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Mortgage Refinancing in Opelika, Alabama.
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Assessed Value The value that a taxing authority, such as a county assessor places on real property as a base for computing property taxes. Generally assessed at 80% of value.
Conventional Mortgage A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed).
Gross Monthly Income The total monthly income earned before taxes and any other deductions.
Wraparound Mortgage Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.
