Discover the Simpler Way to Purchasing a Home with a Loan from American Financing.

Interest rates stay the same for the term of the loan. Constant monthly payments for the life of the loan. Security against rising interest rates. Fixed-rate loans are a good refinance option when rates are low.

Adjustable Rate Mortgage (ARM)

Offers a lower initial rate then a fixed-rate mortgage Initial rate is fixed for an introductory period After, the fixed introductory period, the interest rate adjusts episodically based on market conditions. ARMs are a good choice during periods of low interest rates.

Interest-Only Mortgage Loans

You pay only the interest on the mortgage in monthly payments for a fixed term (generally five to seven years). At the end of that term: you can pay the lump sum balance, refinance, or start paying off the principal.

Conforming Loans

Mortgage loan amount eligible for purchase by either Fannie Mae or Freddie Mac Limits are reviewed annually, if needed be, limits are changed to reflect changes in national mean price for single family homes. Limits based on the October-to-October changes in mean home price.

Jumbo Loans

Mortgage loan amount above the limits of Freddie Mac and Fannie Mae Commonly known as non-conforming loans Usually subject to an interest rate pricing premium and certain underwriting restrictions

Second Mortgage

Mortgage loan taken out after the first mortgage Second mortgage loan is secured against the same asset as the first mortgage loan Mortgage loan is based on the amount of equity or ownership interest you have in your home Commonly used for debt consolidation, paying for college tuition, major purchases, home improvements, and other purposes

Subprime Mortgages

Mortgage loans available to consumers who do not meet prime financing criteria. Failure to meet the criteria for prime financing is due mainly to low credit scores. Usually the mortgage loan is accompanied with a higher interest rate than prime financed mortgage

Hybrid Mortgage Loans

Hybrid mortgage loans are a combination of fixed rate and ARM loans. Initial term of the loan is at a fixed rate after which the loan becomes an ARM.

100% Financing

Zero down payment - offers complete financing of your property No Cash needed for down payment To qualify, you must have a credit score of 620 or higher Ideal to have four to six months of cash reserves

Conventional Loans

Mortgage loan that is not guaranteed or insured  by the federal government Usually requires a bigger down payment than a guaranteed government loan. Interest rates can exceed those of FHA and VA loans.

Government Loans

Mortgage loan that is guaranteed or insured by the federal government