At Palm Lending we work tirelessly to help those living in Texas and Florida find the right financing options for their home purchase or refinance. With our 11 years of experience, we understand that no two home buyers are the same and we are experts at finding the right loan options for you.
We dedicate ourselves to delivering outstanding customer service through a consultative approach by providing all the information needed to make the best financial decision.Whether you are looking to purchase your first Texas or Florida home, refinance a current mortgage, or consolidate an outstanding debt, we will discuss your overall financial goals and present you with multiple solutions.
We dedicate ourselves to delivering outstanding customer service through a consultative approach by providing all the information needed to make the best financial decision.Whether you are looking to purchase your first Texas or Florida home, refinance a current mortgage, or consolidate an outstanding debt, we will discuss your overall financial goals and present you with multiple solutions.
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At Palm Lending, we put the customer first - we are looking to build a lifelong relationship because we know you'll count on us to deliver the best service for all your mortgage needs! We are committed to making the loan process easy and affordable for our customers and we keep your best interest in mind with every decision we make.
Adjustable Rate Mortgage ARM
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An ARM is a mortgage with an interest rate that may vary over the term of the loan - usually in response to changes in the prime rate or Treasury Bill rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates. Mortgage holders are protected by a ceiling, or maximum interest rate, which can be reset annually.
Combined/Hybrid ARMs
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Borrows often lock into 3 to 10 years of fixed rate payments before the initial interest rate change. At the end of the fixed period, the interest rate adjusts annually. Fixed-period ARMs are typically tied to the one-year Treasury securities index: 3/1, 5/1, 7/1 and 10/1. ARMs with an initial fixed period beside of lifetime and adjustment caps usually have also first adjustment cap.
Conforming Loans
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Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.
Fixed Rate Mortgage
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With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be. Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term.
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