Did You Know?

What is Private Mortgage Insurance (PMI)?

Mortgage insurance protects the lender against loss in the event that the borrower defaults. The borrower pays the premium, but the lender receives the protection. Private mortgage insurance (PMI) is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80% LTV of their new home's value. In other words, buyers with less than a 20% down payment are normally required to pay for private mortgage insurance.

PMI, used in protecting a lender against loss if a borrower defaults on a loan, in effect helps borrowers by enabling those with less cash to have greater access to homeownership. With this type of insurance, it is possible for you to buy a home with as little as a 3 percent to 5 percent down payment.

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What Our Clients Are Saying

“My American Mortgage Loan Originator gave clear answers night or day to my questions. He dealt with the real estate agents to resolve issues.”

Stephanies Ann Whitaker 


 “They did so much to help me. Not only was the closing process quick and easy and painless as far as all the paperwork I had to sign, my Loan Originator really went above and beyond; as many issues as I had trying to get this house and the problems that kept arising with the other realtor, my Loan Originator didn’t just give up and say ‘Oh well, looks like there is nothing more we can do.’ She bent over backwards to help me get in this house.”

Tracy M. Pierce


“They were really good at keeping me informed during the whole process. I don’t think I would have received the same support if he had gone through any other company.” 
 
Gerald L. Robinson


"She did a lot of things different than other companies. She told me how the process was going to go right from the beginning. I felt like she was on my team. She was honest."

Anthony Wilson


 "My Loan Originator didn’t judge me based on past credit history. I just wanted to determine if this loan was really something feasible and affordable for me. I expected the process was typical of all lenders. Information was posted online so that I could see it."
 
Dustin P. Doherty


"The interaction was good when I first started dealing with my American Mortgage Loan Originator.  That was a positive right off the bat. He was always available to take calls."

Andrew Johnson


"I was surprised that my American Mortgage Loan Originiator responded to our emails over the weekend within an hour."

Joseph Michael Hamilton


 "It was pretty straightforward and easy. She took most of the information over the phone.”

Danell T. Cordray



Your Experience?
We would like to have feedback related to your mortgage loan experience with American Mortgage Service Company. Feel free to share your comments related to the mortgage process or your loan originator.  We appreciate your input.