Loans are available with certain variables that effect the monthly payment and amortization schedules. The most commonly used are fixed-rate and adjustable-rate loans but in some instances interest rate only loans are also available.

Fixed-rate loans have the same interest rate for the entire duration of the loan. This makes your monthly payment consistent over the duration of the loan which is usually either 15-years or 30-years. Fixed-rate loans also provides a benefit of a fixed interest rate for the entire period.

Adjustable-rate mortgages (ARMs) have interest rates that may change at certain times or events during the repayment period. Generally, ARMs allow for a lower initial interest rate and monthly payment for a fixed period of time. After the initial period the interest rate may increase and could increase multiple times over the course of the loan.

The Annual Percentage Rate (APR) is a number intended to enable you to assess the aggregate cost of a loan. Notwithstanding the financing cost, it considers the expenses, fees, and different costs you may experience over the life of the loan. The APR is required by law to be expressed in all home loan advance appraisals. This enables you to better think about various sorts of home loans from various moneylenders, to see which is the correct one for you.

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The down payment is the amount of currency the buyer most give towards the purhase of the property.

Also known as the "Initial Deposit", the earnest deposit is a portion of the purchase price that is given to escrow to open the transaction. This money serves two purposes, the first is to show that the buyer is serious about the tranasction the second is to give a guarantee to the seller that the buyer will honor the purchase agreement or put that money at risk.

Although WE ARE REALTY will only require credit reports for rental applications, most lenders will require substantial financial documentation in order to qualify for the purchase of a property.

Obtaining a loan approval requires specific documentation in order to verify the borrowers credit worthiness.

These documents will likely include:

- Recent bank and investment account statements
- Income tax forms
- Employment verification
- Total monthly expenses, including all bills, groceries, clothing budgets, etc.
- All of your assets, including stocks, bonds, cash, rental properties, etc.
- All debt including student loans, car loans, mortgages, etc.
- Personal credit score
- Gift letters if you are using a gift to help with your down payment