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Did You Know?

Adjustable Rate vs Fixed Rate

Adjustable Rate Mortgage (ARM) loans are typically available at a lower rate than fixed rate loans because the rate will be adjusted at predetermined intervals over the life of the loan.

An ARM may be a good choice if you do not intend to be in a home for several years or if you believe rates will not be rising soon or if you anticipate a significant financial event in the relative short term. We can assist you in determining if an ARM loan is best for your circumstances.

Refinancing

Why Refinance?

Refinancing means obtaining a new loan against a property you already own, paying off an existing mortgage which has a higher interest rate or longer term, or to borrow for other purposes as you may desire, such as paying off other obligations or financing other purchases or expenses, etc.

Your home is typically the most valuable asset you own and your loan payment your largest monthly obligation. Making sure that you have the best loan possible is an important financial decision.

There are various scenarios where refinancing may make sense and we assist with determining whether refinancing is truly in your best interest and selecting the most appropriate program if so.

Lower Rate

By refinancing your mortgage loan when interest rates are lower than that of your current loan, you can lower your monthly payment and potentially save thousands in loan interest over time. Whether this is truly in your best interest will also depend on costs involved, your anticipated time to remain in the home and other factors. Your loan originator will work with you to understand your needs and goals and help you determine what's best for you. 

Shorter Term

Another alternative for refinancing your mortgage loan may be perhaps to shorten your loan term. When rates are lower than that of your current loan, a new loan with a shorter term may have a minimal affect on your monthly payment, potentially save thousands in loan interest over time and allow you to build equity in your home more quickly as you’re paying it down and off sooner.

Accessing Equity

Another potential reason for refinancing your home might be to utilize equity in your home to consolidate other debt, make other major purchases or investments, or other personal uses. This can be a wise approach but also increases the debt against your home and your monthly payment and the time required to pay off your home, if this is your goal. We can assist you in analyzing what is in your best interest and in selecting the most appropriate loan for your situation.

Types of Mortgages

With American Mortgage, we work with you to identify the best loan for your personal circumstances. Our experienced advisers will assist you by listening to you and learning about your current and future plans and helping you to select the loan that is best for you. Current mortgage options include:

 

Working With a Team Member?

Already in contact with one of our Mortgage Loan OriginatorsClick here and enter a portion of their name in the search box, to go directly to their information or to complete an online application. If you have not been in contact with someone, please complete the form below, and we will have a licensed Mortgage Loan Orginator contact you.

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