Lund Mortgage, Inc

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7170 West Camino San Xavier Ste A104
Glendale, Arizona 85308

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Mortgage Basics

  • Adjustable Rate Mortgage A mortgage loan was the interest rate adjusts periodically based on the changes of a specified index such as the one-year Treasury Bill or the LIBOR.
  • Amortization The calculation of the amount of the installment payment it takes to pay off the obligation at the end of a fixed period of time.
  • Annual Percentage Rate (APR) The total cost of a mortgage stated as a yearly rate. It is typically higher than the note rate because it includes the base interest rate plus specific closing costs.
  • Appraisal A professional report that estimates the market value of a property.
  • Assessed Value The value a tax authority places on real property for the purpose of assessing yearly property taxes.
  • Balloon Mortgage A mortgage that is amortized over a stated period but provides for a lump-sum payment due at an earlier period, e.g. 30-year due in 15, where the payments are based on 30-year repayment but the loan is due paid in full in 15 years.
  • Cap Limits how much the interest rate on an adjustable rate mortgage (ARM) can increase or decrease.
  • Cash to Close Liquid assets available to be used to pay the closing costs involved with a mortgage transaction.
  • Collateral Property pledged as security for a loan, such as property pledged as security for a mortgage.
  • Conventional Mortgage A mortgage not obtained under a government-insured program.
  • Deed A legal document that is recorded in the county conveying title to a property.
  • Deed of Trust The legal document that pledges the property for the security of a mortgage loan.
  • Default Failure to make mortgage payments in a timely manner or to comply with other requirements outlined in the note.

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Lund Mortgage, Inc
Lisa Lund,
7170 West Camino San Xavier Ste A104
Glendale, Arizona 85308

Were a family-owned business with roots in the same community we work in. Founded by Stan Lund and now led by Lisa Lund, Lund Mortgage Team is true to its name a team of people committed to giving each customer the best home loan experience possible.