I want to own my own home, but I am not sure I can afford it. Where do I start?

Why should I choose a mortgage company vs. a Bank?

Why should I choose a Mortgage Lender vs a Mortgage Broker.

How will my credit history affect my ability to get a mortgage?

How long will it take for my application to be pre-approved?

How do I know which type of mortgage is best for me?

When is it a good time to consider refinancing my existing mortgage?

What does my mortgage payment include?

What is an escrow account?

How much will I need for the down payment?

Should I get pre-approved for a new loan?

Should I get pre-approved for a new loan if I am an existing homeowner and deciding to build a new house?

Q:

I want to own my own home, but I'm not sure I can afford it. Where do I start? - Top -

A:

The easiest and quickest way to start is by contacting a Home Loan Specialist at America's Home Loans who will help you determine what will fit your budget.  In today's mortgage industry there are so many ways of doing this that you really need to consult with one of our Home Loan Specialists to discover what your short and long term goals are in order to match one of many loan products to your needs.  There are literally hundreds of ways to structure loans today.

Q

Why should I choose a mortgage company vs. a Bank? - Top -

A

Mortgage companies specialize only in mortgage lending offering more out-of-the-box programs extending far and beyond traditional bank guidelines.  Mortgage companies such as America's Home Loans are dedicated to the client and his goals offering flexibility for the 'hard to fit' borrower and do not cross-sell other bank products or require certain account options.

   Why should I choose a Direct Mortgage Lender like America's Home Loans     vs a Mortgage Broker? - Top -

 A Direct Mortgage Lender has achieved a higher standard based on the experience of its employees, systems in place for quality control, underwriting, closing, funding, shipping, etc., as well as worthiness due to a higher net worth requirements of the company.  To our clients and Realtors this means quicker approvals, closings, and no more dry-closings as the funds are those of America's Home Loans.  We are the lender not just a broker.

Q

How much will my credit history affect my ability to get a mortgage? - Top -

A

Your credit is just one of several criteria that will determine your ability to obtain a mortgage. The most important thing is to learn what is on your credit report, determine the impact that information has on your credit rating, and work to repair your credit if there are issues.  America's Home Loans has loan products for all credit borrowers, from the very best credit to the bruised credit, and those with a recently discharged bankruptcy.

Q

How long will it take for my application to be pre-approved? - Top -

A

Depending on the loan program that best fits for you the typical turnaround time for pre-approval is 1-24 hours (Monday-Friday). This may vary depending on individual circumstances.

Q

How do I know which type of mortgage is best for me? - Top -

A

The right type of mortgage for you depends on many different factors: your current financial picture; how you expect your finances to change, how long you intend to keep your home; etc. A Home Loan Specialist at America's Home Loans will weigh these issues and make recommendations.

Q

When is it a good time to consider refinancing my existing mortgage? - Top -

A

This is an individual decision based on your personal financial goals. It depends on whether you want to reduce your monthly payment; reduce the term of your loan; take cash from the equity in your home for home improvements, second home, education, etc.; consolidate debt such as high interest credit card debt; and how long you plan to stay in your home, etc.  America's Home Loans will review your goals with you and advise you on the best solution.

Q

What does my mortgage payment include? - Top -

A

For most homeowners, the monthly mortgage payment includes the principal and interest on the loan and payments into an escrow account that the lender maintains to pay your hazard insurance and property taxes when the come due annually.

Q

What is an escrow account? - Top -

A

Escrow accounts are special accounts set up by the lender in which money is held to pay for property taxes, fire and hazard insurance premiums, mortgage insurance premiums and other escrow items.  Your monthly payment includes 1/12 of the anticipated annual amount.

Q

How much will I need for a down payment? - Top -

A

Generally down payments are three, five, ten, fifteen, or twenty percent. However, America's Home Loans has programs that require as little as zero down or the use of gift funds.

Q

Should I get pre-approved for a home loan? - Top -

A

Yes, before you start shopping for a home. America's Home Loans can pre-approve your loan before you find a house. This allows you and your Realtor to look at homes you know you can afford and demonstrates your seriousness as a buyer when your offer is presented to the seller.

Q

Should I get pre-approved for a new loan if I am an existing homeowner and deciding to build a new house? - Top -

A

Yes, many times a contractor will require that you are pre-approved for permanent financing before construction can begin on your new home. It is also a good idea to review your credit report early in the process.