Loan Programs

. 30 year fixed
. 15 year fixed
. 1 year ARM
. 6 month ARM
. 1 month ARM

Advantages

. Monthly payments are fixed
. Interest rate does not change
. Protected if rates go up
. Can refinance if rates go down

Disadvantages

. Higher interest rate
. Higher mortgage payments
. Rate does not drop if interest rates improve

Balloon Mortgages

Balloon loans are short term mortgages that have some features of a fixed rate mortgage. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Balloon loans can have many types of maturities, but most balloons that are first mortgages have a term of 5 to 7 years.

First Time Buyer Programs

1. Contact a local real estate mortgage broker and ask about programs it offers for the first-time home buyer.
 
2. Look under your phone directory's county listings for the housing department. If there are any publicly funded programs, this would be the place to find them.
 
3. Check with your employer. If you are a teacher, police officer or member of a large labor organization, you may have access to special programs. Ask your personnel or employee relations department.
 
4. Look into the online mortgage companies. Some have programs for first-time buyers.
 
5. Determine which programs you qualify for based on your income and other prerequisites.
 
6. Decide which program best fits your financial needs.
 
7. Provide the required documentation to complete the loan process.

Stated Income Mortgage Loan

Stated Income Mortgages are the most commonly used and least expensive product in the reduced or no documentation suite of programs. A Stated Income Mortgage Loan is often the perfect choice if you have verifiable employment (self employment is fine) and assets. Income that is stated on the application must be reasonable in terms of your occupation and assets 
The Stated Income Mortgage is the least expensive reduced documentation product if it works for you. If not, a No Ratio or true No Doc mortgage but may be a better choice. The point is, with decent credit, I can guide you to the least expensive program which will work in your specific situation.

No point, No fee Programs

Our years of experience in the loan business had provided us the insight to realize that most borrowers who paid points and fees very rarely realized the benefits of those dollars spent.
Thus, we have found that the best mortgage for consumers is the No Point, No Fee, No Out Of Pocket Expense loan program.
With the goal of developing the most simple and least expensive home loan product available, we moved forward to revolutionize the loan business.

Imperfect Credit Programs

Need to refinance for debt consolidation, home improvement, lower payments or extra cash? Even if you have you recently completed a Chapter 7 or Chapter 13 bankruptcy, American Mortgage Specialists will be able to help you refinance, often with low rates, interest-only payments, favorable terms and no private mortgage insurance. The result? You get more bang from your same budget.

Home Equity Line of Credit

Using a credit line to borrow against the equity in your home has become a popular source of consumer credit. And lenders are offering these home equity credit lines in a variety of ways.
You will find most loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time upfront fees, others have closing costs, and some have continuing costs, such as annual fees. You can find loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments.
No one loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs.