GREETINGS FROM SUNNY ORANGE BEACH!

This time of year, we all are getting ready for football season, tailgating, and of course, the National SHRIMP Fest in October!  It's the perfect time to come on down and join us!

I would like to review a few basics of "Mortgage Lending 101."

What are points?  Points are the costs associated with buying down your interest rate.  One point is equal to one percent of the loan.  Points are paid at closing.

What are Credit Scores?  A credit score is a snapshot of an individual's credit history.  Higher credit scores are typically favored by lenders.  Negative influences to your credit score include delinquencies, high balance to available credit, bankruptcy and foreclosure.

What is the difference between the Annual Percentage Rate (APR) and the loan rate?  The APR is the cost to finance your loan on an annual basis.

After a great summer, maybe it's time to spruce up your condo with a little TLC, painting, replacing items and etc.?  If you are considering purchasing or refinancing a unit with a little wear and tear, perhaps you may consider the ULG conventional renovation program for primary and second home residences.

If interested or if you have any mortgage related questions, please give me a call, Kim McConnell, Sales Manager/Sr. Loan Officer with University Lending Group at 251-981-3150/251-978-6664.