Why choose Plaza Loans for my Home Loan?
Plaza Loans has a wide range of loan programs that are competitively priced. Using
the latest technology, we have made the borrowing process simple and convenient.
As a direct lender, we can offer you a competitive rate and eliminate fees associated
with a loan arranged through a broker. Our commitment is to provide top quality
service.
What if my credit is less than perfect?
Plaza Loansoffers programs for consumers whose credit has been impaired in the past.
If you have a history of
bankruptcy, late payments or
other credit problems, we are here to help you determine possible financing options.
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Equity is the difference between the amount for which a home can be sold and the
amount still owed on the mortgage. This important difference represents the homeowner's
financial interest in the property. A homeowner can borrow against the equity
in his/her home with a home loan and use the funds for virtually any purpose . .
. from debt consolidation to major purchases to home improvements. Because
the loan is mortgage-based, interest on the home loan may also be tax deductible.
Consult your tax advisor to see whether this advantage applies to you!
What is the difference between a fixed rate and adjustable
rate mortgage?
A
fixed rate mortgage provides a rate of interest that
remains the same for the life of the loan. An adjustable (or variable) rate
mortgage (
ARM) has an interest rate that adjusts periodically
on the basis of changes in a specified financial
index.
Typically, adjustable rate mortgages start out at somewhat lower rates than fixed
rate mortgages. They can fluctuate up, raising the monthly payment, or down,
lowering the monthly payment, depending on the activity of the index to which they
are tied. Our loan consultants can discuss the advantages of both types of
mortgages to help you decide which product is best for you.
Does it make sense to refinance
if I recently obtained a mortgage loan?
It might be a good time to refinance even if you recently obtained a mortgage. Given
today's favorable interest rates, a rate lower than the one on your current mortgage
may be available and may result in savings every month. By consolidating your existing
first and second mortgages . . . as well as outstanding credit card balances and
other debt into a single mortgage loan payment, you might be able to save a considerable
amount. You can also benefit from the convenience of one single monthly payment.
Our loan consultants can help you determine if this option works to your best advantage!
How much can I afford in mortgage payments?
How much you can afford depends entirely on your specific personal financial situation.
Our loan consultants can help you find out exactly what that amount may be.
For a quick estimate, use the
Loan Calculator
conveniently located on our website.
These three letters stand for
Annual Percentage Rate . . . that
is the total cost on a yearly basis in interest as a percentage of the loan amount.
This figure includes such items as the base interest rate, primary mortgage insurance
and the loan origination fee (
points). For more
information, see our
APR Information page.
What is the minimum down payment required for a home loan?
Our lenders offer home loans with down payments as low as 2.25%. That would
be a $2,250 down payment for a $100,000 purchase price.
It couldn't be easier. Just give us a call, or submit the form shown in the
Inquire Now!
section of our website.
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