FAQ's

Q. Do I have to meet in your office?

A. NO! It is possible to complete the loan process without attending a meeting in our office. In fact a good number of our customers complete the entire process via email, fax , mail and telephone.

Q. How large of a mortgage will I qualify for?

A. That depends upon your income and the cost of your new house. Lenders use certain guidelines to determine the mortgage amount that they will lend any one home buyer. The two guidelines used are housing expenses and long term debt. Lenders generally say that housing expenses (including mortgage payments, insurance, taxes and special assessments) should not exceed 25 percent to 28 percent of the homeowner's gross monthly income.

Q. How much of a down payment will I need?

A. You can purchase a home with as little as 5% down payment and there are special cases where 3% down is sufficient. If you are a veteran you may qualify for a VA Loan with no money down. Except for VA or other special programs} if your down payment is less than 20% of the purchase price, Private Insurance (PMI).

Q. What is Private Mortage Insurance?

A. Mortgage insurance that is provided by a private mortgage insurance company to protect mortgage lenders against financial loss if a borrower defaults. The mortgage insurance premium depends on theloan-to-value ratio. It is 4-tiered: 80.01%-85.00%, 85.01% to 90.00%, 90.01% to 95.00% and 95.01% to 100% each step costing more.

Q. I have additional questions that are not listed here, how can I get answers to those?

A. Just ask us! For your convenience we are available in a variety of ways. You may send us email info@ambestmtg.com, call our toll free number (800) 713-8189., You can also simply submit your application online, and we will contact you directly to answer all questions, and get the process started for you!