Mortgage FAQ

Who Is Mortgage Bank? - Mortgage Bank is owned and operated by Gigfoot LLC out of Asheville, North Carolina. We partner with lenders and real estat…Read More

How do i calculate monthy payments? - Your monthly payment is determined through a simple interest calculation based off an interest rate, number of years, and a…Read More

What is Amortization? - Amortization is the process of paying off a debt by installments of principal and earned interest over a period of time. An…Read More

What is FHA? - FHA stands for the Federal Housing Administration. FHA was established in 1934 as an agency within the U.S. Department of H…Read More

What is PMI? - PMI is private mortgage insurance. Lenders can buy loan default insurance from PMI companies thereby stimulating the lender…Read More

What is Subprime? - Subprime can refer to a loan or a lender. Subprime means less than prime, as in prime rate. If the prime rate was 6% then a…Read More

What is HUD? - HUD is the Department of Housing and Urban Development. HUD was created by Congress in the Housing and Urban Development Ac…Read More

What is GNMA? - GNMA is also know as Ginnie Mae. GNMA is a government-owned corporation sponsored by HUD providing loan payment insurance t…Read More

Loan eligibility factors - Each lender has their own criterian for determining your eligibility for a loan. On average, here's what all lender's use t…Read More

Home Refinance bail out - President Bush announced a plan at the end of 2007 which would alleviate the economy through a volunteer agreement with Mor…Read More