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Alternative Mortgage Funding Corporation


A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.

Alternative Mortgage Funding Corporation is a Licensed Mortgage Lender. They have been funding Residential and Commercial Mortgages in Florida for 21 Years. Their headquarters are in Altamonte Springs, Florida.  In addition to serving their own backyard, they are also currently licensed in the following States, FL, GA, RI, OK, CO, IN, MS, MY and SC.  They are also fully licensed by the Department of Housing and Urban Development and FHA & VA.  As a true Mortgage Lender, they have the ability to offer you a full Pre-Approval if you are currently shopping in this Hot Real Estate Market.

Detailed Mortgage Calculator includes Principal Loan Balance, Annual Interest Rate:, Monthly Principal Prepayment Amount , Annual Principal Prepayment Amount , One Time Prepayment Amount , To be paid before payment , Amortization Length , This calculates a payment for a loan amount that is fixed over a period of time. The loan can be a mortgage, car loan, or any fixed interest loan.

Ratios are often used to determine whether you will qualify for a specific loan program or not. Most loan programs are qualified by the default values given however there are many other loan programs that require more lenient ratios sometimes as high as 45 percent. The front-end ratio is calculated by dividing your proposed housing expenses by your total income. The back end ratio is calculated by dividing your proposed housing expenses and your other total debt by your total income.

Typically, if your down payment is less than 20 percent if the house value, you have to pay for Private Mortgage Insurance. They estimated PMI at an extra 0.9 of the loan each year although this percentage will fluctuate depending upon where the insurance is required.  

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