Padda Financial Group
Padda Financial Group
5203 Chippewa Street
St Louis, MO 63109
Phone: 314.481.LOAN (5626)
Email: loan@padda.com
Back in the mid 1970's the Padda family came to the United States from India. Dr. Gurpreet Padda, MD, was only 11 years old. He remembers how much of a struggle it was for his parents to purchase a house. The mortgage industry struck an interest in him at a very early age. He could not understand why his family, although they worked everyday and paid their bills on time, could not experience the American dream. Thus the idea of a services company was made. 30 years later, this idea became a reality. In March of 2007, Padda Financial was created.
The company has been built on the foundation of ethics and integrity. There are many mortgage companies in existence, however, Padda Financial sets itself aside from those companies with its "Lending with Integrity" motto. We pride ourselves on always making sure each of our clients knows what their options are. Buying or refinancing a home is probably the largest financial decision a person will make. Padda Financial does not take the privilege of completing your transaction lightly.
Thank you for choosing to visit us. You may also contact us at 888.99.PADDA or at loan@padda.com
Loan Programs
Fixed Rate Mortgages
The most common type of mortgage program where your monthly payments for interest and principal never change.
Adjustable Rate Mortgages (ARM)
These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.
Standard ARMS and the Differences
Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.
Introductory Rate ARM's
Most ARM's have a low introductory rate, which is good anywhere from 1 month to as long as 10 years.
Reverse Mortgages
A Special type of loan made to older homeowners (typically 62 +) to enable them to convert the equity in their home to cash to finance other needs.
London Inter Bank Offered Rate (LIBOR)
LIBOR is the rate on dollar-denominated deposits, also know as Eurodollars, traded between banks in London.
Balloon Mortgages
Short term mortgages that have some features of a fixed rate mortgage.
Interest Rate Buydowns
The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.
Cost of Funds Index (COFI)
The ratio of the dollar amount paid in interest during the month to the average dollar amount of the funds for that month constitutes the weighted average cost of funds ratio for that month.
Graduated Payment Mortgage (GPM)
With a GPM the payments are usually fixed for one year at a time.
Choosing The Best Program
The right type of mortgage for you depends on many different factors
Copyright © 2009 Padda Financial Group, LLC.
