Lehmann Mortgage Associates
a division of PHH Home Loans
Direct: (651) 730-2520
Cell: (612) 867-0159
Your Minnesota Mortgage Help
Tom has over 20 years' experience in the real estate industry and has closed more than $300 million of transactions. “What I enjoy most about my job is helping people understand the various financing alternatives available to them so they can choose the best financing solution for their particular needs.” Tom lives in the Minneapolis/St. Paul area with his wife and their three children.
PHH Home Loans is a New York Stock Exchange-traded company (symbol: PHH) and one of the ten largest residential lenders in the country. Our direct relationship with PHH eliminates the "middle man" at the mortgage wholesaler level and enables us to deliver some the most competitive interest rates in the home mortgage industry. Through PHH, we are also able to offer our customers industry-leading customer support and customer service systems.
Check out our Inside Guide To Home Financing - click here
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Helpful Mortgage Definitions
Adjustable Rate Mortgage
Also referred to as a Variable Rate Mortgage. They both mean the same thing. An ARM is a mortgage with an interest rate that adjusts periodically to reflect changes in market conditions. Your mortgage payments are adjusted up or down (usually on an annual basis) as the interest rate changes. To protect you in a rising interest market, rate increases are limited (usually 2 percentage points annually; 6 percentage points over the life of the loan).
A loan that has level monthly payments that will amortize it over a stated term (e.g., 30 years) but that requires a lump sum payment of the entire principal balance at the end of a shorter term (e.g., 10 years).
A temporary buydown gives a borrower a reduced monthly payment during the first few years of a home loan and is typically paid for in an initial lump sum made by the seller, lender, or borrower. A permanent buydown is paid the same way but reduces the interest rate over the entire life of a home loan.
A home loan with a maximum loan amount of $252,700 that is eligible for purchase by FNMA and FHLMC.
A short-term, interim loan for financing the cost of home construction. The lender makes payments to the builder at periodic intervals as the work progresses.
A home loan that is not insured or guaranteed by the federal government. Contrast with government loan. Can be for conforming or non-conforming loan amounts.
An adjustable rate mortgage (ARM) that can be converted to a fixed rate loan under specified conditions.
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and loan underwriting but does not lend money or plan or construct housing.
Federal National Mortgage Association (FNMA)
A New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. It adds liquidity to the mortgage market by investing in home loans through the country.
A mortgage with an interest rate that stays the same (fixed) over the life of the mortgage. Monthly payments for a fixed rate mortgage are very stable and will not change.
Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA assumed responsibility for the special assistance loan programs formerly administered by Fannie Mae.
Veterans' Administration Loans
Mortgage loans to veterans by lenders that are guaranteed by the Veterans' Administration (VA), enabling veterans to buy a residence with little or no money down.