Agnes Buerckmann
Lic. Mortgage Broker
Phone: 239-895-3394
e-mail: agnes@lending-specialist.com
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Mortgage Information

It’s a good idea to get pre-approved by a lender before you start looking for a home. Most will give you a free consultation. Once you’re pre-approved, you'll know exactly what you can afford, you can act immediately when you find the home you want, and sellers are more comfortable accepting your offer.

We highly recommend to contact your experienced local Mortgage Broker
Agnes Buerckmann and her Team.

It does not cost more to use services of a mortgage broker. The Lending Specialist group is proud to provide financing to homeowners that need conventional and non-conforming financing, Jumbo/super jumbo loans, hard to document income, less than perfect credit, first time home buyers, foreign nationals, and investors that do not meet the requirements of traditional lenders.

Don’t delay, let us help you, we offer:

NO APPLICATION FEE
QUICK PRE-APPROVAL
TIMELY PERFORMANCE
VERY AGGRESSIVE PRICING
INTEREST RATES START FROM 1 %

Routine documentation you should have available:

• 30 days of pay stubs
• 2 yrs of W-2’s or 2 years tax returns (if self employed)
• 2 months worth of bank/asset/investment/retirement account statements (all pages)
• Diploma or school transcript if a full time student during the past 2 years
• Information on any real estate you may currently own
• A copy of recent mortgage statements or your current lease
• Explanations for any derogatory credit or gaps in employment you know you may have
• Any correspondence with creditors if you have disputed any debts

Other items that would be helpful include:

• Social Security card
• Drivers license

What's the Difference Between a Fixed Rate and an Adjustable Rate?

Fixed Rate
A fixed rate mortgage is one in which your monthly principal and interest payment will always be the same for the life of the loan. The benefit is that you always know what your principal and interest costs are. Fixed Rate loans are usually amortized (paid in full) over a period of 30, 20 or 15 years. Your monthly payments are predictable over the life of the loan. (Keep in mind that your monthly mortgage payment may include principal and interest AND 1/12 of your annual property taxes and home owners’ insurance. So although the principal and interest will remain steady, the taxes and insurance amounts can vary.)

Adjustable Rate Mortgage
With an adjustable rate mortgage (ARM), the interest rate may fluctuate which makes the payment change during the life of the loan. ARMs start off with a fixed interest rate for a determined period of time (1, 3, 5, 7, 10yrs.) and then adjust annually after that. Typically, the shorter the fixed term is, the lower the initial rate. The lower rate means lower payments for that period of time. Once the rate adjusts, the payments can go up if the interest rate is higher. Most loans adjust annually after the fixed rate period.

ARM’s adjust based on the combination of the index and the margin. The index is the predetermined indicator that establishes the basis for the rate adjustment. The index can be the 12 Month Treasury Average (MTA), the 1 year LIBOR rate, the 1 year Treasury Note, or Prime Rate, or several other accepted indicators. The index is the rate for the particular indicator on a particular date (usually the anniversary of the loan). The index is a number that changes daily, the margin is a static single number, usually 2.25-3.00% that is added to the index. When you add the index and the margin together, you get the new rate.

Both types of loans have their benefits and pitfalls. For example, a fixed rate mortgage is appealing because you always know what your payment will be. On the other hand, when interest rates are high and falling, choosing the adjustable rate mortgage may be favored because the initial interest rate will be lower than fixed and the interest rate may drop in the future, resulting in smaller monthly payments. However, with an adjustable rate mortgage you run the risk of ending up with a higher payment should the interest rate increase during the life of the loan.

An ARM may be advisable if you intend to be in the home for a short time (the fixed rate term or less). Many people know they will be moving in 3-5 years or less and chose to take advantage of the lower rate to have a lower payment or afford more house.
If you intend to stay in the house for a long time, the fixed rate loan and its predictability may be preferable in a rising rate environment.