Mortgage Basics
“In-house” Mortgage Loans
In-house Mortgage Loans are loans that remain with, and are serviced by, DuTrac for the entire term of the loan. During the life of your loan, if you have questions, count on DuTrac to be here to assist you. These loans offer very attractive rates and payment options that are much more flexible and can provide significant savings to the borrower. (Example: if a borrower chooses to make payments bi-weekly, up to six years can be taken off the term of a thirty-year mortgage.)
There are many advantages for obtaining “In-house” financing including:
- Local, personal attention to any questions regarding your loan.
- Flexible terms - can be amortized from 10 to 30 years.
- Payments can be made weekly, bi-weekly (these two options are a fantastic way to pay off your loan faster, saving you money) or monthly.
- No pre-payment penalties.
Secondary Market Loans
Secondary market loans do not stay with DuTrac. Instead, they are owned and serviced by an outside mortgage servicing company. DuTrac acts a the “middle man” to help members acquire a home loan that fits member’s needs! These loans offer long-term financing at a fixed rate and are a popular option. DuTrac selects only those investors with very high levels of service to borrowers. DuTrac goes to great lengths to make sure that loan servicing is retained by the investor and that borrowers are not continually sending payments to new payment centers.
Regardless of the investor, we never sell you out. DuTrac will always be there and work on your behalf to resolve any issues with investors.
