Easy Mortgage is a 5 or 10-year fixed-rate mortgage with payments (principal & interest) based on a 30-year payback period. At the end of the fixed-rate period, your remaining balance will be due. If you qualify, you can take advantage of the Rate Renewal feature, which gives you the opportunity to extend your fixed-rate period for an additional 5 or 10 years at our current Easy Mortgage rates. We may not always offer Rate Renewals. Interest rates, eligibility requirements and costs can change at any time.
Easy Mortgage bi-weekly payment amounts are determined by first calculating the monthly payment using a traditional 30-year amortization schedule. The payment is then split in half and must be made every two weeks. By making payments every two weeks, at least one extra monthly payment will be applied to the mortgage each year (or even 1 ½ payments for certain years) thereby decreasing the loan balance faster. While Easy Mortgage payment amounts are based on a 30-year amortization, Easy Mortgage is either a 5 or 10-year term loan where the remaining balance is due in full as a lump sum payment at the end of the term.
Easy Mortgage has a fixed rate and bi-weekly payments for 129 payments (a little less than five years) or 259 payments (a little less than 10 years) depending on your term. After that time frame, the remaining balance of your Easy Mortgage mortgage is due (your 'final payment'). Keep in mind, at that time you may qualify to renew your rate for another 5 or 10 years at the then current Easy Mortgage rate.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires all mortgage loan originators to be registered on the Nationwide Mortgage Licensing System and Registry or NMLS. Each person that registers is assigned a Loan Originator Number or NMLS ID.
Why do you need to know this? Because anytime you apply for a mortgage loan, the person taking your application must give you their number. Even web applications must provide a number. Then, if you want to check their professional background, all you need to do is look them up on the Registry.
Based on the information you provided, the estimated escrow amount we show is for two months. The actual amount will be finalized when we process your loan application and receive the information for the amount of your property taxes, homeowners insurance, and their payment dates. As soon as we get this information, we’ll provide you with a document called an “escrow analysis” that will show you the detailed breakdown of your escrow amount.
Points are costs that can be added to or subtracted from your closing costs based on our lending guidelines (i.e. credit score and home value). Typically, 1 point equals 1% of your loan amount. The amount of points that are charged may change once we verify the information submitted in your application.