Q. Why should we refinance with American Mortgage and Financial Services, Inc.?
A. A ten year track record of impeccable customer services (check us out with the Better Business Bureau), access to hundreds of different loan programs and a professional & dedicated staff makes American Mortgage the right choice.
Q. When should I refinance?
A. You should refinance for any of the following reasons:
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lower your interest rate - By lowering your interest rate you can lower your monthly payment and save thousands of dollars in interest. |
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Reduce the term of your mortgage- Loan terms are available from 5 to 30 years. By lowering your term, you erase years and thousands of dollars in interest charges. |
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Consolidate your bills - By putting all of your payments into one lower rate rate mortgage, you can save hundreds of dollars each month on your payments and thousands in interest. |
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To get cash you need for any reason - home improvement, bill consolidation, education, or any reason at all. |
Q. Should I get pre-approved before I start shopping for a new home?
In Many cases, a realtor will want to see a pre-approval letter prior to showing you homes. Getting a pre-approval letter is quick and easy. We can take information from you over the phone, and in most cases have a pre-approval letter to you the same day!!
Q. How long does it typically take from date of application to date of closing?
A. In most cases, we can have you in a closing within 3 weeks of initial loan application.
Q. What do you mean by "no out of pocket" expenses?
A. This means that you do not pay any fees up front. You do not write a check for anything - no upfront appraisal fee, no upfront application fee. All closing costs are built right into the loan.
Q. What is PMI?
A. PMI stands for Private Mortgage Insurance. This is charged on loans when the amount of the loan is more than 80% of the value of the home. This charge can vary depending on credit and the equity level that you will be at after your refinance or purchase. Not all loans require PMI though. Ask your loan officer about the benefits of a no PMI loan for your particular situation.
Q. When will my first payment be due?
A. Typically, your first payment will be due on the 1st of the month. It will not be due for the upcoming month, but the month after that. Example - You close your loan on October 15th. Your first payment will be due on December 1st.
Q. Do I have to escrow (include in my payment) my taxes and insurance?
A. In most cases, you have to escrow your taxes and insurance if your loan amount is over 80% of the value of the home. There are some programs that do not require escrows at all. Ask your loan officer for more information regarding your particular situation.
Q. What do I do if I have any other questions about a refinance, home purchase, 2nd mortgage or home equity line of credit?
A. Call American Mortgage and Financial Services, Inc. at 1-800-216-8602 and ask for a loan officer. They will be able to help you with any questions that you may have.
We offer a variety of loan programs which will allow
you to choose the financing options that suit your needs.
| Stop shopping around for the right mortgage company.
At American Mortgage and Financial Services, Inc., we are committed to
helping you meet your financial needs with no hassles and no false
promises. We offer 24 hour pre-approvals. Our fast, professional and dedicated loan officers are waiting to help you. Complete and submit our convenient online application right away, or contact us at 1-800-216-8602. |
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American Mortgage and Financial Services, Inc. 1580 N. Northwest Highway #305 Park Ridge, IL 60068 |
Phone: (847) 297-1010 Toll Free: (800) 216-8602 Fax: (847) 297-1017 |
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