When you are ready to get a mortgage, the American Mortgage Service Company may be just the mortgage company you are looking for. The company is a privately held family business that has been rapidly growing recently and it provides buyers with all types of mortgages.
Get Pre-Purchase Counseling
When buying a home, there are many mistakes that can be made by new buyers. These can be very costly in the long run, and can often be avoided if you have expert guidance. The American Mortgage company offers pre-purchase counseling, which can be very valuable especially for first-time home buyers. Understanding these important principles may also enable you to save thousands of dollars over the lifetime of the mortgage.
Types of Mortgages Available
You can get just about any type of mortgage you need, which gives you the flexibility to choose and come up with the ideal mortgage. Adjustable rate and fixed rate mortgages are available. If you are not planning on living in your home for a long time, an adjustable rate mortgage may be ideal because its payments are generally lower than fixed rate mortgages initially.
Besides offering mortgages to first time home buyers, the company also offers FHA (Federal Housing Administration) mortgages, VA (Veterans Administration) mortgages, USDA RD (Rural Development), Fannie Mae or Freddie Mac, and Reverse Mortgages. American Mortgage also works with housing authorities in the states of Indiana, Kentucky, Ohio, and Tennessee to help first time home buyers get the loans they need.
Get Preapproved for a Home Loan
You can also take care of the initial steps of getting a mortgage by applying for a mortgage prequalification. This step will help you to know just how large of a mortgage is possible for you to get, and it also will help you deal with the agent showing the houses and/or the seller. Both like to know that you mean business and are actually able to get the money when it comes time to go to the table for closing. A prequalification is different from preapproval, says HomeBuyingInstitute.com, in that it is more through and it will actually look at some of your financial records.
Get the Best Rates Possible
You can get better rates with a mortgage company if you have excellent credit. This enables you to get better interest rates and larger amounts of money. Be sure to check your credit report before applying for a mortgage to ensure that there isn’t anything there that would prevent you from getting the excellent deal you want. Also, if you can come up with 20 percent of the home’s value, you can avoid having to pay for Private Mortgage Insurance, which could be as much as one percent of the mortgage each year.
Refinance Your Mortgage
American Mortgage also offers refinance options to enable you to get better interest rates and lower payments. If you increase your payments after refinancing, this can help you to save many thousands of dollars and possibly pay off your mortgage faster. Otherwise it can still give you some relief by lowering your monthly mortgage payments.