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Frequently Asked Questions

  • When should I refinance?

    Refinancing makes sense if the monthly savings is positive or you want to take cash out. We will give you the options available for any scenario.

  • What is an APR?

    The annual percentage rate (APR) is an interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage because it takes into account points and other credit costs. The APR allows homebuyers to compare different types of mortgages based on the annual cost for each loan. The APR is designed to measure the "true cost of a loan." It creates a level playing field for lenders. It prevents lenders from advertising a low rate and hiding fees.


    The APR does not affect your monthly payments. Your monthly payments are strictly a function of the interest rate and the length of the loan.


    Because APR calculations are affected by the various different fees charged by lenders, a loan with a lower APR is not necessarily a better rate. The best way to compare loans is to ask lenders to provide you with a good-faith estimate of their costs on the same type of program (e.g. 30-year fixed) at the same interest rate. You can then delete the fees that are independent of the loan such as homeowners insurance, title fees, escrow fees, attorney fees, etc. Now add up all the loan fees. The lender that has lower loan fees has a cheaper loan than the lender with higher loan fees.


    The following fees are generally included in the APR:


    Points - both discount points and origination points

    Pre-paid interest. The interest is paid from the date the loan closes to the end of the month.

    Loan-processing fee

    Underwriting fee

    Document-preparation fee

    Private mortgage-insurance

    Escrow fee

    The following fees are normally not included in the APR:


    Title or abstract fee

    Borrower Attorney fee

    Home-inspection fees

    Recording fee

    Transfer taxes

    Credit report

    Appraisal fee

  • Why choose Amortgage.com?

    36 years experience - One application -  Nationwide access to multiple lending sources including Jumbo, Conforming, Portfolio, Construction, Fannie Mae, Freddie Mac, Jumbo, Conforming, FHA, VA, USDA, DSCR, Alternative Documentation.

Mortgage Lender

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