FAQ

We all have unique situations and come from all walks of life. The mortgage industry knows that, which is why there are a wide variety of mortgage types so that we can help people find a way to buy a home. One of the first things you’ll want to do is figure out your budget and how much you can afford. You can start by using our mortgage calculators.

Once you know what your budget is going to look like, you will need to start looking at securing a loan. Always make sure you look at multiple options before you apply for a loan, as some mortgages may work better for your specific needs. Things to consider when applying for a mortgage:

• How much will you personally be adding to the down payment?
• What is the maximum monthly payment you can comfortably make?
• Would you like a fixed or variable mortgage payment?
• Are interest rates going up or down in your chosen area?

Luckily for you, the team at AmCap Home Loans can help talk you through your options and help you to answer any of the above questions so you won’t feel overwhelmed during this exciting time.

Your rate depends on many aspects of your life—why you want a loan, your credit score and history, your ability to repay, etc. Your loan officer can help you figure out how to get the best rate.

Private Mortgage Insurance is designed to help protect lenders in the case that a borrower defaults. If your loan is for more than 80% of the total sales price, you will have to pay PMI, in most cases. This cost will be added to your monthly mortgage payment.

Please, don’t do any of these things:

• Apply for a new credit card or auto loan.
• Change jobs.
• Skip payments on existing credit accounts.
• Start purchasing expensive items (like new furniture).