What Are Mortgage Points?

What Are Mortgage Points?

How do you get the interest rate you want? There are many things that can help, like having good credit or using a broker like Amerifund to compare rates from different lenders, but something you may not know, is that if you’re targeting a specific rate, you may be able to get there by paying points on your loan. In this week’s episode, Amerifund President Jamie Cavanaugh explains what mortgage points are and how you might use them in your next home loan.

What’s The Difference Between Pre-approval And Pre-qualification?

What’s The Difference Between Pre-approval And Pre-qualification?

You’ve probably gotten letters in the mail saying that you’re already pre-qualified for a loan, but what does that really mean? How many others got that same letter? In this week’s video, Jamie Cavanaugh explains the difference between pre-qualification and pre-approval, and which one you should get if you’re serious about buying a home.

What Are Bank Statement Loans?

What Are Bank Statement Loans?

When you apply for a mortgage, you’ll likely need to provide copies of your tax returns to verify proof of income. But what if your tax returns don’t tell the whole story? For borrowers who are self-employed or in the entertainment industry, submitting tax returns may not be enough. In this video, Jamie Cavanaugh explains how Amerifund uses bank statement loans to help our borrowers get approved.

What Would A Recession Mean For The Real Estate Market?

What Would A Recession Mean For The Real Estate Market?

Over the past two years, we’ve seen some of the most unusual and least predictable economic conditions of our lifetimes, but now economists surveyed by the Wall Street Journal say there’s a 28% chance of a recession in the next 12 months, more than doubling the 13% chance this time last year. So what happens if a recession does hit? In this week’s video, Amerifund CEO Brad Rice explains the effects of a recession on the housing market, and what will happen if The Fed can’t keep things under control.

What is a rate lock?

What is a rate lock?

In a rising rate environment Amerifund is committed to making mortgage simple. In this week’s video, Amerifund President Jamie Cavanaugh explains how your loan officer can lock in a low interest rate for you so that you’ll still have time to go through the mortgage process without losing your great rate!

What Are Impound Accounts?

What Are Impound Accounts?

When you set up your mortgage, you had the option to include your property tax and insurance payments in with your monthly payment – even though they are only due annually or semi-annually. This is called an impound account and in this case your mortgage lender collects those payments on a monthly basis so you never have to worry about making large lump-sum payments all at once. In this week’s video, Jamie Cavanaugh explains the basics of why impound accounts are so popular, why they’re not right for everyone, and what you need to know before you close your loan.