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Home > Financial Services > Mortgage Brokers > Ameritech Mortgage
Ameritech Mortgage
Ameritech 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.
Ameritech Mortgage assists you through six basic steps in procuring a loan for buying a house or renovation of your home. The six steps are; Getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan.
The firm is fueled by a strong and genuine belief in the customer for life principal of doing business. Referrals from previous clients and local real estate professionals have always delivered the majority of the Company's production. Lenders use certain guidelines to determine the mortgage amount that they will lend any one homebuyer. The two guidelines used are housing expenses and long term debt. Lenders generally say that housing expenses should not exceed 25 percent to 28 percent of the homeowner's gross monthly income. For Federal Housing Administration FHA loans, this figure is not t o exceed 29 percent of the homebuyer's gross monthly income. With loan guaranteed by the Department of Veteran's Affairs VA, lenders measure prospective homebuyers with residual income, or the monthly income minus expenses. The remainder is then measured against geographical and family size data to qualify the borrower.
Obtaining a mortgage loan need not be an ordeal that dampens the thrill of acquiring a new home. If you understand the lending process and are prepared to do your part, it simply becomes a key step in owning a home.
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