America Choice Mortgage

- Mortgage Basics -

Application

Applying for a mortgage can seem like a daunting and scary process. To help, we’ve created a checklist of things for you to compile, complete and acknowledge before applying. See the fill list by clicking the button below.

Credit

Credit history is a recorded file of past and current credit that is utilized to compile a credit score. Read more about credit, how it works, how to improve your overall score and much more by clicking the button below.

Closing Costs

A closing cost is a payment required to finalize a home loan and is separate from a down-payment. Read about closing cost, their purpose, how you can pay them and more by clicking the button below.

Appraisals

An appraisal is an estimate of a property’s fair market value & is required by a lender to ensure the loan amount is not more than the property value. Read about appraisals, how they work, & ownership by clicking below.

P.M.I.

Private Mortgage Insurance or PMI is insurance that protects a lender from increased risk from borrowers putting less than 20% down on a house. Read about PMI, how it works, cost and more by clicking the button below.

Refinance

Refinancing your mortgage is a common practice used to lower monthly payments, interest rates, lower your DTI and more. Read about refinancing, how it works, cost and more by clicking the button below.

Glossary

See a full list of mortgage terms by clicking the button below.





Foreclosure

Foreclosure is the process of a lender seizing a property in accordance with the terms stipulated in the mortgage contract. Read about foreclosure and how to avoid it by clicking the button below.

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