A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. We are here to help you select the mortgage that is right for you, your future plans, and your financial future.
The month-by-month allocation of your monthly payment to the loan's interest and principal is called an amortization schedule. With most loans you pay more interest than principal at the begining of the loan. As you continue to pay down the loan, you will pay more and more principal and less and less interest. Your lender will provide an amortization schedule to show you how the percentage of your principal paid off increases with every payment, while the percentage of interest decreases.
Choosing the right mortgage can be difficult. Some lenders don't offer a variety of different mortgage programs, different rates, points, or fees. When you work with a mortgage broker like American Mortgage, we have access to pretty much any and every mortgage loan option and we will help you figure out what the right type of mortgage for you is. Then when you choose the type of mortgage that works the best for you, we will shop around to make sure you get the best rate and lowest costs.
Understanding the benefits of different mortgage offerings can be a complex process. We can help you figure it all out.
