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Welcome to
 Approved Mortgage Center
 

 

This site is designed to help you understand the mortgage loan process
and answer questions specific to a mortgage loan. We have tried to cover
as many areas as possible. There is information in this site for almost every
type of Home Mortgage available.

One of the most important aspects to remember in obtaining a mortgage is
 to determine what your needs really are. There are literally thousands of
 different lenders out there, all with their own products and guidelines

There are basically three ingredients to a loan.

1. Collateral (your home)

2. Credit (your credit)

3. Cash Flow (your debt ratio or ability to repay)

Would you like to know more about what's in your Credit Report?
Protecting your good credit...

Your credit report is the first step in applying for home loans or other loans. Knowing what is in it is often the most important question that a borrower can have. Some of these sites will let you request a credit report online, while others require a written request:

TRW Information Systems - TRW / Experian.

Equifax - Order a copy of your credit report online.

Trans Union - a primary source of credit information and offers risk and portfolio-management services.
For Written Requests:


TRW  P.O. Box 8030
Layton, Utah 84041-8030
(800) 392-1122

Equifax  PO Box 105873
Atlanta, Ga. 30348
(800) 685-1111

Trans Union  PO Box 390
Springfield, Pa. 19064-0390
(800) 916-8800

To challenge a report:
call the toll-free number listed above for instructions, then send a copy of the report and a letter containing the information requested to:

TRW Attention: NCAC
PO Box 2106 949
Allen, Texas 75002-0949

 

Equifax PO Box 740256
Atlanta, Ga. 30374

Trans Union P.O. Box 789768
Wichita, Kan. 67278

 

 

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Your Total Mortgage Payment

Your monthly mortgage payment typically is made up of four components: principal, interest, taxes and insurance, together known as PITI. The principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. The interest is the fee charged for borrowing money.

The taxes are property taxes your community levies which are generally based on a percentage of the value of your home. The lender usually collects 1/12th of the yearly property tax bill each month. The lender collects taxes in advance and places the money in an escrow fund.

Lenders won't let you close on your home loan if you don't have home insurance to cover your home and your personal property against losses from fire, theft, bad weather and other causes. The insurance amount is collected and paid much like the taxes. Each month 1/12th of the insurance bill is collected and stored in an escrow account until the bill is due. Even if you pay cash for your home, it is a good idea to buy home insurance in the event your home is damaged or destroyed.

Principal and interest comprise the bulk of your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your initial monthly payments are largely interest, and as the loan matures, a greater portion of your payment is allocated toward the principal.

 

 

 

Call us today to talk to a loan officer and discuss all your mortgage options.

 

 

 

E-Mail info@approvedmortgagecenter.com

 

 

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