical concerts featuring such acts as the Rolling Stones, David Bowie, Pink Floyd and Madonna.

* Honda Center
Honda Center, previously known as the Arrowhead Pond of Anaheim and sometimes colloquially called the Honda Ponda or simply The Pond, is an indoor arena in Anaheim, California. The arena is home to the NHL's Anaheim Ducks and was home of the former NLL's Anaheim Storm, which folded in 2005. Originally named the Anaheim Arena, it was completed in 1993 at a cost of $123 million. Arrowhead Water paid $15 million for the naming rights over 10 years in October 1993. Honda later acquired the naming rights to the arena for $60 million over 15 years which changed its name in October 2006.

The arena opened on June 19, 1993 with a Barry Manilow concert as its first event. Since then, it has been host to a number of events, such as the Stanley Cup Finals (2003 and 2007), various WWE events such as WrestleMania XII, WrestleMania 2000 (XVI), and the Royal Rumble in 1999, UFC 59, UFC 63, and UFC 76. It hosted the 2005 IBF World Championships for badminton in 2005. It has also hosted concerts, such as Nine Inch Nails, Aerosmith, Mariah Carey, Boyz II Men, Coldplay, U2, Shakira, Metallica, Madonna, Phil Collins, Queen, Britney Spears, Barbra Streisand, Destiny's Child, Beyonce, NSYNC, Tina Turner, Maroon 5, Justin Timberlake, Christina Aguilera, Janet Jackson, The Rolling Stones, Paul McCartney, Jennifer Lopez and Marc Anthony, and many more. From 1994 to 1998, it served as a second home for the NBA's Los Angeles Clippers. It was the home arena for the Anaheim Bullfrogs of Roller Hockey International from 1993 to 1999 and for the Anaheim Piranhas of the Arena Football League from 1996 to 1997. Since 1994, the arena has hosted the annual John R. Wooden Classic. The arena has also hosted the NCAA Men's Basketball Tournament three times as the West Regional site - 1998, 2001, and 2003. It will host the NCAA Men's Basketball Tournament West Regional site in 2008. It even hosted the Frozen Four in 1999, underscoring the popularity of hockey in the region. It will host the Big West Conference men's basketball tournament in 2008.

Broadcom chairman and billionaire Henry Samueli owns the company that operates the arena, Anaheim Arena Management, LLC, and the arena's primary tenant, the Ducks, giving him great flexibility in scheduling events and recruiting new tenants. Samueli hopes to bring an NBA franchise to the arena.

Honda Center lies northeast across State Route 57 from Angel Stadium (where Major League Baseball's Los Angeles Angels of Anaheim play) and roughly 5 miles from Disneyland. It is also walkable from Amtrak and Metrolink's Anaheim station, which is located on Angel Stadium's parking lot. The arena seats up 17,174 for its primary tenant, the Ducks. There are 84 luxury suites in the building, which has hosted 17.5 million people as of 2003.

* The Grove of Anaheim, formerly the Sun Theater, formerly Tinseltown Studios
Seeing Stars: On Stage 2200 Katella Avenue, Anaheim, CA / (714) 712-2700 Just east of Disneyland in Anaheim, you'll find what looks to be a small movie studio, complete with water tower and sound stage. This is the The Grove of Anaheim, where you can see some of your favorite musical performers in an intimate setting.

This Orange County concert venue should not be confused with The Grove at Farmers Market , which is a popular shopping center that is a good 40 miles away. In fact, this theatre has gone through a number of name changes. Back in 1999, it was born as "Tinseltown", a unique dinner theatre which allowed guests to pretend that they were stars arriving at a Hollywood Awards ceremony (complete with paparazzi shooting photos of them as they walked in on the red carpet). Which explains why the Grove was built (at a cost of $15 million) to resemble a movie studio. Alas, that imaginative concept failed, and they changed the format from fantasy dinner theatre to real-life concerts, and they changed the name to "The Sun". In 2001, they changed their minds again, and it was re-christianed as "The Grove of Anaheim". But at least the Grove has something special going for it: its small size, which allows the ticket holder to get very close to the performers. Compared to arena concerts, it's like sitting in their laps.

It's not every day that you can see Bob Dylan up-close & personal, but he was just one of the performers who has graced the stage here. The Grove of Anaheim seats just 1,400 people for concerts, or 600 for dinner shows. Which means there's scarcely a bad seat in the house. And if you're a baby boomer, you'll be dazzled by the opportunity to see some of the biggest acts of the 60's & 70's (as well as more current names) just a few feet away

n their first year, they booked concerts by Ringo Starr, Randy Newman, Ray Charles, Styx, Dwight Yoakam, Tom Jones, B.B. King, Robert Palmer, Clint Black, Norm MacDonald, Hall & Oates, Vonda Shephard, Willie Nelson, Lynyrd Skynyrd, the Righteous Bros, Peter Frampton, the Little River Band, the Doobie Bros, Gordon Lightfoot, John Lee Hooker, America, Weird Al Yankovic, Culture Club, Little Feat, Pat Benetar, Foreigner, The Chieftains, the Everly Brothers, Jethro Tull, Mary Chapin Carpenter, The Neville Brothers, Lyle Lovett, the Young Dubliners and others. Many of these same acts go on to play at the House of Blues in West Hollywood and Downtown Disney, and at larger venues such as the Gibson Amphitheatre and the Greek Theatre, where most of the the seating isn't nearly as favorable. (However, recently, the quality of the acts they book seems to have slipped a bit. Let's hope they snap out of it...) Ticket prices are generally in the $60 range, with the best seats sometimes going for as much as $98. Tickets are available at the Grove box office, or through TicketMaster (at 714-740.2000 or 213-480.3232 and online at www.ticketmaster.com.) (To read more about what the Grove was like when it was Tinseltown Studios, just click here.) Getting there: The Grove is located on Katella, in the south parking lot of Edison Field (Angels Stadium), just east of Disneyland and just west of The Pond. From Disneyland, just head east on Katella (about a mile), past State College Blvd., and the "studio" will be on your right (south) side. Look for the water tower. You can't miss it.

* Anaheim Convention Center
Anaheim Convention Center is a major convention center in Anaheim, California. It is located across from the Disneyland Resort on Katella Avenue. Much of the Anaheim Convention Center has been renovated in recent years with state-of-the-art facilities.

The popular Anime Expo is held here very often, and is one of the convention center's biggest events of the year. In 2005 and again in 2007, Blizzcon has also been featured (the latter showing selling out in 3 days). The center has also been a sports venue. It was home to the Anaheim Amigos American Basketball Association team. It also served as the venue for men's wrestling for the 1984 Summer Olympics.

ANAHEIM SPORTS TEAMS:
* NHL team: Anaheim Ducks – 2007 Stanley Cup Champions
* MLB team: Los Angeles Angels of Anaheim – 2002 World Series Champions
* NBADL expansion team: Anaheim Arsenal

ANAHEIM HISTORY
Anaheim was founded in 1857 by grape farmers and wine makers from Franconia in Bavaria. The colony was situated on 1,165 acres. Anaheim in 1879 Anaheim in 1879 Settlers voted to call the community Annaheim, meaning "home by the Santa Ana river" in German. The name later was changed slightly, to Anaheim. To the Spanish-speaking neighbors, the settlement was known as Campo Alemán (Spanish for German Camp).

The grape industry was destroyed in the 1880s by an insect pest. Other crops - walnuts, lemons, and of course oranges soon filled the void. The famous Polish actress Helena Modjeska settled in Anaheim with her husband and various friends, among them Henryk Sienkiewicz, Julian Sypniewski and ?ucjan Paprocki. Anaheim in 1922 Anaheim in 1922 In the 1920s, the Ku Klux Klan, at the height of its influence and popularity, decided to make Anaheim a model Klan city. In 1924, the Klan secretly managed to get four of its members elected to the five-member Board of Trustees. Nine of the ten members of the police force were also Klansmen. The four Klan trustees served for nearly a year, until they were publicly exposed, and voted out in a recall election in which 95% of the population participated.

The Disneyland theme park was constructed in Anaheim from July 16, 1954 to July 17, 1955 and has since become Anaheim's largest tourist attraction. The location was formerly 160 acres of orange and walnut trees, some of which remain inside Disneyland. In 2001, Disney's California Adventure, the most expansive project in the theme park's history, opened to the public,. In the late 20th century, Anaheim grew rapidly in population. Today, Anaheim has a diverse racial and ethnic composition.

Possible Required Documents

Following is a list of all possible documentation that could be required for the mortgage application process. If you are self employed, business owner, or a senior these documents can vary greatly. Also it will depend on the type of loan we are applying for, documented income, stated Income, no-documentation, or equity. In most cases if employed we only need the items with a .  We will pre-underwrite your loan and give you a list of items that are required. Pay stubs covering most recent thirty days. W-2 statements covering the most recent two years. Most recent three months statements for any account listed on the application. A copy of the Real Estate Sales Contract (for purchases).   12 months cancelled rent checks or the name and address of your current landlord (if applicable). Fully executed divorce decree (if applicable). Deed, hazard insurance policy, and most recent tax bill if you are going to refinance (copies). A letter of explanation for any known credit problems or fluctuations in income.   If you are self employed, paid by commission, or own real estate used for rental purposes you may also need:   Two years signed personal federal income tax returns including all schedules.   If self-employed through a corporation, please provide the last two years corporate returns as well as a year to date profit and loss statement and a balance sheet.

FREQUENTLY ASKED QUESTIONS

How much can I borrow? What happens after I turn in my application? How can I get help choosing a loan? How can I speed up the application process? What happens at closing? How do I know how much house I can afford? What is the difference between a fixed-rate loan and an adjustable-rate loan? How is an index and margin used in an ARM? How do I know which type of mortgage is best for me? How much can I borrow? Your maximum loan amount depends on many factors, including: How much you can afford for monthly payments. The appraised value of the property. The amount of equity in your home, if you're refinancing. How much money you have available for closing costs and a down payment (if you're purchasing). Your credit history. What happens after I turn in my application? After we receive your application, we will: Review your application to make sure the information is complete and consistent. A Loan Officer or a Processor may contact you for additional information or clarification. Verify the information you provided and confirm that all necessary documents are included. Evaluate your loan information in a process known as underwriting. Underwriting is a major step in the approval process because it evaluates your ability to comfortably make your loan payments. Order and review an appraisal of the home you are buying or refinancing. The appraisal confirms whether the property's value is in line with the purchase price and loan amount. Your Loan officer will work with you to make sure you obtain homeowners insurance for the property and to set up an escrow account to collect funds for expenses such as your homeowners insurance premium and property taxes. Throughout loan processing, Panamerican Mortgage staff will provide you with important information about your loan and purchase transaction. How can I get help choosing a loan? Panamerican Mortgage offers a variety of loan programs. The Credit Repair mortgage programs are even designed to help improve your credit situation. Use our online Application for personalized recommendations from one of our Loan Officers to advise you on your options. How can I speed up the application process? No matter how you apply, one key to getting your loan quickly is filling in the application completely and accurately. It's also very important to attach all the supporting paperwork required. Use our Application Checklist to help. What happens at closing? The actual closing process varies from place to place, but usually includes the following steps: A Notary reviews the settlement sheet with you. This document includes all the final costs for the purchase transaction or refinance loan. You sign loan documents such as the mortgage or deed of trust, note and Truth-in-Lending statement. For a purchase loan, you provide a certified check or cashier's check to the closing agent to cover the down payment and closing costs. If you're refinancing, your closing costs may be paid from cash out of your new loan. For a purchase loan, the Escrow gives a check for the home loan amount to the closing agent (usually Title Company). For a refinance loan, the closing agent (usually title company) receives a check for the balance of your old loan. The "cash out" from a refinance may be paid directly to creditors by Escrow, if you wish, or you can choose to receive a check for this money. The monthly payments will include amounts paid toward the payment of property taxes and insurance, the escrow account is set up. You receive the keys to your new home, along with copies of all the closing documents. How do I know how much house I can afford? 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. What is the difference between a fixed-rate loan and an adjustable-rate loan? 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 Adjustable Rate (ARM) loan will likely change. There are advantages and disadvantages to each type of loan, and the best way to select a loan product is by talking to us. How is an index and margin used in an ARM? An index is an economic indicator that lenders use to set the interest rate for an Adjustable Rate Mortgage (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). How do I know which type of mortgage is best for me? 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. Panamerican Mortgage can help you evaluate your choices and help you make the most appropriate decision. Contact us for any questions. Call us Today! (800) 607- 8484

GLOSSERY OF LOAN TERMS

Addendum     A supplemental document for borrowers to advise them of the characteristics of the mortgage loan they are applying for. This document is often required when applying for a government loan program.

Adjustment period     The time between changes in your interest rate and/or monthly payment with a variable rate loan. These intervals will vary depending on the type of loan.

Amortization     The means by which a home loan is scheduled to be paid off, including interest and principal, by a series of regular installment payments. Loans are typically amortized over 30 years.

Application Fee     A fee charged used to cover the out of pocket costs of processing your loan.

Appraisal     A formal, written estimation by a qualified appraiser of the current value of a home.

APR (Annual Percentage Rate)     The cost of your credit expressed as a yearly rate. It takes into account interest, points, and origination fee. Since all lenders are required to use the same guidelines in determining APR, this is a good basis for comparing the cost of various loan programs.

Assumability/Assumption     A feature of the loan which permits you to transfer your mortgage and its specified terms to the person(s) purchasing your home. Having an assumable loan could make it easier for you to sell your home, since assumption of a loan usually involves lower fees and/or qualifying standards for the new borrower than a new loan.

Bait and Switch     An unethical practice of some brokers where they promise a low interest rate only to manipulate the situation, forcing you to take a higher rate.  They are betting the customer would rather pay more than start the whole process over again.

Balloon     A short-term loan which has a fixed rate and smaller payments for short-term period which is followed by one large payment for the balance of the principal.

Bankruptcy     A debtor surrenders his assets to the Bankruptcy Court and is not required to repay unsecured debts under a federal law provision. Unsecured creditors may not pursue collection, and secured creditors are entitled only to the security the subject property holds for them. They may not pursue further collection.

Broker     An individual who does not who does not fund loans himself, but facilitates the funding and negotiates the contracts for a client.

Buydowns     Some mortgage programs can be qualified and obtained at lower initial rates by paying a higher fee to obtain the mortgage. Fixed rate and ARM programs can offer mortgage rate buydowns.

Caps (interest)     A limit to the rise and fall of the interest rate on an adjustable rate mortgage (ARM). A consumer safeguard.

Caps (payment)     A limit to the amount the monthly payment can grow on an adjustable rate mortgage (ARM). A consumer safeguard.

Certificate of Eligibility     A document which verifies the eligibility of veterans for a VA guaranteed loan. This certificate is obtained through a local VA office.

Certificate of Title     A legal document which declares the status of a given property as shown on public records. Does not guarantee matters not of record, unless negligence is involved.

Closing costs     One-time costs that must be paid before the loan can be "closed" or funded. These costs may include such things as property taxes, insurance, broker's fees, escrow fees, title insurance premium, deed recording fee, title transfer tax, etc. Escrow instructions will stipulate which portion of the fees are to be paid by buyer or seller. An estimate of closing costs will be given to you within a few days after receiving your loan application. (All or a portion of your closing costs may be financed with some loan programs.)

Collateral     The property used to secure the loan.

Condominium     Units in a multi-unit structure which may be bought, sold, and encumbered individually with joint ownership of common areas.

Conventional financing     Home loans made by a lender without government backing provided on FHA and VA loans.

Covenant     A written agreement which defines or restricts the use of a given property. This may include, architectural restrictions or maintenance requirements.

Credit report     A report made by a private agency which states a borrower's credit history, current accounts, and account balances.

Deed     A written document recorded at the Courthouse which conveys real property.

Default     Failure to legal obligations in a contract. In mortgage terms this generally means to fail to make the required monthly payments.

Disclosure     A document th