ProMortgage Tools

Asset - An item that has monetary value such as cash, stocks, and real estate. Information about your assets is required when applying for a mortgage loan.
Balloon Mortgage -A short-term mortgage loan of equal monthly payments in which a large final payment (balloon) is due on a specified date. The final payment is equal to the remaining balance of the loan.

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Adjustable Rate Mortgage (ARM) - A mortgage loan in which the interest rate can go up or down based on market conditions. Changes in the interest rate are determined by a financial index. ARM loans have a cap limit on how much the rate can change.
Amortization - Repayment of a mortgage loan with equal periodic payments of both principal and interest. The payments are calculated so that the debt is paid off at the end of a fixed period of time.
Annual Percentage Rate (APR) - A term that expenses the cost of a mortgage as an annual rate. The APR is normally higher than the advertised interest rate because it includes interests, points, and other finance charges. The APR is used to compare different types of mortgages.
Appraisal - A report created by a qualified appraiser that is an estimate of the value of the property being financed.
Assessment - An assessed value given to property which is solely used for determining property taxes.

ProMortgage is here to help you through every facet of your journey to owning your home. We do not want you to be surprised or confused about any aspect of this process, from application to acquisition. To give you a better idea of what you can expect, we have included a few tools to help facilitate your learning and understanding of this process.

Below, you will find calculators to give you an idea of the dollar figures of what you can expect. To the right, you will find a very helpful glossary of terms. Feel free to download a copy and keep it for your records!

MONTHLY MORTGAGE CALCULATOR>>

REFINANCING CALCULATOR>>

AMORTIZATION GENERATOR>>

We have created a convenient .pdf version of our mortgage glossary. It may help to download it to your desktop, and print it for handy reference while reviewing the information on our site.

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