|
|
|
 |
What is the difference between a modular home and
a mobile/manufactured home? |
 |
Mobile homes (also known as manufactured homes) are defined as
a home with a metal chassis and wheels (even if the wheels are
removed and the home is placed on a permanent foundation). Advantage
One Mortgage Corporation does not lend on such homes. |
|
|
Does Advantage One Mortgage Corporation (AOMC) lend to resident
aliens? |
|
Yes, AOMC will lend to borrowers with resident alien status.
All resident aliens must prove employment within the United States
and provide proof that their income is from a source within the
United States. |
|
|
Will AOMC consider borrowers who have tax liens or judgments? |
|
AOMC will consider loans with tax liens or judgments; however,
all open tax liens or judgments on title may in some cases need
to be paid with loan proceeds. |
|
|
Does AOMC lend on commercial property, or properties with a
mixed use (e.g., residential with an ongoing business interest,
farm, ranch, grocery store, auto repair shop, etc.)? |
|
No, AOMC does not lend on commercial or mixed-use properties. |
|
|
Does AOMC have a minimum and maximum loan amounts? |
|
Yes, the minimum loan amount is $40,000 and the maximum loan
amount is $6,000,000. |
|
|
Should I only refinance when interest rates are at their lowest? |
|
Even when rates are not at record lows, refinancing is still
a smart choice. Paying off high-interest credit card debts and
lowering your monthly payments always makes good financial sense. |
|
|
Does refinancing always extend the term of the loan? |
|
No, refinancing does not have to lengthen the term of the loan.
AOMC offers many terms less than 30 years. Some are as few as 10
years. |
|
|
What is a cash-out option? |
|
If your equity in your property qualifies, you can refinance
with a loan amount greater than your current mortgage – and
keep the difference! Use it for home improvement, debt consolidation,
or whatever you desire. |
|
|
Does AOMC provide loans for properties larger than four units? |
|
No, however 2-4 units are acceptable. |
|
|
Does AOMC provide loans for borrows who can not verify their
income? |
|
Yes, there are numerous programs available that don’t require
traditional income documentation. |
|
|
Can I refinance if I have less than perfect credit? |
|
Yes, you already own a home which deserves a lot of respect.
Our goal is to qualify you for a loan with terms and rates that
work for you. Your credit is just part of the story. We take into
consideration numerous other aspects of your application because
we know it is never that simple. |
|
|
If I just purchased my home, am I able to refinance? |
|
Yes, and in some cases it can be accomplished in less than a
week of new ownership |
|
|
How long does it take to complete the loan transaction? |
|
The average time is about two weeks however it can be in as few
as three days. The length of time usually depends on each individual’s
personal situation. |
|
|
Do I have to have my home appraised? |
|
Yes. The value of your property is nearly always adjusting. Since
a mortgage is a loan secured by a piece of real property, a crucial
factor is in the correct value of the property in question. The
market value of the property – that is, what a buyer will
pay for it and what other comparable properties (comps) in the
neighborhood have recently sold for. The appraised value of the
property – that is, what a trained and licensed professional
deems the property to be worth based on an impaction, comps, and
a thorough analysis of the property and its neighborhood.
|
| |
|
