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What kind of information do I need to provide American Mortgage Specialists on my loan application?
What is American Mortgage Specialists' decision process?
What is American Mortgage Specialists' rolldown option?
What is American Mortgage Specialists' streamlined online pre-approval process?
How do I sign my final loan documents?
What kind of security does the American Mortgage Specialists Web site have?
If I am still not comfortable with submitting my information online, is there another way I can apply for a loan?
What do I do if I have trouble filling out a section of the online application?
What happens after I apply for a loan online?
What if I want to talk to a loan agent?
What kind of information do I need to provide American Mortgage Specialists on my loan application?
You will need to provide credit, income, asset, and liability information, including your income, residence, and personal identification. Save time and expedite your application by collecting it before you begin the process. Here's the information you'll need to have handy:
PERSONAL
- Employment and salary history for the past two years
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- Addresses of your residences for the past two years, as well as landlords (if applicable)
- Your social security number and that of your co-borrower(s)
FINANCIAL
Your current income (includes your base salary, any commissions or bonuses, dividends, etc.) Income from alimony, child support or separate maintenance payment need not be revealed if you don't want it to be considered as a basis for repaying the obligation.
Numbers and locations of your bank accounts
Bank/investment account numbers, balances, and names of the institutions holding them
ADDITIONAL
As we continue with your loan process after your online pre-approval, you will need to supply us with pay stubs from your employer covering the last 30 days prior to completing your loan application.
If you are self-employed or compensated by commissions, you will need to supply your federal tax returns for the most recent year you filed and the year preceding that one (two years total).
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What is American Mortgage Specialists' decision process?
After you complete your application, American Mortgage Specialists will review your information in order to assess the risk involved with your particular loan and situation. American Mortgage Specialists also prepares the necessary documentation to process the loan and satisfy government regulations.
If you are pre-approved, you will be presented with a short list of documents you need to provide for loan processing. These items will primarily include verification of your income and perhaps a request for W-2s, income tax returns, or similar information.
Immediately after your online pre-approval, depending on where you live, a senior loan officer will meet with you or a loan application will be mailed to you for review. It will contain all of the information that you've entered during your online session. Please review it carefully and make any corrections or changes that you feel are necessary. American Mortgage Specialists will contact you to discuss your credit history or with specific requests for any additional information that you may need to provide.
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What is American Mortgage Specialists' rolldown option?
A rolldown loan is a refinance loan with few upfront fees; the lender pays all non-recurring closing costs for the borrower. The borrower is still responsible for paying all prepaid interest, property taxes, and hazard insurance, as well as all other recurring items. Minimum loan amount for the rolldown is $150,000. Closing costs assume that the borrower will escrow monthly property tax and insurance payments.
While the rate is slightly higher, you will pay no fees to get your new loan. In effect, as long as our rolldown rate is lower than your existing rate, it makes financial sense to refinance because there is no cost to do it.
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What is American Mortgage Specialists' streamlined online pre-approval process?
American Mortgage Specialists' streamlined, centralized, and high-tech business method completes most of the work for your pre-approval by the time you get your online pre-approval. The bottom line is that you simply won't have to wait long--you'll already be conditionally approved.
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How do I sign my final loan documents?
For a purchase, you will be using an attorney, escrow company, or title insurance company, depending on the state in which you live. In some states, for a refinance or second mortgage, American Mortgage Specialists will send a document signer to your home or another place that you designate so you can sign all your loan documents.
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What kind of security does the American Mortgage Specialists Web site have?
American Mortgage Specialists is certified as a VeriSign Secure Site. Protecting your personal information is very important to American Mortgage Specialists.
Secure Server IDs, also known as digital certificates, bind American Mortgage Specialists to a pair of electronic keys that can be used to encrypt and sign digital information. Our unique Secure Server ID ensures our authenticity to you, assuring that you are really dealing with American Mortgage Specialists and not an imposter. It also allows our communication with you to be encrypted so that no third parties can access it. It guarantees that only American Mortgage Specialists will be able to see the personal information you exchange with our site.
We chose VeriSign, Inc., as our Certification Authority because they are the leading provider of Internet trust services. With nearly 14 million registrations, they are a widely recognized and trusted name in security. The Secure Server IDs issued by VeriSign are based on the strongest encryption technology available. For more information, please visit www.verisign.com.
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If I am still not comfortable with submitting my information online. Is there another way I can apply for a loan?
You can talk to a loan analyst at any time by calling 1-866-385-5450.
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What do I do if I have trouble filling out a section of the online application?
You can talk to a loan analyst at any time by calling 1-866-385-5450, or by clicking on the Live Chat icon at the top left corner from any page.
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What happens after I apply for a loan online?
An American Mortgage Specialists loan agent will confirm the information on your application and will contact you. He or she will then turn the application over to a loan processor, who will monitor the progress of your application until closing or will notify you in writing that your loan has been declined.
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What if I want to talk to a loan analyst?
You can talk to a loan analyst at any time by calling 1-866-385-5450 or by clicking on the Live Chat icon at the top left corner from any page.
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