American Equity Mortgage

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American Equity Mortgage

Introduction

American Equity Mortgage (AEM) is one of the leading mortgage companies in the nation. They specialize in all types of home related loans including first time loans, refinancing options, bill consolidation and equity lines of credit. AEM has the ability to work with all types of applications including those with less than perfect credit.

AEM has offices located throughout the country where you can apply for a loan or you can apply directly online. Visiting their website will allow you to find a close location to apply at if you do not feel comfortable applying over the Internet.

Mortgage Rates

AEM offers competitive loan rates based on your qualifying factors. Loan amount, type of loan and credit scores are all considered when deciding the mortgage rates. People that qualify for an FHA loan, which provides mortgage insurance, generally have lower interest rates than those who do not carry insured mortgages. Some types of loans, like interest only or adjustable rate, have lower interest rates at the beginning of the loan. However, both of these loan types will increase after the initial period is over.

Refinance

AEM provides borrowers with two options for refinancing. First, they can replace their current mortgage with a new home loan with more desirable terms, such as a lower interest rate or a shorter payoff period, for paying off the remainder of the loan.

Second, borrowers may opt for a cash-out refinance that allows them to borrow against their home equity as part of refinancing their home. This option can be used to obtain cash for home repairs or other major expenses, or for debt consolidation.

Refinancing can serve many purposes. Borrowers may be able to lower their monthly payments, convert an ARM to a fixed-rate mortgage, obtain funds for major expenditures on favorable terms, pay off other debt or roll a higher interest second mortgage or home equity loan into a single primary mortgage at a lower rate.

Refinancing rates are based on the same qualifications as a first mortgage. Loan amount, property value and credit will all be used to determine the loan rate.