American Mortgage Guide
American Mortgage Guide provides information on types of loans available, different kinds of lenders, various mortgage programs, their loan characteristics, loan terms, down payments and Closing Costs for customers with a variety of backgrounds and needs.
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jumbo mortgages and refinancing for luxury homes and home equity loan
self-employed no income check loans
a second home or investment property
land and construction loans
debt consolidation and those with bad credit
home equity loans for home improvements or financing a college education
Understanding Loan to-Value Ratio
Prequalification for your loan
Buy-Downs/Discount Points
American Mortgage Guide will help you track your mortgage company to get the rate which is most impressive to suit your pocket and needs. The information provided by the guide will not waste your time looking for houses or business premises that are out of your mortgage qualification price range. Besides being a waste of time, there is nothing more frustrating or heart breaking than to find out that the asking price on it is way above the amount the mortgage company will loan to you. This guide updates you with the latest in mortgage so that when you meet with the mortgage Company through your broker or directly you have some information with you before taking final decision.
Types of American Home Mortgage
a. Fixed Rate Mortgage:
According to most home buyers fixed rate mortgage is best because mortgage rates are so low. It is possible to get a lower rate with an adjustable second mortgage, a fixed rate mortgage give you guarantee of low rate for the life of the loan. Since the American Home Mortgage rate not goes to up, the best thing for the homeowners is secure the best fixed rate mortgage they can find.
b. Adjustable Rate Mortgage (ARM)
In many ways an adjustable-rate mortgage differs from a fixed-rate mortgage in American Home Mortgage. In a fixed rate mortgage, the interest rate remains the same during the life of the loan whereas in ARM, the interest rate changes periodically in relation to an index and payments may go up or down accordingly.
c. Balloon mortgage
In some respects, a balloon loan is very similar to a 30-year fixed rate mortgage. The calculation method of payments is also exactly the same. In both cases, payment of the loan is the amount required to pay off the mortgage in full over 30 years. The difference in both is that after a specified period, generally 5 or 7 years, the outstanding balance (the "balloon") has to be repaid in full.