Clayton-based Gershman Mortgage introduces new hybrid adjustable rate

St. Louis Daily Record & St. Louis Countian, Jan 30, 2004 by staff

The new year marked a couple of changes at Gershman Mortgage. The Clayton-based mortgage company recently announced the launch of its new Web site, www.gershman.com, and the introduction of the Department of Veterans Affairs' new Hybrid Adjustable Rate Mortgage (Hybrid ARM).

This is the first time the Department of Veterans Affairs has offered an ARM. Until now, the agency had guaranteed only 30-year fixed-rate loans. The new Hybrid ARM allows veterans to take advantage of both the benefits of a VA loan and the flexibility associated with an adjustable rate-mortgage and is available for purchase, cash-out refinance and streamline mortgages.

Gershman designed its new Web site as a tool for homebuyers in the St. Louis metro region and beyond. Some of the site's features include:

* current interest rates and a rate search feature that enables users to compare loans;

* a secure online application that allows borrowers to apply online for a mortgage;

* advanced mortgage calculators that allow users to determine monthly payments and refinancing costs, weigh the benefits of buying over renting, figure home affordability and pre-qualify themselves;

* user-friendly guides to home buying and refinancing;

* background information on different types of loans;

* tips for buying and selling a home; and

* a daily news feed from Inman News Features with the latest industry news.

The site also features a first-time homebuyers section, which provides answers to frequently asked questions, a glossary of mortgage terms, links to other online resources and printable checklists buyers can use during the home-hunting process.