THE ANATOMY OF A MORTGAGE
A mortgage payment consists of PITI
P- Principal- The original amount of the money borrowed from a lender.
I- Interest- A fee charged for borrowing money.
T- Taxes- Property taxes paid to your local government
I- Insurance- Home owners insurance on your property.
Fixed Rate Loans: Fixed mortgages have a fixed term (like 15 or 30 years) and a fixed interest rate. The interest rate and term are fixed over the course of the mortgage and your monthly payment for the payment of the principal and interest will not change during the term of the mortgage. Taxes and insurance can change so this may affect your total payment during the life of your loan.
Adjustable: An ARM (Adjustable Rate Mortgage) has an interest rate that will be adjusted up or down according to the current interest rate levels. The monthly amount for your principal and interest payment will go up or down based on these interest rate changes.
The Down Payment: Many people believe that they need to put down 10 percent or even 20 percent for their down payment and that’s no longer true. There are many lenders that have loan programs that require 5 percent or less, including zero down. Way back when, the only zero down loans came from the Veterans Administration but unfortunately those days are gone. If you think that you have to pay rent until you save up a sizable down payment, check with us. You’ll be pleasantly surprised.
Prequalification: You will want to get pre-qualified during your mortgage search. Prequalification isn’t binding but rather it gives you a ballpark idea of what you can afford. The lender analyzes your income, debt and credit history to estimate your maximum loan amount. Combine that with the money you have for a down payment and you have your maximum home price.
WHY PROGRESSIVE NATIONAL BANK FOR YOUR MORTGAGE NEEDS?
History: Progressive National Bank was chartered by the Comptroller of the Currency March 28th, 1983 in Mansfield, LA by a group of local business men. For 26 years Progressive has served customers in the DeSoto Parish and the surrounding areas. In May 2003, Progressive National Bank opened a branch in Stonewall. Progressive is proud to be a part of the growth of North DeSoto Parish. In February 2007, Progressive opened a full service branch at 3000 Bert Kouns in Shreveport. This branch is consistent with our plans provide banking services to our customers in DeSoto and Caddo parishes.
Wayne Davis- President and Chief Executive Officer
WHAT IS A PERSONAL MORTGAGE CONSULTANT?
If you are looking for guidance through every step of the mortgage process, you have come to the right place. The Personal Mortgage Consultant at Progressive National Bank focus on getting you the right loan and the right terms to fit your situation.
What does our commitment to personal service mean to you? It means that we focus on you and your goals. Anyone can line up a great looking rate for you but we take the time to show you all the other “gotchas” that can overshadow any teaser rate.
We make “The American Dream” of home ownership a reality! We have many flexible loan programs that can put you into your new home easier than you might expect. Is the down payment a stumbling block? Some of our programs do not require a down payment. In addition, select programs cover some of your closing costs as well.
Have questions about your credit? WE can help you understand the effects of your past credit while showing you how to strengthen your present and future. Our network of mortgage wholesalers enables us to find you’re a lender who is most understanding of your situation. Have great credit? Our lenders reward your good credit with great rates!
Most any situation: Whether you are looking for a new mortgage, wanting to refinance or just interested in tapping into your current home equity, we can help you. Call us now or contact us online.
MEET YOUR PERSONAL MORTGAGE CONSULTANTS:
I have worked over 15 years in the Finance/Insurance industry. It is my desire to help each of my clients achieve the American Dream of home ownership. We have enjoyed both historically low interest rates and a booming real estate market for the past several years. It’s my personal belief that those two conditions combined with our extensive portfolio of over 50 major banks and investors, we can find the best program to suit your home financing needs.
I have spent the last 10 years in the Lending business and over the years the greatest lesson I have learned is “There is Always a Way”. Sometimes you have to find it or wait for the right opportunity to present itself. That’s what I do; I help my clients find those opportunities and if they have to wait…I teach them how to position themselves for future success.
Education: Louisiana College BAed 1978
Naval Officer: 1976 to 1996
Loan Officer 1996 to 1997
Underwriter 1997 to 1998
Closing/Funding Manager 1998 to 1999
Broker 2000 to 2006
Wholesale Mortgage Account Executive 2006 to 2008
Mortgage Consultant 2008 to 2009
Mortgage Pre-Licensing/Continuing Education Instructor 2002 to current
Experienced retail/wholesale mortgage professional directly/indirectly involved in thousands of mortgage loans.
Experienced in all mortgage products and types of single family transactions. Conventional, Alt A, Jumbo, FHA, VA, RD (USDA Rural Development and Construction.
Available for your lending needs 24/7.
Non Traditional Banker offering valuable information and positive industry insight to assist you. Be you a first time homebuyer or a seasoned real estate pro, give me a call for honest feedback concerning your next purhase (primary residence, second home and/or investment property) or refinance.
Sound voice in a time of confusion
AFTER HOURS APPOINTMENTS & CREDIT COUNSELING
GOT QUESTIONS? WE HAVE ANSWERS!
After Hours Appointments: Work abnormal hours? We can accommodate your schedule. We’re happy to work around your needs. Can us today to arrange a meeting to discuss your needs.