Getting A Home Mortgage From Allied

Allied Home Mortgage Capital Corporation (AHMCC), incorporated in 1991, is the largest private mortgage broker and lender in the U.S. The company is based in Houston and provides a wide selection of home mortgage loans.

Allied is a mortgage broker which acts as middleman, which gives them the capability of offering several options to their clients to fit their special needs. What clients get is a customized loan package. Allied is also one of the first in the industry to operate a Spanish-language website.

If you choose to apply with Allied, some supporting documents that they might request from you are:

- Social Security Number
- Proof of employment history in the past two years, with salary
- Pay slips covering the last 30 days
- Current W-2 forms
- Bank information including check, savings accounts and certificate of deposit
- Other investment info (stocks,bonds) and a list of assets
- Insurance company info including face amount and cash value of insurance, if available
- Liabilities with creditor’s info, monthly payments, balances
- Other sources of income
- Copy of DD Form 214 and Report of Separation for VA Loans

Allied offers assistance for a wide line of loan choices like new home purchases, refinancing, new construction, debt consolidation and customized loans, among others. These loans are available to most types of clients: first time homebuyers, the self-employed, retirees, singles and investors, including those who might have difficulty getting their loans approved.

Potential clients can apply online to utilize the Express Approval program, which allows them to get loan approval in minutes. Buyers can also compute a loan estimate by using online mortgage calculators. This will give them an idea of the price range of the house they can afford, their mortgage payments and closing costs.

While the calculators are a good indication of loan affordability, they are by no means completely accurate. That is why Allied representatives recommend that you talk to them first, to see how much you can afford to pay and how much you are qualified to loan. The advantage of getting a pre-qual is that you have the confidence to make an offer on your dream house, knowing that you have control.

Allied Home Mortgage has more than 700 offices located in 49 States and in Guam and the Virgin Islands. Should you decide to get their services, there are branches available all across the country. With more than $12 billion loans closed, Allied may just have the home mortgage loan that’s tailor-fit for you.

Getting A Home Mortgage From Chase

Chase (www.chase.com) offers programs that fit specific needs whether it’s your first home, your second or a new vacation home you’ve been planning to buy. They offer several options that may just be what you’re looking for.

What loans are available for me?

ARM (Adjustable Rate Mortgage), FRM (Fixed Rate Mortgage), conforming and jumbo loans are offered, along with special mortgage programs for low-to-medium income buyers, FHA or VA loans, low downpayment option or special credit needs. An interest only mortgage is also available for an agreed-upon period.

What do I do to apply for a loan?

After identifying your needs and the price range of your choice, you will need to prepare your documents before applying for a mortgage. Here is the initial list of documents you may be asked to prepare:

- SSS number or proof of permanent residency
- Last two months’ pay slip
- Last two years’ W-2 forms
- Last 3 months’ bank statements
- Last two years Federal tax returns
- Information on your current creditors

If you have already spoken with a seller of your chosen home, a signed contract of sale may also be required.

Applications may be done privately and securely online. An interactive tool can help you look for the loan that’s best for you. You can also call any Chase Mortgage Consultant at 1-800-873-6577 or find the nearest Chase branch and speak to a Loan Officer who can walk you through the loan process.

Online applications will be reviewed by a Mortgage Consultant who will then get in touch with you to ask for the required documents and other additional supports.

What happens next?
Chase will then order your credit report, so it’s best to review it first before application. Correct any errors so delays may be avoided during processing.

Chase does not require a home inspection, but it would be good to know the true condition of your home as evaluated by a professional.

A Home Analyst will order a property appraisal, property boundary survey, title search and insurance. A Closer will prepare the closing package which will include all the fees and closing payments required from you. He might establish an escrow account to pay the necessary taxes and insurance. He will then authorize the release of the mortgage funds. A Chase representative will get in touch with you to schedule the closing.

As with any other loan, it is best to check your best option before making a commitment. Information is given free online, through the phone or from a consultant who can discuss with you if Chase can offer the best choice to meet your needs.

The Best Home Mortgage

7 Tips to Getting the Best Home Mortgage Arrange

Choosing the best home mortgage arrangement is like going to a shop to get a pair of custom-tailored jeans. It might fit the other guy perfectly, but it might not be as good for you. The best home mortgage is one that you’ve decided on after you’ve factored in several considerations.

So before going to a lender to arrange the best home mortgage for you, find out first if you have enough power to negotiate. Here are some tips:

1. Consider your income and disposable cash. If you have a consistent source of money and have sizable cash in bulk to take care of the 20% downpayment, that’s a point for you. If you pay a substantial amount now, you can arrange for lower monthly payments.

2. Take care of your debts. The lender will want to check your credit history to see if you are capable of consistent and responsible payments. A good record can help you a get an arrangement that’s more to your liking.

3. Don’t worry too much about rates. Although timing can factor into a good home mortgage deal, it’s best not to obsess about it too much. Concentrate more on how much you can spend for how long minus your debts.

4. Understand the different kinds of mortgages available. Make sure you know the facts before deciding on one. It might look like the best deal at the start, but consider what happens down the line. It might cost you more money.

5. Consider how long you plan to stay in the house. If it’s 10 years or less, you might be better off taking an ARM (Adjustable Rate Mortgage) than an FRM (Fixed Rate Mortgage). While monthly payments will go up and down with an ARM, the risks are outweighed by the savings.

6. If the lender allows it, try to pay more each year. Adding a month’s worth of payment to your loan that will also cover the principal will result to a shorter period of loan and save you thousands of dollars. If you can arrange for it, instead of paying monthly, pay twice a month.

7. Refinance your mortgage if the interest rates are favorable – meaning, low. Just make sure that it is at least 1% lower. Otherwise, it’s not worth the effort. Refinancing will give you more cash that you can use to pay off the principal. Result? A loan that gets smaller and smaller.

Getting the best home mortgage arrangement will require some research on your part and coupled with consistency and money smarts, you can always find one that’s just right for your needs and wallet.

Home Buyers

Mortgage Tips For First Time Home Buyers
Everyone wishes to live in the dream house they always picture in their minds when they were kids. If you have saved up and worked hard throughout the years, then you are just a few steps away from that dream. But reality bites, home buying needs a lot of serious preparation to ensure that everything would come out right.

If you are excited to buy that house you always wanted, be prepared and read through these mortgage tips:

Pay your debt

Instead of saving up for your house, why not pay off your debts first? This is the more sensible thing to do than saving thousands of dollars in your bank. Debts, including credit card debts, actually limit your capability to save. Also, when applying for a home loan, lenders would always look at your credit card record as a reference on how much you can borrow from them.

Evaluate how much money you can afford

There are two things you need to know before buying a home: How much you are willing to cash out as down payment and how much you are willing to borrow. Your mortgage loan, on an annual basis, should never reach 30% of your annual gross income.

Understand Loan Types
There are government-sponsored institutions (Freddie Mac and Fannie Mae) that can offer home loans at a very affordable price. You can also head to private lenders who offer a great package for first-time homebuyers. Going to your bank and applying for a mortgage loan is also a sound option.

Real estate shopping
If you got all your finances all figured out, then you can start shopping for you house. The first thing to do is to get in touch with a reliable real estate agent that can show you a number of options. It is important to choose the right neighborhood for you and your family. Make a quick wish list of the things you want and use this as a reference before you purchase a property. It is important that you personally inspect each house that you are looking at buying.

Making an offer
If you already decided which house to buy, discuss it with your real estate agent and make your offer. Negotiate with the seller with regards to pricing and other terms and conditions. Remember to put everything you settled and agreed on in writing. Be sure to read and reread all the statements in any contracts before you sign them.