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Purchase Mortgage

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Refinance Mortgage

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What is a purchase money mortgage? the simplest definition describes purchase money mortgage as a home loan used to buy a property

Refinance

Cash out Refinance

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What is a purchase money mortgage? the simplest definition describes purchase money mortgage as a home loan used to buy a property

Cash out

current rates

As of Feb 11, 2016

Rate
APR

 

conv. 30 year fixed

3.50%
3.625%

 

conv. 20 year fixed

3.375%
3.50%

 

conv. 15 year fixed

2.75%
2.875%

 

conv. 10 year fixed

2.50%
2.60%

 

FHA 30 year fixed

3.00%
4.290%

Loan

Welcome to the Loan Center! Are you looking to buy a home? Here you can use our online tools to learn more about home loans and find the best loan options to suit your needs and goals. You can explore our site without any obligation or disclosure of personal information, or if you want, you can even begin the application process online!

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.

A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.

The term ?mortgage? is often used in the same breath as a ?mortgage loan.? A mortgage company can be defined as a company specializing in offering mortgage services such as free mortgage quotes, calculators and guides and unmatched customer services such as instant approval of mortgage loan applications.

Mortgage is technically defined as a method of using personal or real property as a security for paying off a debt. A mortgage is generally secured against a commercial or residential property where the initial cost of the property is quite hard to bear. In this context, a mortgage loan is a loan obtained for acquiring a plot or residence. Mortgage loans are generally lower priced than other loans as value of the property reduces the risk for the loan provider. In other words, a mortgage loan is secured against the property intended to be bought on the part by the borrower.

Mortgage loans are structured as long term loans based on the formula of time value of money. The loan amortization period or the rate of mortgages can be reduced by availing of mortgage refinancing options offered by all leading mortgage companies.

Mortgage companies can offer both FRM (Fixed Rate Mortgage) and ARM (Adjusted Rate Mortgage) schemes to borrowers. While ARM means that the mortgage rates will not remain the same over the tenure of the loan, interest rates will usually remain stable in case of FRM. Besides, there are several mortgage companies offering loans which entail a bullet payment or a lump sum payment on the amount of the loan otherwise offering reasonable interest rates.

Mortgage companies offer the best quality of customer services such as refinancing at a lower mortgage rate, getting a new home mortgage or a home equity loan or second mortgage. As previously mentioned mortgage companies offer a mortgage refinance calculator, which can calculate the refinance rate that you can avail depending on your past refinance circumstances, the property you want to buy and whether it has a good possibility of appreciating in value over time, its location and above all, your credit rating. Mortgage companies do not want to offer high risk borrowers loans even if they exhibit sufficient liquidity in recent times.

The key features of mortgage companies can thus be summarized as debt consolidation service, home equity loans, latest mortgage quotes, real estate lending, new home loans and mortgage refinancing. Most importantly, free online loan application facilities giving instant approval can boost the popularity of the mortgage company a great deal.

AMA Mortgage Corporation offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide the best solutions for your needs.

  • Adjustable and Fixed Rate Mortgages
  • Purchases, Rate/Term and Cash-Out Refinancing
  • Cooperative Financing Eligible
  • Jumbo Mortgages
  • First-Time Home Buyers - Low Down Payment Programs
  • Vacation/2nd Home and Investment Property Programs
  • Special Products for the Self-Employed and Foreign Nationals
  • No Income Programs
  • Commercial Loans

 

amamortgage.com Blog

Super User . 24 July 2014
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"I cannot express the knowledgeable, patient and courteous manner in which Carlos Lopez guided us through the process of refinancing our home. Ours was a difficult situation, however, Carlos never..."
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