F-M Mortgage Corporation

Home Mortgage Loans in North Dakota and Minnesota! Purchasing and refinancing. We offer FHA, Conventional, VA, USDA, NDHFA First Time Home Buyer, and 203K.

NMLS #190405

[06/04/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Prepayment – The ability to pay off the remaining balance of a loan before its due date.
Prepayment Penalty – Lenders who impose prepayment penalties will charge borrowers a fee if they wish to repay part or all of their loan before the end of its term. Not all mortgage loans have a pre-payment penalty.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.
YOUR DREAM HOME COULD STILL BE A REALITY!

[06/03/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Points – Interest Charges paid up-front when a borrower closes a loan. A point is equal to 1 percent of the loan amount (e.g. 1.5 points on a $100,000 mortgage would cost the borrower $1,500). Generally, by paying more points at closing, the borrower reduces the interest rate of his mortgage loan and thus future monthly payments.
Prepaids – Expenses such as taxes, insurance and assessments which are paid in advance of their due date and which must be paid by the buyer on a prorated basis at closing. These funds are placed in an escrow account held by the lender to be paid as they become due.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[05/31/19]   TODAYS TERMINOLOGY EXPLANATION:
Origination Fee – The fee imposed by a lender to cover certain processing expenses in connection with making a mortgage loan. This fee is a percentage of the amount loaned and usually paid at time of loan closing.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[05/30/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Mortgagee – The lender in a mortgage loan who agrees to borrow money for a specific time frame at either a fixed or adjustable interest rate.
Mortgagor – The borrower in a mortgage loan who needs to borrow money to purchase or refinance a home.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

Enjoy the long Memorial Day Weekend but let us also remember and honor those who have given the greatest sacrifice for all of us in the USA.

[05/15/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Minimum Credit – This refers to the minimum credit rating a borrower must have in order to qualify for the mortgage loan. This number will depend on a number of factors, most important being your credit rating.
Monthly Housing Expense – Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used as a ratio against gross income to determine mortgage loan approval.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[05/14/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Lock (noun) – The period, expressed in days, during which a lender will guarantee a rate. Some lenders will lock rates at the time of application while others will allow the borrower to lock the rate after the application is taken. Request information from your lender regarding lock procedures.
Lock (verb) – The act of committing to a mortgage rate. This action, taken by a borrower some time between the application and the closing dates, is sometimes accompanied by a payment by the borrower to the lender. Opposite of float.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[05/13/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Lender – The bank, mortgage company, or mortgage broker offering the loan for a stated period of time and for a fixed or variable rate of interest. Many institutions only “originate” loans and then resell the obligation to third parties.
Loan-To-Value Ratio – The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. A LTV ratio of 90 means that a borrower is borrowing 90% of the value of the property and paying 10% as a down payment. For purchases, the value of the property is assumed to be the purchase price, for refinances the value is determined by an appraisal.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[05/10/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Interest Rate – The percentage of an amount of money which is paid for its use for a specified time. An interest rate may either be a fixed rate or an adjustable rate. Lower interest rates make buying a house more affordable.
Jumbo Loan – A mortgage amount above conventional conforming loan limits. These limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate as they also carry a higher risk.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[05/09/19]   TODAYS TERMINOLOGY EXPLANATIONS:
Hazard Insurance – A form of insurance, required by the lender to protect their financial interest, in which the insurance company protects the insured from certain losses, such as fire, vandalism, storms and certain other natural causes. Also commonly called homeowners insurance and includes insurance for personal possessions and liability.
Housing Ratio – The ratio of the monthly housing payment to total gross monthly income. Also called Payment-to-Income Ratio or Front-End Ratio. This ratio assesses the availability of income to meet loan repayment.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[04/24/19]   Spring is here along with some much needed nicer weather!! Looking to purchase a new home or complete some renovations on your current home? If so, we are here to help you with your mortgage financing for either a purchase or a refinance. Call us today at (701) 234-9000.

[02/14/19]   ❤️❤️❤️ Happy Valentines Day! from all of us at F-M Mortgage Corporation. ❤️❤️❤️

Let today be the day you start your journey to buy your new home or maybe you want to make some improvements to your current home. Call us today and let us guide you thru YOUR options for financing.😃

[12/17/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Good Faith Estimate – An estimate of charges which a borrower is likely to incur in connection with a loan closing.

Gross Monthly Income – The total amount the borrower earns per month, not counting any taxes or expenses. This income is used in calculations to determine whether a borrower qualifies for a particular loan.

Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/14/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Float – Floating a loan is choosing to not lock in your interest rate between the time of loan application and loan closing. Floating may be worth the risk if interest rates are dropping. However, locking in your interest rate must be done by the time of loan closing. Request information from your loan officer regarding float & lock options.

Foreclosure – A legal procedure in which real estate is sold by the lender to pay a defaulting borrower’s debt.

Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/13/18]   TODAYS TERMINOLOGY EXPLANATIONS:
FHA Loan – A government-backed mortgage loan supported by the US Federal Housing Administration and provided by an FHA approved lender.

Finance Charge – The total dollar amount your loan will cost you. It includes all interest payments for the life of the loan, any interest paid at closing, your origination fee and any other charges paid to the lender and/or broker. Appraisal, credit report and title search fees are not included in the finance charge calculation.

Fixed-Rate Mortgage – A mortgage where the interest rate does not change for the life of the loan.

Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/12/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Escrow Account – An account that holds payments to be paid at a later date. This may include property taxes, home owners insurance or mortgage insurance.

Equity – The difference between the current market value of a property and the principal balance of all outstanding mortgage loans.

Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/11/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Deed – A legal document which affects the transfer of ownership of real estate from the seller to the buyer.

Default – The failure to make payments as scheduled on a loan.

Down Payment – Money paid by a buyer from his own funds toward the purchase of a home, as opposed to that portion of the purchase price which is financed as a mortgage loan.

Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/10/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Conventional Loan – A mortgage neither insured by the Federal Housing Administration nor guaranteed by the Department of Veterans Affairs. Mortgages can be defined as either government backed or conventional.

Credit Score – A number assigned based on an analysis of a person’s credit files to represent the credit worthiness of an individual. Lenders use credit scores to determine loan qualifications.

Credit Report – A report to a lender on the credit standing of a prospective borrower. Used to help determine credit worthiness. Information regarding late payments, defaults or bankruptcies will appear here.

Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

Pearl Harbor Remembrance Day is considered a National Memorial Day, dedicated to those killed in the war on Pearl Harbor. A date which will live in infamy. Let us reflect and remember those who lost their lives on this tragic day in our history.

[12/06/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Closing Costs – Fees paid by the borrower when property is purchased or refinanced. These typically include a loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, deed recording fee, and credit report charges.
Commitment – A written letter of agreement detailing the terms and conditions by which the lender will lend and the borrower will borrow funds to finance a home.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/05/18]   TODAYS TERMINOLOGY EXPLANATIONS:
Balloon Mortgage – Behaves like a fixed-rate mortgage for a set number of years (usually five or seven) and then must be paid off in full in a single “balloon” payment. Balloon loans are popular with those expecting to sell or refinance their property within a definite period of time.
Broker – An individual/company in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money themselves.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[12/04/18]   TODAYS TIP WHEN APPLYING FOR A HOME LOAN:
DON’T finance any elective medical procedure – Going thru the process of getting a mortgage loan can be stressful enough so unless medically necessary leave any elective procedures until a later time. Any financed amounts for this procedure would then also be considered a debt owed by you.
DO contact us if you have any questions or concerns – We are here to help make your loan approval process as smooth as possible with explanations all along the way. There are many specific loan requirements and your loan officer is trained to help you with it all.
If you have any questions or would like to start the loan process, please call us at (701) 234-9000!

[12/03/18]   TODAYS TERMINOLOGY EXPLANATIONS:
1) Annual Percentage Rate (APR) – The interest rate which reflects the cost of a mortgage as a yearly rate. This rate is usually higher than the stated loan rate for the mortgage, because it takes into account points and other charges.
2) Appraisal – The determination of property value based on recent sales information of similar properties.
3) Assumable Loan – These loans may be passed on from a seller of a home to the buyer. The buyer “assumes” all outstanding payments.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[11/30/18]   TODAYS TIP WHEN APPLYING FOR A HOME LOAN:
DON’T open a new cell phone account – If the cell phone company requires a credit inquiry for a new account, this credit inquiry may ding your credit score. The goal is to have the highest credit score possible in order to receive the most benefit on your mortgage loan.
DO notify your loan officer if there are any changes during the entire loan process – Something that may seem inconsequential to you could affect your mortgage loan approval. Your loan officer will help explain the qualifying approval criteria.
If you have any questions or would like to start the loan process, please call us at (701) 234-9000!

[11/29/18]   Todays Terminology Explanations:
Adjustable Rate Mortgage (ARM) – A mortgage in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage.
Amortization – The schedule of the outstanding balance of a loan by making equal payments on a regular basis (usually monthly). The payments are structured so that the borrower pays both interest and principal with each equal payment.
Please call us at (701) 234-9000 if you have any questions regarding a home mortgage.

[11/28/18]   TODAYS TIP WHEN APPLYING FOR A HOME LOAN:
DON’T consolidate your debt into fewer credit cards – Any changes to your credit may affect your loan approval whether you close any accounts or not. It is always best to talk to your loan officer before making any changes.
DO notify your loan officer if you will be receiving gift funds for closing costs – You will need to provide documentation for the amount of these funds and who these funds will be from.
If you have any questions or would like to start the loan process, please call us at (701) 234-9000!

[11/26/18]   TODAYS TIP WHEN APPLYING FOR A HOME LOAN:
DON’T buy any furniture - Now is not the time to be making this purchase. You will have plenty of time after moving in to do so and then you’ll know actual room sizes and what you may want or need for your new home. Even using a deferred credit payment account may affect your approval. Also, don't start any home improvement projects – This may affect any inspections you may be required to have on your home. You might find yourself having to finish this project before your loan can close.
DO keep a paper trail – It is always a good idea to keep tax returns, bank statements and receipts for any major purchases or home improvement projects you have made on your property.
If you have any questions or would like to start the loan process, please call us at (701) 234-9000!

We are thankful to have worked with so many people this past year and helped make their dreams come true!
We look forward to helping many more in the future. Wishing everyone a blessed Thanksgiving Weekend.

[11/20/18]   If you have had a bankruptcy within the past two years, there are still options for home financing. It will be necessary to provide your bankruptcy papers and discharge papers. In some cases, a bankruptcy can appear on your credit report for up to 10 years. Even if you’ve been on sound financial footing since then, a lender will want to verify your bankruptcy conditions have been met. If you’ve had a bankruptcy and have concerns regarding home financing, please give us a call at (701) 234-9000.

[11/19/18]   TODAYS TIP WHEN APPLYING FOR A HOME LOAN:
DON’T pay off any loans, credit cards or collection accounts without discussing with your loan officer – Certain payoffs may be required as a condition for approving your mortgage loan. Don’t find yourself short on cash needed to close by doing this unless your loan officer advises which ones will benefit you the most for loan approval. Also, don’t close any credit card accounts as doing this will reduce the amount of your available credit and may adversely affect your overall credit score. Your loan officer will advise you regarding this matter during the loan process.
DO provide your lender with any requested documentation or information – Your prompt response will help avoid delays. Keeping original paystubs, bank statements and other financial docs will help streamline the approval process. Some documents may even need to be updated during the process. Don’t panic about any additional requests for docs as this is part of the normal loan process.
If you have any questions or would like to start the loan process, please call us at (701) 234-9000!

[11/16/18]   TODAYS TIP WHEN APPLYING FOR A HOME LOAN:
DON’T transfer any balances from one account to another - Any larger sums of monies moved in or out of your accounts or transferred between accounts will need to be explained in writing as to the source of these funds with possible proof of these funds.
DO continue to use your credit cards as normal – Having good credit worthiness is crucial to obtaining a mortgage loan and your credit score will impact your down payment, interest rate, monthly mortgage payment and other items directly related to your mortgage loan.
If you have any questions or would like to start the loan process, please call us at (701) 234-9000!

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Location

Telephone

Address


801 10th St. S Ste 100
Fargo, ND
58103

Opening Hours

Monday 08:00 - 17:00
Tuesday 08:00 - 17:00
Wednesday 08:00 - 17:00
Thursday 08:00 - 17:00
Friday 08:00 - 17:00
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