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1. Why is my rate different than the published rates? Answer
2. How late in the day can I lock an interest rate? Answer
3. What about locking on the weekends? Answer
4. How do I know how much house I can afford? Answer
5. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
6. How is an index and margin used in an ARM? Answer
7. How do I know which type of mortgage is best for me? Answer
8. What does my mortgage payment include? Answer
9. How much cash will I need to purchase a home? Answer
10. Where will we attend the closing? Answer

Q : Why is my rate different than the published rates?
A : AmeriPlus Mortgage Corporation offers a variety of options in terms of including an escrow account versus managing your important property tax and homeowners insurance payments outside of your mortgage payment, or your paying closing costs versus receiving a pricing credit that will cover your outstanding closing costs, or securing a rate and term refinance mortgage versus a cash-out refinance mortgage, or locking for 30 days versus 45 days or 60 days.

All of the above mentioned options (and more) affect the interest rate that will be locked for your new loan.  That is why we ask that you call (248) 740-2323 and discuss your unique financial scenario with Ross Martin so that we can structure your rate and term package to best meet your requirements.

 
Q : How late in the day can I lock an interest rate?
A : Each lender has their own "cut-off" time when interest rates are no longer available as well as their own morning publishing times.  Rates are generally posted by noon EST.

One of our most competitve lenders has a cut-off time of 11:45 pm CST - that's 12:45 am EST; however, we would not recommend waiting that late to make your decision to lock one of our great rates!

Our normal business hours at AmeriPlus Mortgage Corporation are from 8:30 am - 5:30 pm Monday through Friday.

 
Q : What about locking on the weekends?
A : Generally speaking your loan should be locked during the week.  There are a few lenders who extend their rates over the weekend.  Call Ross Martin at (248) 740-2323 to discuss your options!
 
Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give Ross Martin a call today at (248) 740-2323, so he can help you determine exactly how much you can afford.
 
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. Give Ross Martin a call today at (248) 740-2323!
 
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). Ross Martin can explain the differences and give you honest advice on which program best fits your lifestyle. Call today! (248) 740-2323.
 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. AmeriPlus Mortgage Corporation can help you evaluate your choices and help you make the most appropriate decision.
 
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are often made into an escrow account for items like hazard insurance and property taxes. This feature is optional, however the lender will tack on cost for you to maintain your own property tax and homeowner insurance payments in which case these costs will be paid by you directly to the appropriate municipality and homeowners insurance agency.  Association dues are not included in your new monthly mortgage payment.
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    Q : How much cash will I need to purchase a home?
    A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
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    Q : Where will we attend the closing?
    A : If you are purchasing a new home, the location of the closing is generally set by the Listing Broker. 

    If you are refinancing your existing mortgage, the title agency will go to your home in the evening to close as a convenience to you and your family.  You could also close at the title agency's office in Northwest Troy or if you wish you can close at AmeriPlus Mortgage Corporation located near to the City of Troy business district.  We have a very comfortable conference room that you are welcome to use for your closing!