Team Mandi is the premier group of experienced home loan professionals that focus on a high level of customer education, mortgage knowledge, and loan efficiency that means low rates and fees for our borrowers. Mandi Feely (Team Leader) and her team have over 75 years of combined Mortgage industry experience. Their insight into how the industry has changed, and how it operates will provide you with the best service of any home loan company in Idaho and the Western United States. Take a moment ask us for advice. 

 

Team Mandi
M
andi Feely
208.608.5888 
TeamMandi@PMRloans.com
NMLS: 38490

8921 W Hackamore Dr
Boise, ID 83709

 

 

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FIXED RATE MORTGAGES

The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Even though you have a fixed rate mortgage, your monthly payment may vary if you have an "impound account". In addition to the monthly loan payment, some lenders collect additional money each month (from folks who put less than 20% cash down when purchasing their home) for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers' property taxes and homeowners insurance premium when they are due. If either the property tax or the insurance happens to change, the borrower's monthly payment will be adjusted accordingly. However, the overall payments in a fixed rate mortgage are very stable and predictable.

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© 2013 Premier Mortgage Resources. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Lender. Trade/service marks are the property of Premier Mortgage Resources, LLC. All rights reserved. Corporate Office - Premier Mortgage Resources NMLS#:1169 Visit http://www.nmlsconsumeraccess.org/EntityDetails.aspx/Branches/1169 for complete license information. go to »NMLS Licensing Info

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