An Introduction To Fixed Rate Mortgage

Mortgage

A graduate of a master of business administration degree in accounting from New York University, Charles Bradford is a former managing director at Goldmann Sachs. Currently living in Larchmont, New York, Charles Bradford has successfully managed and directed mortgage and bond financing operations for years.

A loan with a fixed interest rate, given by the bank or a mortgage lender to help finance the purchase of a house, is referred to as a fixed-rate mortgage. The specified number of years to complete the payment of a loan is known as the mortgage term. Different banks have different mortgage terms available, but the most common are 15 and 30 years for a fixed-rate mortgage.

Fixed-rate mortgages with a 30-year amortization ensure that the majority of the payment in the early life of the loan is channelled towards payment of interest. However, the latter part of the payment focuses more on the principal. A 15-year payment term requires a higher monthly payment with a lower interest rate.

In general, fixed-rate mortgages are not defined by associated mortgage margins, caps, or indexes due to their fixed interest rates.

Loan Depot in Accelerated Hiring Mode

$100 dollar bills
Photo by Dmitry Demidko on Unsplash

Larchmont, New York, resident Charles Bradford has over four decades of experience in the financial services industry. Commuting from Larchmont to nearby Greenwich, Connecticut, Charles Bradford previously managed two branches of Mortgage Master/Loan Depot, and was consistently ranked by Mortgage Executive Magazine as one of the top 1 percent loan originators in the country.

The country’s second-largest nonbank lender and fifth largest retail mortgage loan provider, Loan Depot is experiencing exceptional growth. The rapid expansion is fueled by its mello smartloan™ loan process, a comprehensive digital end-to-end proprietary technology. To sustain this growth, it will have added close to 1,400 new jobs by the end of 2019.

Around 1,000 loan officers are being added in or close to the lender’s five direct lending national locations, while approximately 300 more are being added in the firm’s local retail branch locations. Loan Depot’s wholesale and joint venture channels are also receiving new hires. Of the new hires, at least 450 are undergoing Loan Depot’s ACES loan officer training program, which is popularly viewed as one of the nation’s top financial services training program.