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FHA Loan Products
Which loan product is right for me?
Since inception, FHA upheld conservative lending practices. From avoiding the temptations to compete with subprime loans in the early 2000’s to maintaining guidelines that insure that borrowers’ payments are affordable. American Bank FHA mortgages remain synonymous with safe and secure. Our wide variety of loan products allow versatility, without compromising borrowers’ long-term security.
We can help you select the right loan.
Many borrowers are mismatched with the wrong loan products for their situation. However, every loan has a legitimate and sound application. Lenders and borrowers must discuss needs thoroughly to assure that the borrowers are shown the best products for their situation.
There is no one size fits all mortgage.
Seek expert guidance when choosing a mortgage product. Be selective in soliciting advice from individuals that are not trained mortgage product experts. A bad mortgage product selection can be costly, regardless of intentions. Most mortgage horror stories are not due to unfair terms or illegal practices, but the misuse of particular products.
There is no “blanket answer” to which loan product is best. All mortgages products have advantages and disadvantages. Here are three (3) tips to keep in mind:
- Always have an exit strategy. Hardships can occur with any loan. Never enter a loan without a way out if things take a turn for the worse.
- Do not generalize and avoid making assumptions. In some instances, a 30 year fixed loan can be more damaging to a borrower’s financial picture than an ARM. There are also times when an ARM may be too risky for a particular situation and should not be considered an option. Weigh the pros and cons of different loan products.
- Seek professional guidance to assure that you select a loan that meets your future housing needs and financial objectives. There is no shame in asking questions. Smart borrowers consult the experts.
At American Bank, our goal is to help each borrower identify the right product. Although many desire the certainty and security of fixed rate mortgages, we also offer a variety of other products that may better fit you. We are here for you!
American Bank offers the following mortgage products:
- Fixed Rate Mortgages
- Adjustable Rate Mortgages (ARMs w/Various Fixed Periods)
- FHA Loans
- VA Loans
- USDA Mortgages
The FHA streamline refinance program helps borrowers lower mortgage payments. American Bank specializes in FHA streamline refinancing transactions that lower interest rates and reduce mortgage payments without appraisals or income verification. FHA Streamline Refinances may be possible without increasing existing loan balances. FHA Streamline Refinances may close in as few as 15 days, depending on date submitted. American Bank specializes in VA Streamline Interest Rate Reductions with no income verification. VA Streamline Refinances may be possible without increasing existing loan balances. VA Streamline Refinances may close in as few as 10 days, depending on date submitted.
© 2010 American Bank. Trade/service marks are the property of American Bank or their respective affiliates and/or its subsidiaries. Some products may not be available in all states.
Kwe Parker is a professional mortgage specialist for American Bank that
specializes in showing FHA and VA borrowers how to use seldom publicized
methods to lower FHA and VA mortgage rates without the normal hassles
associated with refinancing. Kwe "Clay" Parker and his team have helped
thousands of FHA and VA borrowers reduce their mortgage payments.
American Bank
1526 York Road
Lutherville, Maryland 21093
