Tailored Mortgage Solutions in [state]
At American Financial Network, we’re more than just a mortgage broker – we’re your trusted partner in achieving homeownership. With an in-depth understanding of the [state] market and a commitment to personalized service, we’re here to guide you every step of the way to find the right mortgage solution for your needs.
Mortgage Advising
Navigating the mortgage process can be tricky. Vickie Lasher and our experienced team of mortgage lenders in [state] at American Financial Network, Inc., we’ll make sure it’s smooth and stress-free from start to finish.
First-Time Homebuyer
Choosing the right loan program is crucial to achieving your homeownership dreams. At American Financial Network, Inc., we offer a variety of first-time homebuyer loans in [state].
Home Renovation
Mortgage Refinancing
Choosing the right refinancing option is crucial to achieving your financial goals. At American Financial Network, Inc., we offer a variety of options designed to fit your specific needs
Adjustable Rate Mortgage
An ARM is a mortgage with an interest rate that may vary over the term of the loan — usually in response to changes in the prime rate or Treasury Bill rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates.
Choosing an ARM is a good idea when:
- Interest rates are going down
- You intend to keep your home less than 5 years
ARMs have the following distinguishing features
Hard Money Lenders
Hard Money Loans do not meet the credit requirements of Fannie Mae and Freddie Mac. They are known as B, C and D paper loans. Loan applicants who meet with hard money lenders in [state] typically have a bad credit history, have filed for bankruptcy, or have had a property in foreclosure.
Hard Money Loans are often issued as temporary loans until the applicant can restore credit and qualify for conforming “A” loans. Interest rates on B/C Loans are generally higher than for conforming “A” loans.
Conforming Loans
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.
Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market – effectively decreasing the demand for non-conforming loans.
Conforming Loan Limits:
- Limits change every year from region to region. I am able to do Home Loans throughout the United States Sso simply contact me for the latest changes.
Conventional Mortgage Loans
Conventional loans are mortgage loans offered by non-government sponsored lenders.
These loan types include:
- Fixed Rate Loans
- Adjustable Rate Loans (ARMs)
- Jumbo / Construction Loans
- Reverse Mortgage
FHA Lenders
FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development. FHA loans are an attractive option, especially for first-time homeowners.
FHA Loans:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
Fixed Rate Mortgage Loans
With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
Jumbo Mortgage Loans
Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes.
USDA Loans
The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence.
USDA Loans are an attractive option because:
- Minimal closing cost
- Low or no down payment
USDA loans can be used toward the purchase and renovation of a previously owned home or a new construction. Families must be able to pay their monthly mortgage, homeowner’s insurance and property taxes.
VA Mortgage Loans
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here’s how it works:
- 100% financing without private mortgage insurance or 20% second mortgage.
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
Estimate Your Monthly Payments
Understanding your potential mortgage payments is a crucial step in the home-buying process. Our easy-to-use Mortgage Calculator helps you estimate your monthly payments, so you can plan your finances with confidence. Simply enter your loan details and let our calculator do the rest.
