at PRMG Baltimore
RESOURCES
"Bringing opportunity to communities
around the nation with modern
tools and a passion to serve!"
FHA | VA | USDA
CONVENTIONAL | JUMBO
Agency Direct Lender and Ginnie Mae issuer
We are committed to offering the most
competitive products and pricing.
PREPARE FOR THE
PATH AHEAD WITH
THE KNOWLEDGE IT
TAKES TO SUCCEED!
CONTACT US TODAY!
Or take a look at some frequently asked questions below.
Resources that make a difference.
A Non-QM product from Quick Close Lending Team is a good idea when you
have the income to make regular, on-time mortgage payments, but have a hard
time getting a qualifying mortgage. Check out our Loan Product Guide below!
Refinancing, First Time Buyer, Investor Solution Loans, and more!
- Mary T.
"Excellent communication
and seamless processing!"
EARNEST MONEY (DEPOSIT)
Money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer’s satisfaction.
INFLATION COVERAGE
An endorsement to a homeowner’s policy that automatically adjusts the amount of insurance to compensate for inflationary rises in the home’s value. This type of coverage does not adjust for increases in the home’s value due to improvements.
UNDERWRITING
The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower’s credit history and a judgment of the property value.
SUB-PRIME LOAN
“B” Loan or “B” paper with FICO scores from 620 – 659. “C” Loan or “C” Paper with FICO scores typically from 580 to 619. An industry term to used to describe loans with less stringent lending and underwriting terms and conditions. Due to the higher risk, sub-prime loans charge higher interest rates and fees.
DEBT-TO-INCOME RATIO
A comparison or ratio of gross income to housing and non-housing expenses; With the FHA, the-monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.
GRADUATED PAYMENT MORTGAGES
Mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan.