Mortgage Comparison with American Financial Resources

With so many mortgage programs available it can be daunting to compare home loan programs and identify which is the best for you. Luckily the loan consultants at American Financial Resources can help you look at the different mortgage programs you qualify for. Together you will look at several factors, such as:

1. How much money do you have to put down or how much equity do you have in the home?
2. What is your credit score and that of your co-borrower(s)?
3. How long do you plan on having this mortgage?
4. What can you afford to pay each month? Do you expect that to increase or decrease in the next few years?
5. How soon would you like to have your loan paid off?
6. What is the value of the home you are purchasing or refinancing?

Once you determine which programs you will likely qualify for, and might be a good fit, your loan consultant can run the numbers. You can also do some calculations yourself using our mortgage calculators. This will help you compare various mortgage payments and see what they would mean for you each month, and over the life of the loan.

Example Comparing Mortgage Programs

Here is a sample of the information you might look at in understanding two different home loan programs used to purchase a $200,000 house with a 20% down payment:

Mortgage Program: 30 Year Fixed Mortgage
Loan Amount: $160,000
Rate: 6.000%*
Monthly Payment: $959.28 (plus taxes & insurance)

Mortgage Program: 5/1 ARM
Loan amount: $160,000
Rate: 5.000%*
Monthly Payment: $858.91 (plus taxes & insurance)
It is important to note that the rate will remain at 5% for the first 5 years and will then adjust annually every year thereafter to the current market rate.

(*These note rates are used for illustration purposes only, please call 800-316-9508 to find out what the current rates and APRs are.)

Compare home loan programs with an AFR loan consultant

Request a quote, get started online, or call 800-316-9508 to discuss the various mortgage programs available. We look forward to working with you!