Refinancing and Purchase Loan Options

Refinancing and Purchase Loan Options

Whether you're a new home buyer looking for a first time mortgage or needing to refinance your current home mortgage, there are hundreds of types of mortgage loans and refinancing mortgage loan options available, each with their own qualifications and terms. Luckily, you don't have to face it alone. At American Mortgage, we understand that there is no one size fits all solution to home financing. Our experienced mortgage experts will work with you to find the best types of mortgages for your individual needs. For those buying a home, we offer fast pre-approvals and fast on-time closings to make your loan as simple and easy as possible.

Fixed Rate Mortgages

With a Fixed Rate Loan, your interest rate and monthly principal and interest payment will remain the same even if mortgage rates increase. This loan is the most popular home loan because it offers the security of knowing exactly what your mortgage expenses will be for the entire length of the loan. We provide a wide range of options from 30 Year Fixed Rate Loans down to 10 Year Fixed Rate Loans and everything in between.

Conventional Mortgages
A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as FHA, VA, or USDA)  Conventional loans can be conforming or non-conforming loans.      Fannie Mae and Freddie Mac are some of the most common sources for conventional mortgage financing in the United States. 

FHA Mortgages

These are similar to conventional mortgages, but are federally insured by the Federal Housing Administration (FHA).  FHA mortgages typically offer lower down payment options, allow for lower credit scores or more challenged credit, and are more lenient with Debt to Income Ratio limits when compared to the standard Conventional Mortgage.

Home Improvement / Renovation Mortgages

Finance alterations, remodeling or structural improvements with one of our Home Improvement / Renovations Loans. These loans allow your mortgage balance to exceed the purchase price or appraised value of the home, so you can take out extra money for upgrades or repairs.

Jumbo Mortgage

Conventional loans are often not enough to cover the financing for high-priced luxury homes. A Jumbo mortgage allows you to purchase and finance more than what the standard conventional loan limits are.   Conventional loan limits change every year, give us a call for the current up to date loan limits.  

Reverse Mortgage

Seniors aged 62 and over are able to convert the equity in their homes to monthly income, a line of credit, or cash out. Reverse Mortgages can also be used to purchase a home.

VA Mortgage

VA loans are for active duty military personnel, veterans, and in some cases eligible veteran spouses or heirs can qualify for  mortgages that are federally insured by the United States Department of Veterans Affairs.  VA mortgages allow for 100% financing with no money down, typically lower rates, and often are more lenient with credit and Debt to income ratio limits.