About the Mortgage Business

When you are ready to shop for an American Home Loans Phoenix Arizona you have two types of mortgage stores to shop - Direct Lenders and Mortgage Brokers.

Direct Lenders have the money to lend. For instance Wells Fargo is a Direct Lender. They decide if you are accepted.  Brokers are middle men who, like you, have many Lenders from which to choose. Lenders have a limited number of in-house loans available. Brokers can shop many Lenders and their store of loans. And they have access to most Lenders current rates.

Once our company receives your application we will shop for the best mortgage broker for you who will in turn shop for the best Lender.  And since Lender's rates vary drastically, you will have the most options and will in turn receive the lowest rate.  Most mortgage shoppers here find this is the lowest rate they could find with the best terms.  And typically loan costs are also lower than what they would have gotten elsewhere.

American Home Loans Phoenix Arizona Programs

For every individual situation there is a beneficial program that will complement them. Depending on the reasons for refinance and future financial plans, these will determine the program that you will choose. The best thing to do is to go over your mortgage options with a loan officer.

Adjustable Products are mortgage loans in which the interest rate and payment amount fluctuate during the life of the loan. The interest rate and payment may adjust every six months. Adjustable programs are fixed for a certain period, most commonly 1, 2 or 3 years. Every program has its own safeguards built into the mortgage. The most common safeguard discloses that the interest rate can never go up or down by more than 1.5% every six months, and the interest rate will be capped at a pre-disclosed rate. The interest rate for adjustable rate mortgages are determined by the Index. The Index is the average of interbank-offered rates for six month US dollar denominated deposits in the London market (LIBOR), as published in The Wall Street Journal Six Month LIBOR Rate.

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