What You Need to Know About Mortgages and the Type of Financial Services Available

A mortgage is generally defined as a loan used to finance the purchase of real estate or a home. These loans come in different types, rates and terms. The specifications of these loans are important, for they along with the initial down payment determine the monthly payment amounts due throughout the life of these loans. The right type of loan may depend on individual circumstances. For those seeking to finance or live in a home for only a few years, an ARM loan, or adjustable rate loan could be best.



Those who are looking to stay in a home long term, a fixed rate loan may be best. Those lucky enough to be buying property for the first time may receive the best terms with a first time buyer mortgage. To determine which loan is best, the key concepts of all types of mortgages should be examined.



The most common type of mortgage is the conventional home loan. Conventional home loans can come with fixed or variable interest rate terms and have monthly payment amounts based on an interest rate and the length of the loan.



Common lengths of time for fixed rate loans are for 15 or 30 years. There are also 40, 25, 20, and 10 year loans. Generally, the longer the loan term, the lower the monthly payments will be. Most of the time, conventional home loans require a substantial initial down payment to qualify. As with all types of loans, it is best to check with your lender or terms of your offer. Some lenders may reduce the amount of down payment that is required, or even may determine that no down payment is necessary at all.



When choosing the type of mortgage for buying a home or property make sure you shop around the different mortgage brokers and what kind of financial services that they can provide for you.



ARM or Adjustable Rate Mortgages are similar to conventional mortgages but have an adjustment period. The adjustment period is generally 3 to 5 years in which you are given a fixed low interest rate. After this specified period of time, your interest rate will begin to vary based on the rate of a predetermined index, plus an additional agreed upon margin.



Many times, the interest rate is recalculated for this type of loan every 6 months or every year. Because interest rates may increase from one period to the next based on the rising or falling of the index, this is considered a more risky type of loan for those seeking to stay in a home over a longer period of time.



For those who qualify, there are also some special loan types to consider. There are FHA loans, which are loans designed for people with lower. And for first time home buyers, there is a first time buyer mortgage.



Because the purchase of an initial first home can be confusing for the first time home buyer, many lenders offer these types of loans with simple terms and requirements. They are generally, fixed rate conventional mortgages with little or no down payment required and low interest rates. A first time buyer mortgage is considered one of the most favorable types of mortgage to obtain.

U.S. Bank Offers Auto Dealers Free Online Access To Wholesale Floorplan Loan Information

ATLANTA, GA May 21, 2004 -โ€" U.S. Bank (NYSE:USB), a leading global financial services firm, today announced a major application deployment in its automotive wholesale floorplan division. U.S. Bank signed with DataScan Technologies, LLC to implement the Wholesale Management System (WMS) and the Dealer Access System (DAS), the Internet-based technology for secure dealer access to floorplan loan information. DataScan will host the systems in its secured headquarters in Alpharetta, Georgia via its Application Service Provider (ASP) Solution.



DAS is the first application of its kind in the industry offering online wholesale floorplan functionality for the dealer population with access via the Internet. U.S. Bank's auto dealers will have instant access to request funding for new loans, make payments, print reports and billing statements, and inquire about other floorplan loan information.







โ€œWe're excited about being able to offer our dealers DAS,โ€ said Mike Rogers, manager of Dealer Commercial Services, U.S. Bank.



โ€œNot only will it strengthen our relationship with our dealer body, but it will streamline productivity and save us thousands of manual-entry hours a year.โ€







Tom Martin, president and CEO of DataScan Technologies added, โ€œU.S. Bank has been a valued client using our Nationwide Audit Services since 1994. By expanding our relationship and deploying our products via our ASP model, U.S. Bank will step ahead of its lending competition by offering dealers this competitive edge.



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U.S. Bank will go live in August 2004.







About U.S. Bank



U.S. Bancorp (NYSE:USB), with assets of $192 billion, is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience.



U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.







About DataScan Technologies



DataScan Technologies is headquartered in Alpharetta, Georgia and is a pioneer in Wholesale Finance and Accounting Systems and Risk Management Services since 1989, specializing in Floorplan Solutions. DataScan strives to revolutionize the way banks and captive financial institutions manage their collateral, allowing them to work more effectively with quick, secure Internet access.



DataScan's first-to-market dealership Internet solution for wholesale financial institutions offers closer electronic communications between the lender and the dealer. DataScan also offers professional floorplan field audit services throughout the U.S. with Nationwide Audit Services (NAS). DataScan Technologies can be found on the Internet at datascantech.com.







Contact: Matt Powell



DataScan Technologies Media Relations



(800) 767-7226



info@datascantech.com