A former loan officer with Wells Fargo Home Mortgage, John Constantinides achieved distinction as the 2008 Top Gun producer within the company’s North Eastern Division. John Constantinides also stands out as one of the top five loan originators in Queens County, New York, from 2008 through 2011, and as one of the highest-rated loan officers in terms of customer satisfaction.
When a broker or lender extends a mortgage to help an individual or family purchase a home, that lender agrees to pay back the original amount, or principal, plus interest. Interest refers to the percentage rate that the lender calculates as the fee for borrowing. For example, a 5 percent interest rate means that the borrower pays 5 percent of the original principal in interest per year. Some borrowers may be eligible for a reduction in interest rates based on discount points, or percentages of the original loan amount.
In applying for a loan, a borrower also accepts responsibility for any origination charges. These refer to costs that the borrower owes in relation to the processing of the loan, such as underwriting costs, preparation of documents, and any expenses that the lender incurs. The borrower must repay the lender by the end of the loan’s term or the period of time agreed upon at the signing of the loan.