Serving Florida Since 1997
Park Shore Mortgage Corp wants your mortgage experience to be as easy as possible. Having the right information at your disposal is a great tool to help you determine what type of loan best suits your needs.
Whether it is checking your credit report, looking up insurance information or just checking out the local scene, the links below can be a helpful start.
Sample glossary of commonly used mortgage terms:
Adjustable Rate Mortgage: A mortgage in which the interest rate is adjusted periodically, based on the movement of a financial index
Contingency: A condition that must be met for a contract or a commitment to remain binding.
Deed: A legal written document by which title to property is transferred.
Encumbrance: Anything that affects or limits the title to a property, such as outstanding mortgages, easement rights or unpaid back taxes.
Graduated Payment Mortgage: A fixed rate loan with monthly payments that start low increasing by a fixed amount for a specific number of years. After that period, the payments typically remain constant for the duration of the loan.
Principal: The amount borrowed or remaining unpaid; also, that part of the monthly payment that reduces the outstanding balance of a mortgage.