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Is American Mortgage a Good Company?

When you’re looking for a reliable mortgage company, there are many different things to have in mind. One of them surely is online research, and you must have come across the name American Mortgage. So, is American Mortgage a good company?

American Mortgage is a good company considering all the amazing reviews online, prompt services, and different mortgage loan types. Choosing this lender will also allow you to take a refinancing option as well.

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Learn About the Company

Although it started small, American Mortgage has expanded into a sizable multistate lender while maintaining a laser-like concentration on its primary objective. With over 40 sites presently, the business is authorized to make loans in West Virginia, Florida, Alabama, Mississippi, Kentucky, Ohio, and even Florida. To satisfy any consumer, annual lending with mortgage products is close to $1 billion. The company’s sustained emphasis on providing top-quality service is what has led to its substantial growth over the past few years.

In order to grow its business, American Mortgage has effectively concentrated on fostering relationships with home builders, realtors, and past clients. The company’s home-buying business has regularly reached 90% or more. In terms of conventional, FHA, VA, and Guaranteed Rural Housing financing products, the company provides minimal down payment loans.

Today this company is dedicated to providing excellent customer service and being honest. As their client, you can ask them whatever you need to know about mortgages, such as whether mortgage points are tax deductible. After all, not all people are financial experts, and it’s completely OK not to know whether having a mortgage means you have a deed.

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Amazing Customer Services

Customer service is one of the most important things every company should strive for, especially when it comes to mortgage companies. Luckily, American Mortgage has always had available workers by phone or online ready to answer any question a customer had, no matter how trivial.

This also makes closing extremely easy. They are eager to help, meaning they will gladly answer all your questions, from whether you can mortgage land to figuring out whether a mortgage is revolving credit.

What Mortgage Loan Types You’ll Be Offered

In the table below, you can check all the mortgage types you can apply for at American Mortgage.

Mortgage typeBuyers requirements
FHA (Federal Housing Administration)Buyers don’t have to be first-time buyers, and there are no income restrictions or requirements. However, the loan limits will apply.
VA (Veterans Administration)Veterans may have only one VA loan, but there are no other restrictions to think about.
USDA RD (Rural Development)Buyers do not have to be first-time buyers, although there are restrictions on the property location and household income.
ConventionalCount on significant loan activity if you’re a borrower with better-than-average credit, down payments, or loans that are not eligible for FHA, USDA, or VA loans

FHA (Federal Housing Administration) Loans

The Federal Housing Administration, which is part of the Department of Housing and Urban Development, sets rules for how FHA loans must be underwritten (HUD). FHA loans allow buyers to put down as little as 3.5% and accept gifts from family members.

When purchasing or refinancing a home, FHA loans also permit funding of improvements or repairs. Mortgage insurance, which is provided by HUD, is necessary. It costs an upfront price that is often financed as well as a monthly premium that is included in the monthly mortgage payment.

VA (Veterans Administration) Loans

Veterans Administration (VA) loans are underwritten in accordance with regulations for qualifying veterans or their eligible surviving spouses. No down payment is required for qualified borrowers when using a VA loan, and there are fewer credit requirements than with other loan options. With the exception of veterans who meet the criteria for a qualifying VA-related disability, the VA insures the loan and charges a funding fee that is normally financed.

USDA RD (Rural Development) Loans

Loans for rural development are underwritten in accordance with rules established by the Rural Housing Service (RHS) inside the US Department of Agriculture (USDA). These loans, which are available for all primary residence buyers in rural areas, have softer credit requirements than other loan kinds and don’t require a down payment.

The loan is guaranteed by USDA, which charges an upfront guarantee cost that is often financed, with a monthly fee that is included in the monthly mortgage payment.

Conventional Loans

Conventional loans often adhere to regulations set forth by Government Sponsored Agencies (GSAs), Freddie Mac, and Fannie Mae but are not guaranteed or insured by USDA, FHA, or VA. Private mortgage insurance firms (thus, PMI) offer mortgage insurance when it is necessary, which is often when there is less than 20% equity or down payment in the property. The insurance can be funded, included in the loan terms, paid monthly, or paid by the lender, the seller, or both.

Refinancing With American Mortgage

Refinancing entails taking out a new loan against the property you already own, by paying an existing mortgage, just with a higher interest rate. Also, you could take a longer-term paying off and borrow money for other reasons, like financing additional purchases or costs or paying off other debts.

In many different situations refinancing makes sense, and American Mortgage can help you decide if it’s really in your best advantage to do so and, if it is, which program would be most suitable. Also, don’t hesitate to check with them whether mortgage points are closing costs and whether you can mortgage a foreclosure – in other words, is a mortgage a personal property?

So, check what you’ll get with the refinancing option at American Mortgage:

  • Lower rate – You can reduce the monthly payment and possibly save thousands of dollars in loan interest over time by refinancing the mortgage loan with lower interest rates than those of your present loan. Whether this is actually in your best interests will also depend on the associated expenditures, how long you plan to stay in the house, and other aspects.
  • Shorter term – Perhaps reducing the length of your loan is another option for refinancing your mortgage. When interest rates are lower than those on your current loan, taking out a new, shorter-term loan could have a minor impact on your monthly payment, save you hundreds of dollars in interest over time, and speed up the process of building equity in your house.
  • Accessing equity – Utilizing the equity in your house to pay off other debt, make large investments or purchases, or for other personal purposes is another reason you would refinance your home. If paying off your property is your objective, this can be a smart strategy, but it also increases the amount of debt you have against it, your monthly payment, and the amount of time it will take to do it. American Mortgage can help you pick the loan that is best suited to your needs.

So, Is American Mortgage a Good Company?

American Mortgage is a good company that can offer you minimal down payment loans, a variety of loan types, and refinancing plans. Add the fact you’ll be guided from the start until the end by skilled agents that will be at your disposal 24/7, and there’s no reason why you shouldn’t pick it as your lender if their offer aligns with your needs.