Take the hassle out of home buying and refinancing and let the experts at American Financial Services find the best mortgage brokers to work on your behalf while negotiating with mortgage lenders.
In order to secure the most competitive interest rates on your home loan, our skilled and professional mortgage brokers use a slew of well-established lenders to gather the best interest rates that fit your financial needs.
Find the Perfect Mortgage Lender with Our Mortgage Brokers
By utilizing our home mortgages services, our experts can save clients time and money by taking the due diligence to properly prepare financial documents, gather credit reports, and verify income and employment.
Along with negotiating the terms of any mortgage loan, our mortgage brokers can also collaborate with the bank and closing agent to ensure the transaction runs smoothly throughout the closing process.
Managing the home loan process efficiently takes many hours and advanced knowledge of the nuances in the contracts. Never settle for the first interest rate that comes your way and let American Financial Services secure you a low rate and affordable home mortgage loan today.
Simplifying Home Mortgage Loans
To help educate homebuyers on the home mortgage loan process, our mortgage advisors carefully guide each client through the various stages to lessen the confusion. Knowledgeable clients are then able to better understand how the basics of home mortgage lending works.
Before determining how much a borrower will pay, mortgage lenders use a variety of financial factors to calculate how much someone will be paying and the terms of repayment. The factors influencing the home mortgage approval process include:
- Debt-to-Income Ratio: The borrower's monthly debt from the mortgage is measured against their yearly income to determine how much the lender is willing to provide the borrower for a loan.
- Loan-to-Value: How much a borrower will need for the loan vs. the property's value will determine if mortgage insurance will be needed to protect against the borrower defaulting on the loan.
- Credit History: Low credit scores and large sums of debt can negatively impact the borrower's creditworthiness to help lessen the risk of the lender.
- Type of Property: The type of property a borrower is seeking and how the residence will be occupied are other factors that can affect the mortgage loan process.
- Mortgage programs: Qualifications for various mortgage programs will differ greatly based on the buyer's need for financing, amount of down-payment, or need for various loan.
Before applying for any home mortgage loan, consulting with our qualified mortgage advisors at American Financial Services can help steer you toward a more manageable and affordable home loan.
Understand the Types of Home Mortgage Loans
Knowing the finances and creditworthiness of every borrower can vary, our experts at American Financial Services are skilled and licensed to find the ideal loan for any financial situation.
From conventional home loans to rehab mortgage loans, our services are geared toward providing the buyer with the resources they need to maneuver through the variety of loan programs. The types of home loan programs available to buyers include:
- Conventional: These types of loans are not guaranteed or insured by governmental agencies like the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). The type of mortgage lender itself will determine the conventional loan rates and fees associated with a convention loan. For buyers with a proper down payment, solid credit, and a proven source of steady income, conventional loan interest rates can be significantly lower than government backed loans.
- Jumbo Mortgages: For buyers seeking to purchase a luxury home that typically ranges from $750,000 to $10 million, using a jumbo mortgage loan is a way to receive a loan that exceeds the loan limits set by government agencies. These loans have no private insurance with down payments also averaging higher than typical loans.
- Reserve Mortgage: While typically only available for older homeowners with no monthly payments, a reserve mortgage helps the borrower convert part of the value of their home into cash. This can help buyers make home improvements or pay for other expenses like a retirement fund or other mortgages.
- FHA Loan: By being insured by the Federal Housing Administration, an FHA loan is generally easier to qualify for with no credit history required for financing. First-time home buyers can also benefit from applying for an FHA loan with benefits geared toward enticing first-time purchasers.
- VA Mortgage Loan: Only U.S. military service members, veterans and spouses can qualify for a VA mortgage loan with no down payment required and a negotiable interest rate also making the loan desirable for qualified military members.
- Rehab Loan: For prospective homeowners interested in buying homes that need repairs and improvements, a rehab mortgage loan from the Federal Housing Administration can provide the funds to complete structural repairs to the home.
Knowing when to seek mortgage refinance services is also critical to ensure the borrower can consistently receive the best loan terms possible. As another option for homeowners to find better loan terms, a mortgage refinance loan can help simplify and lower your financial commitments.
With a home loan mortgage one of the biggest debts any borrower will face over their lifetime, it's vital to annually reevaluate your mortgage terms in case of any changes to your real estate portfolio. This can help consolidate debts, lower monthly payments or enroll in recently qualified mortgage programs to optimize loan benefits.
Regardless of the type of loan or refinancing options borrowers can qualify for, the mortgage advisors at American Financial Services will work to ensure each client can find the ideal loan for their financial situation.
Securing the Lowest Interest Rates Possible
A major part of the home buying process is finding the lowest interest rate available in order to ensure monthly mortgage payments are as affordable as possible. Our mortgage advisors are qualified to negotiate the lowest rate possible with lenders.
With three main interest rates available from lenders, the type of interest rates can vary from fixed to adjustable:
- Fixed Rate: By having a fixed interest rate throughout the entire loan, borrowers with fixed interest rates know the exact amount their monthly payments will be throughout the length of the loan. If interest rates rise, the borrower benefits from not having a higher interest, while a fixed rate can be detrimental if interest rates lower due to economic conditions.
- Variable Rate: A variable interest rate on home loans is not fixed and can be adjusted depending on a certain benchmark agreed upon between the borrower and lender. Borrowers who believe that rates will fall over time generally benefit from agreeing to a variable rate.
- Adjustable Rate: Also known as an ARM, an adjustable-rate mortgage allows the interest rate on the home loan to be adjusted which can cause monthly payments to either increase or decrease. While the interest rate can fluctuate periodically, an ARM typically has a lower initial rate than fixed rate loans.
In addition to a variety of rate terms, the length of the loan can also determine how much and how long you'll be paying back the mortgage loan. While most prospective home buyers debate between securing 15-year or 30-year loans, the length of home loans can vary:
- 15-year Loan: As the second most common loan term, a 15-year loan has higher monthly payments, but buyers pay off loans quicker which lowers the interest amount owed.
- 30-year Loan: As the most popular loan term, a 30-year loan is standard for loan lengths.
- 40-year Loan: While having to payback a home loan for four decades can seem daunting, the monthly payment will be lower, but borrowers will have to payback more interest over the course of the loan.
For borrowers looking to pay off their home loans even quicker than a 15-year term, mortgage loans for 10 years are available for qualified buyers. To help borrowers find the right loan length and interest rate, American Financial Services has the licensed and reliable mortgage brokers capable of simplifying the home loan process.
Get the Home Mortgage Help You Can Rely On
Tackling the home mortgage process without committed mortgage brokers can be extremely challenging for any homebuyer. At American Financial Services, our commitment to securing the best loan rates possible ensures every buyer can secure the home of their dreams at an affordable rate.
Whether your credit score needs improving, or you need loan programs to increase your down payment, our home mortgage services are crafted to handle any home mortgage situation.
Buying a home requires sound financial planning and vast knowledge of the industry in order to properly maneuver through the complicated process. Knowing the difficult challenges every buyer faces, our mortgage brokers are qualified to steer homebuyers toward loan financing options that fit their financial lifestyle.
Never settle for just any home loan and start working with the mortgage brokers at American Financial Services to simplify and lessen the hassle and costs of associated with applying for home mortgages.