7% fixed for 61 months with a max amortization of 240 months

[Nita Martin]

Greetings!!

My name is Nita and I'm a Louisiana gal just starting my real estate investing journey with my husband.  We are hoping to purchase a mobile home park as our initial investment.  It has 8 mobile homes and a rental home included with the land, etc.  It is an amazing deal, so I won't even mention the price :) . Likewise, it is familiar territory as we were raised in mobile homes, and my aunt owns a park.  That being said, these are our loan terms: 7% fixed for 61 months with a max amortization of 240 months and a documentation fee of $500.00.  Can someone explain this to us in "starting out" terms?  We plan on refinancing for better terms within 2 years since we are purchasing with good equity.

Thanks!!