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Purchase Mortgage

A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction.

Purchase Mortgage

Refinance Mortgage

What is a purchase money mortgage? the simplest definition describes purchase money mortgage as a home loan used to buy a property

Refinance Mortgage

Cash Out Refinance

What is a purchase money mortgage? the simplest definition describes purchase money mortgage as a home loan used to buy a property

Cash Out Refinance

Current Rates

Current mortgage rates listed below assume a few basic things about you, including, you have very good credit (a FICO credit score of 740+)

Current Rates

Mortgage Process

In the United States mortgage loans are issued by both banks and non-bank loan companies. These companies make money primarily by charging the consumer a rate of interest on the total outstanding amount of the loan. They also charge application fees that can range from a few hundred dollars to several thousand. Finally, a lender may require a borrower to pay points before issuing a mortgage. A point is equal to 1% of the total loan amount.

Fico Score Ranges and Interest Rates

Mortgage loans are typically much larger than most other types of personal loans. As a result, the screening process to determine borrowers’ eligibility is more rigorous, at least in theory. Banks try to make loans, to borrowers who have high likelihood of paying back the loan, or at the very least try to price the loan at an APR that is high enough to account for any additional risk that they would be taking on by lending to unqualified buyers. Banks judge potential borrowers based on several criteria.

Why Our Customers Love Us

  • "I cannot express the knowledgeable, patient and courteous manner in which Carlos Lopez guided us through the process of refinancing our home. Ours was a difficult situation, however, Carlos never..."

    -- Albert

    "We felt like everyone we dealt with through AMA Mortgage went above and beyond to provide accurate details regarding our loan and kept great contact with us."

    -- Ronnie
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Phone:

Office : 732-632-8777
Mobile : 732-925-2229
Fax: 732-453-6169

Location

45 Brant Ave. Unit #6
Clark, NJ 07066

 

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