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Local Services » Edison, NJ » Loan Services » AMA MORTGAGE LLC NMLS : 248057

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AMA MORTGAGE LLC NMLS : 248057 Loan Services Edison, NJ

Services

Accreditations
  • Phone verified
  • Mail verified
    Hours (EST)
  •  Business Hours
    • Business Owner Name
    • AMA Mortgage
    Contact Name
    • AMA MORTGAGE LLC
    Business Address
  • 45 Brant Ave. Unit #6 Clark, NJ 07066, 8817
    • EdisonNJ
    40.5192-74.3968
    Get Directions
    AMA MORTGAGE LLC NMLS : 248057

Areas Served

About AMA MORTGAGE LLC NMLS : 248057

AMA Mortgage is Your one stop Mortgage Company serving Middlesex, Monmouth,Union, hudson and whole state of NJ. We are mortgage broker to home mortgage, refinance. We offer FHA, conventional, VA and Reverse Mortgage. We have many products to choose from. Established in 2007. Owner of this business has 35 years of experience in financing commercial and home loans. We have helped thousands of homeowners to get best possible rate and terms for their needs.

Additional Business Information
Mode of Payment
  • Master Card
  • Visa Card
  • Debit Cards
  • Checks
  • Master Card
  • Visa Card
Experience
  • 1 year

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A
2 yrs ago

Rated 5.0 I really like the way these people help with loans. I got a loan from AMA Mortgage LLC called me every day to update on whats happening. Will recommend them to everyone.

FAQ of AMA MORTGAGE LLC NMLS : 248057

      • 1.What is a mortgage?

        A Mortgage (also called a home loan) is a legal contract made between a lender and a borrower that uses property as collateral to secure the loan. The lender can take possession of the property if the borrower fails to pay the prearranged home loan payments.

        • 2. What is a mortgage refinance?

          occurs when borrower uses the money from a refinanced loan to pay off an existing home loan. Borrowers typically do this to extend their home loan period, apply for a lower interest rate, or to use some money out of their equity.

          • 3. What is a home equity loan?

            A is a type of loan that allows a homeowner to obtain cash loans based on the present value of their property minus the mortgage amount still left to be paid off. Homeowners often apply for home equity loans to pay for expenses such as home remodeling, debt consolidation, college education, and other long-term investments.

            • 4. What is a reverse mortgage?

              Reverse mortgages are loans that allow homeowners to transfer some of their home equity into cash. In contrast to traditional home loan mortgages, reverse mortgages do not require borrowers to repay their home loan until the homeowner no longer lives primarily at that residence, although he or she stills owns the residence.

              • 5. What is a mortgage lender?

                A mortgage lender is a financial institution that provides prospective homeowners with the funds over a long-term period to pay off their home loan mortgage. Borrowers are required to pay monthly installments to their lender which includes principle, interest, and additional lender fees. Examples, mortgage bankers and mortgage brokers.

                • 6. What is the difference between a mortgage broker and a mortgage banker?

                  A mortgage broker is the middleman who helps match borrowers with lenders based on corresponding needs and standards. Mortgage brokers arrange more the 80% of all transactions between borrowers and lenders, yet mortgage bankers actually finance and distribute the largest portion of home loans compared to all other lenders.

                  • 7. What is a mortgage principle?

                    The mortgage principle is the amount of loan money that a homeowner borrows excluding the interest.

                    • 8. What is an interest-only mortgage?

                      Are loans that require the borrower to pay only interest on the principle in monthly installments for a fixed period.

                      • 9. What is an amortized mortgage?

                        Amortized Mortgages refers to loans that are paid in installments comprised of both principle and interest, and which is paid off (or amortized) over a fixed period of time.

                        • 10. How do you calculate LTV or loan-to-value ratio?

                          The loan-to-value (LTV) ratio of your home is calculated by dividing the fair market value of your home by the amount of your home loan.

                          • 11. What are lender fees?

                            "These fees usually range anywhere from 2 to 5 percent and may include, but are not limited to, things such as appraisal costs, document preparation, and application costs."

                            • 12. How do I know which type of mortgage is best for me?

                              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. American Royal Mortgage Corporation can help you evaluate your choices and help you make the most appropriate decision.

                              • 13. Is an appraisal required?

                                An appraisal is required for a purchase transaction or to refinance a mortgage. (The exception to this is, in some instances, an appraisal will not be required for a home equity that is less than $50,000.)

                                • 14. What is considered acceptable credit history?

                                  Generally any payments that have been past due over thirty (30) days in the past two (2) years may require a detailed letter of explanation. Each situation will be reviewed on a case-by-case basis with the following being of importance: the number of times delinquent, the type of account that is or was delinquent, the reason for the delinquencies and a satisfactory explanation as to why these won?t occur again.

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