Real Estate Tools, Mortgage Definitions & 
Fort Lauderdale Lenders
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Fort Lauderdale Area

Contact Peter Barkin and Mark Gilman
Peter Barkin Direct: 954.675.6656 Email: peterbre@bellsouth.net	Mark Gilman Direct: 954.557.8777 Email: Mark@MGilman.com

Mortgage Definitions:

Jumbo Mortgages - A home loan that exceeds the $417,000 Fannie Mae and Freddie Mac limit.

Annual Percentage Rate (APR) - A yearly rate of interest that includes fees and other costs paid to acquire the loan

Lock - A lender's written guarantee that the mortgage rate quoted will be good for a specific period of time. This should be long enough to cover your closing date.

1/1, 3/1, 5/1, 7/1 and 10/1 ARMs - Common adjustable-rate mortgages. With an adjustable rate morgage the interest  rate is set for an initial period and may change at specified time intervals. For instance, the 3/1 ARM has a set rate of interest for the first three years and then adjusts annually based on the financial index specified in the contract.

7/23 and 5/25 Mortgages - Common adjustable mortgages with a one-time rate adjustment at the end of the initial period. The 7/23 loan has the same rate for the first 7 years and then adjusts to the rate that will be in effect for the remaining 23 years.

Balloon - A mortgage that has a level of monthly payments that will fully amortize it over a stated term (e.g. 30 years) but which provides for a lump-sum payment to be due at the end of an earlier specified term (e.g. 10 years).

Buydown - Mortgage in which the rate is lowered by paying more points up front.

Caps - The maximum amount that the rate can increase during a specified time period. With 2/6 caps, the mortgage can increase by 2% at each adjustment interval up to a maximum cumulative increase of 6% over the entire life of the loan.

Loan-to-Value Ratio (LTV) - Percent of a home's price that is paid for by a mortgage.

Negative Amortization - A gradual increase in mortgage debt that occurs when the monthly payment does not cover 100% of the principal and interest due.

COFI - Adjustable-rate mortgage with the rate that adjusts based on a cost-of-funds index, of the 11th District Cost of Funds.

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Wachovia Mortgage

David Annunziata
Sales Manager, AVP
954-626-4021 Office
954-803-2909 Cell
954-626-4059 Fax
david.annunziata@wachovia.com

Countrywide Home Loans

Britt Maxson
Senior Home Loan Consultant
954-958-2058 Office
561.866.8049 Cell 
britt_maxson@countrywide.com
http://home.countrywide.com/brittmaxson



 

Wachovia Mortgage

Rich Campanella
Mortgage Banking Leader
954-577-2138 Office
954-647-0106 Cell
954-577-2130 Fax
Rich.Campanella@wachovia.com
8201 Peters Road Suite 2200
Plantation, FL 33324