# find-a-branch-map # Find a Branch Near You > This page helps users locate nearby branch locations with a visual map interface and color-coded legend to distinguish between branches and non-branch locations. ## Map Color Legend - **Branch** — locations marked on the map - **No Branch** — locations without branch services --- # page-password-authentication # Protected Content > This page requires password authentication to access. Users must enter a password to view the content. ## Access Required - Password-protected page - Enter password in the provided field to continue - Submit form to gain access --- # privacy-policy # Privacy Policy > This policy outlines how customer personal information is collected, used, and protected. It is intended for customers and website visitors to understand data handling practices and privacy safeguards. ## Information We Collect We gather nonpublic personal information necessary to conduct business with customers from the following sources: - Information provided by you on applications, forms, phone calls, face-to-face meetings, and via the Internet (name, address, telephone number, social security number, credit history, financial information) - Information about your transactions with us or others (payment histories, account balances, account activity) - Information from consumer reporting agencies (credit scores, credit reports, creditworthiness information) - Employment and income verification information provided by employers and others ## Information We Disclose - Personal information is retained only for responding to your query and will not be shared with third parties except as necessary to related entities for the stated purpose or as legally required - Website visitors provide explicit consent to data transmission by submitting information - Data is treated as confidential within the firm; all employees must adhere to data protection and confidentiality policies - The website may contain links to other sites not governed by this privacy statement - We reserve the right to amend this Privacy Statement at any time --- # download-your-ebook # Your eBook is Ready! > This page provides a first-time home buyer eBook download and directs users to resources for navigating the home loan process with local consultation and support. ## Download Your eBook Your eBook can be downloaded using the button below. If you have any questions, please reach out anytime. [Click Here to Download](/dl/ebook/eBook-FirstTimeBuyer.pdf) ## Begin Your Home Loan Process Today - Local Loan Consultations - Timely and Accurate Communication - Industry-Leading Product Selection ## The Right Tools to Help You Every Step of the Way - [Loan Process](/loan-process) — An easy way to know your next step - [Loan Programs](/loan-programs) — Learn about all the available loan programs - [Checklist](/mortgage-basics/application-checklist) — Learn what loan options are available - [Glossary](/mortgage-basics/glossary) — Break down the terms and acronyms that will be used - [Mortgage News](/blog) — Learn about current topics and trends - [Contact Us](/contact-us) — Ask questions and learn more to get started --- # thank-you # Thank you! > This page confirms that a user's request or submission has been successfully received and will be addressed soon. We have received your request. We'll be in touch shortly. --- # # Realize Your Dream Of Home Ownership > This page introduces a mortgage lender's services and tools, designed to help prospective homebuyers understand loan options, calculate payments, and begin the application process. ## Overview The lender specializes in personalized mortgage solutions, offering a range of products and tools through both traditional and digital channels. Technology enables customers to submit secure applications, pre-qualify for loans, and explore financing options via interactive calculators and mortgage scenarios. ## Key Services - **Get to Know Us** — Learn about the lender's commitment to client success and satisfaction - **Mortgage Calculators** — Calculate mortgage payments, interest rates, and explore various scenarios - **Apply Now** — Complete a secure online application in approximately 12 minutes ## Mortgage Resources The site provides comprehensive tools and guides: - [Mortgage Calculator](mortgage-calculators) — Calculate monthly payments and explore financing options - [Step-By-Step Guides](/loan-process) — Navigate the mortgage process with detailed instructions - [Loan Programs](/loan-programs) — Review available mortgage products and options - [Download Mobile App](/download-app) — Access Loanzify App to connect with loan officers and realtors - [Quick Application](/home-purchase) — Begin the home purchase process - [Mortgage News](/blog) — Stay informed with industry updates - [Mortgage Basics](/mortgage-basics) — Learn fundamental mortgage concepts - [Mortgage FAQ](/faq) — Find answers to common questions ## The Loanzify App The Loanzify App simplifies mortgage financing by guiding users through the process and providing direct connections to loan officers and real estate professionals. ## Getting Started A digital mortgage application is available to help customers begin their home financing journey with minimal hassle and no obligation. [Get Started Now](/apply-now/) --- # find-a-loan-officer # Find a Loan Officer Near You > This page helps customers locate loan officers by name or geographic region, with licensing status indicated by map color coding. ## Our Team Search for a loan officer by name or [view the full roster](/loan-officer) of available professionals. ## Map Color Legend - Licensed - Not Licensed --- # home-refinance # Mortgage Loan Application Form > This is an interactive mortgage application form that collects borrower information across loan types, property details, financial situation, and credit history to qualify applicants for purchase, refinance, or home equity loans. ## Loan Type Selection - Purchase - Refinance - Home Equity ## Property Details - **Property Type**: Single Family, Multi-Family, Condominium, Townhouse, Manufactured Home - **Property Use**: Primary Residence, Vacation Home, Investment Property - **Property Address**: Street address, city, and state fields - **Property Zip**: Optional zip code entry ## Homebuying Timeline - **Have You Found a Home?**: Yes or No - **Expected Purchase Timeline**: Soon, Next 60 days, Next 6 months, Not very soon - **First-Time Homebuyer**: Yes or No ## Financial Information - **Annual Household Income**: Numeric field - **Monthly Debt Payments**: Numeric field - **Employment Status**: Employed, Self Employed, Retired, Unemployed - **Purchase Price**: Numeric field (for purchase loans) ## Credit & Loan History - **Credit Rating**: Excellent, Very Good, Good, Fair, Poor - **Bankruptcy in Last 7 Years**: Yes or No - **Late Mortgage Payments**: Yes or No - **Foreclosure in Last 7 Years**: Yes or No - **Current FHA Loan**: Yes or No ## Current Mortgage Information (Refinance/Home Equity) - **Property Value**: Numeric field - **1st Mortgage Balance**: Numeric field - **1st Mortgage Interest Rate**: Dropdown with rates from 2% to 13% - **2nd Mortgage**: Yes or No - **2nd Mortgage Balance**: Numeric field - **2nd Mortgage Interest Rate**: Dropdown with rates from 2% to 13% ## Refinance Loan Purpose - Lower Interest Rate - Lower Monthly Payment - Debt Consolidation - Change Rate / Term - Home Improvement - Take Cash Out ## Additional Information - **Military Service**: Yes or No - **Personal Information**: First name, last name, email, home phone - **Consent**: Agreement to Terms of Service and Privacy Policy, and consent to receive marketing communications via text, call, or email --- # legal # Legal Disclaimer > This page outlines the terms of use for website content, including limitations on liability, disclaimers regarding information accuracy, and restrictions on content reproduction and commercial use. ## Permitted Use - Viewing and printing information is authorized for informational and non-commercial purposes only ## Information Disclaimers - Information on the website is believed reliable but completeness, timeliness, and accuracy are not warranted - Content is not an offer or solicitation for mortgage products or financial instruments - Terms, conditions, and information are subject to change without notice - Products and services may vary by location and individual circumstances - The site provides general information only and does not constitute accounting, tax, legal, consulting, or professional advice ## Liability Limitations - The website operator is not liable for loss or damage (direct, indirect, or consequential) arising from website use, including loss of data or profits ## Professional Consultation - Users should contact tax or legal advisors before making decisions or taking action based on website information ## Copyright and Content Restrictions - Website content is copyrighted; unauthorized use may violate copyright, trademark, and other laws - Materials may not be modified, reproduced, publicly displayed, distributed, or performed for public or commercial purposes without approval --- # accessibility-statement # Accessibility Statement > United American Mortgage Corporation outlines its commitment to website accessibility for people with disabilities, including available tools and how to request assistance. ## General United American Mortgage Corporation is committed to ensuring its services are accessible to people with disabilities. The company has invested resources to make its website more usable and accessible, guided by the belief that every person deserves to live with dignity, equality, comfort and independence. ## Accessibility on United American Mortgage Corporation Website The website uses the UserWay Website Accessibility Widget, powered by a dedicated accessibility server, to improve compliance with the Web Content Accessibility Guidelines (WCAG 2.1). ## Enabling the Accessibility Menu The accessibility menu can be activated by clicking the accessibility menu icon in the corner of the page. Allow a moment for the menu to fully load after activation. ## Disclaimer While United American Mortgage Corporation continuously works to improve site accessibility, some content may not yet fully meet the strictest accessibility standards due to technological limitations. ## Here For You Customers experiencing difficulties with website content or needing assistance can contact the company during normal business hours for support. ## Contact Us To report accessibility issues or request assistance, email [info@uamco.com](mailto:info@uamco.com). --- # about-us # Putting Customers First > This page outlines a mortgage lender's core service commitments, emphasizing customer satisfaction, competitive technology, quality service delivery, and adaptive mortgage solutions. ## Putting Customers First We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. ## Lower Mortgage Costs Through Cutting-edge Mortgage Origination Technology Our customers save money and close their loans quickly because we employ the most advanced mortgage technology available. The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver competitive rates and terms. Mortgage calculators are available to help customers explore their options. ## Highest Quality Mortgage Services Our expert mortgage staff efficiently handle all aspects of your transaction—from processing and underwriting through loan closing and funding. We keep you informed at every step and are committed to building rewarding, long-term customer relationships by delivering the highest quality mortgage services. ## Meeting Every Challenge We rapidly respond to new opportunities in today's dynamic mortgage markets. Through flexible mortgage underwriting and delivery of unique mortgage programs, we consistently meet customer requirements. We often identify niche mortgage programs essential to satisfying individual customer needs. --- # mortgage-basics/appraisals # Appraisals > This page explains what property appraisals are, why they're required for mortgages, the methods appraisers use to determine value, and how borrowers can support the appraisal process. ## What is an Appraisal An appraisal is an estimate of a property's fair market value performed by a state-licensed appraiser. Lenders typically require appraisals before loan approval to ensure the mortgage amount doesn't exceed the property's value. ## Why Get an Appraisal While obtaining a loan is the most common reason, appraisals are also used for: - Contesting high property taxes - Establishing replacement cost for insurance - Divorce settlement - Estate settlement - Negotiating tool in real estate transactions - Determining reasonable price when selling - Protecting rights in eminent domain cases - Government agency requirements - Lawsuits ## Appraisal Methods Appraisers use three approaches to establish property value, with the final estimate correlated from all three. The Sales Comparison Approach is heavily weighted for single-family owner-occupied properties. - **Cost Approach** — Land value plus reconstruction cost of the building as new, minus accrued depreciation compared to a new building. - **Sales Comparison Approach** — Appraiser identifies 3–4 comparable properties sold recently (ideally within 6 months and ½ mile of the subject property) and compares square footage, bedrooms, bathrooms, age, lot size, view, and condition. - **Income Approach** — Potential net income is capitalized to arrive at property value. Best suited for income-producing properties used with other valuation methods. ## Who Owns the Appraisal The mortgage company owns the appraisal even though the borrower paid for it, as the lender orders it on the borrower's behalf. Borrowers have the right to receive a copy, though it's the mortgage company's discretion whether to provide the original report. ## Transferring Appraisals Between Lenders In most cases, you won't need to pay for a new appraisal if you switch mortgage companies. The first lender can typically transfer it to the new lender, though some appraisal firms may charge a small "Appraisal Retype Fee" for clerical work. The original lender can refuse to transfer the appraisal, requiring a new one. ## Who Determines Market Value The property seller sets the price, not the appraiser. Real estate agents prepare a Comparative Market Analysis (CMA) examining recent neighborhood sales to suggest a listing price, though sellers may choose to list higher. Agents earn a percentage of the sale price and typically represent the seller. ## How to Assist Your Appraiser Provide additional information to help the appraiser: - State the purpose of the appraisal - Confirm if the property is listed and at what price - Provide mortgage details (lender, amount, type, interest rate, date) - Note personal properties or appliances included - For income properties, provide income/expense breakdown and lease copies - Supply copies of deed, survey, purchase agreement, or property papers - Provide real estate tax bill, special assessments, or balance information --- # mortgage-basics/foreclosure # Foreclosure > This page explains foreclosure—what it is, consequences of missed payments, and strategies to avoid it. It's designed for homeowners at risk of losing their property due to payment difficulties. ## What is Foreclosure? Foreclosure occurs when a homeowner cannot make principal and/or interest payments on their mortgage. The lender can seize and sell the property according to the mortgage contract terms. ## What Happens When a Mortgage Payment is Missed? Missing a mortgage payment gives the lender legal grounds to repossess your home. If your property is worth less than the total loan amount owed, a Deficiency Judgment may be pursued. Both foreclosure and deficiency judgments harm your ability to qualify for future credit. ## How Can a Foreclosure be Avoided? Contact your lender's Loss Mitigation Department immediately if you're struggling with payments. Follow these steps: - Contact your lender as soon as you know your payment will be late - Never ignore the lender's letters or phone calls - Don't assume that your situation is hopeless ## Long-Term Solutions to Avoid Foreclosure **Mortgage Modification** – Your lender may modify your mortgage by adding past due amounts into your existing loan and financing long-term, or extending the loan length and reducing current payments if you can no longer make payments at the former level. **Pre-Foreclosure Sale** – Avoid foreclosure by selling your property for less than needed to pay off the mortgage if: the loan is at least 2 months delinquent, the house sells within 3–5 months, and a new lender appraisal meets program guidelines. **Deed in Lieu of Foreclosure** – The lender allows you to return the property and forgives the debt. While it negatively impacts credit, it's better than foreclosure. The lender may require the house be listed for sale for a specific period first. This may not be possible if other liens exist against the home. **For FHA Loans** – The lender may help you obtain a one-time payment from the FHA Insurance Fund if you can resume full mortgage payments. A promissory note must be signed allowing HUD to place a lien on your property; the interest-free note becomes due when you pay off the loan, transfer title, or sell the property. **For VA Loans** – The Veteran's Administration Loan Centers offer financial services designed to help homeowners avoid foreclosure and explore options for specific situations. ## Temporary Solutions to Avoid Foreclosure **Reinstatement** – If you're behind on payments but can pay a lump sum to bring your account current by a specific date, reinstatement may be available. **Forbearance** – Your lender may delay payments for a short period with the understanding that another option will bring the account current later. **Repayment Plan** – If your account is past due but you can resume regular payments, the lender may allow you to catch up by adding a portion of overdue amounts to monthly payments until current. **Partial Claim** – If you can resume full mortgage payments, your lender may help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current. A promissory note and lien are placed on your property until the interest-free note is paid off, which occurs when you pay off the first mortgage or sell the property. --- # mortgage-basics/credit # Credit > This page explains credit reports, credit scores, and how they affect your ability to obtain loans and credit. It's designed for consumers who want to understand credit fundamentals, improve their credit scores, and know their rights under credit reporting laws. ## What is a credit report? Your credit payment history is recorded in a file maintained and sold by consumer reporting agencies (CRAs), commonly known as credit bureaus. Your credit record contains information about income, debts, credit payment history, and legal events such as lawsuits, arrests, or bankruptcy filings. ## Do I have a right to know what's in my report? Yes. CRAs must disclose everything in your report, including medical information and sources, upon request. They must also provide a list of everyone who requested your report in the past year (or two years for employment-related requests). ## What type of information do credit bureaus collect and sell? Credit bureaus collect four basic types of information: - **Identification and employment information**: Name, birth date, Social Security number, employer, spouse's name, employment history, home ownership, income, and previous addresses. - **Payment history**: Accounts with creditors showing credit extended and on-time payment status; collection agency referrals are also noted. - **Inquiries**: Records of all creditors who requested your credit history in the past year, and employment-related requests for the past two years. - **Public record information**: Bankruptcies, foreclosures, and tax liens that are matters of public record. ## What is credit scoring? Credit scoring is a system creditors use to determine whether to extend credit. Information from your credit application and credit report—including bill-paying history, account types and numbers, late payments, collections, outstanding debt, and account age—is analyzed using statistical models. Points are assigned based on factors that predict repayment likelihood, resulting in a credit score between 350 (high risk) and 850 (low risk). The most widely used scores are FICO scores developed by Fair Isaac Company, Inc. To obtain your credit report, contact the three major credit reporting agencies: - Equifax: (800) 685-1111 - Experian: (888) EXPERIAN (397-3742) - Trans Union: (800) 916-8800 You are entitled to one free credit report every 12 months from each agency through [annualcreditreport.com](https://www.annualcreditreport.com). ## Why is credit scoring used? Credit scoring is based on real data and statistics, making it more reliable than subjective methods. It treats all applicants objectively and consistently, whereas judgmental methods rely on criteria that vary by individual. ## How is a credit scoring model developed? Creditors analyze a random sample of customers to identify creditworthiness characteristics, then assign weights based on predictive strength. Each creditor may use its own model or a generic model from a credit scoring company. Under the Equal Credit Opportunity Act, scoring systems cannot use race, sex, marital status, national origin, or religion as factors, though age may be used if applicants are treated equally. ## How reliable is the credit scoring system? Credit scoring enables consistent evaluation of millions of applicants across many characteristics. However, systems must be based on large enough samples to be statistically valid. While systems vary by creditor, they generally make faster and more impartial decisions than individuals when properly designed. Many creditors refer marginal cases to credit managers for negotiation. ## What can I do to improve my score? Credit scoring models are complex and vary among creditors, so only the creditor can explain what improves your specific score. However, most models evaluate these factors: - **Payment history**: Late payments, collections, and bankruptcy negatively affect your score. - **Outstanding debt**: Owing amounts close to your credit limits negatively impacts your score. - **Credit history length**: Longer credit records generally help, though insufficient history can be offset by timely payments and low balances. - **Recent credit applications**: Multiple recent applications may negatively affect your score; however, inquiries from creditors monitoring accounts or making prescreened offers are not counted. - **Types and number of credit accounts**: Established credit accounts help, but too many credit cards may hurt your score. Finance company loans may negatively affect some models. Models may also consider information from your credit application, such as occupation, employment length, or home ownership. To improve your score, focus on paying bills on time, paying down balances, and avoiding new debt; significant improvement typically takes time. ## What happens if you are denied credit or don't get the terms you want? Ask the creditor if a credit scoring system was used and what factors or characteristics influenced the decision. Under the Equal Credit Opportunity Act, creditors must provide specific reasons for denial—vague responses are illegal. If denial was based on credit report information, the creditor must provide the credit agency's name, address, and phone number. You can request your report free if you ask within 60 days of denial. Consider reapplying after paying down balances or closing accounts, as scoring systems evaluate updated information. ## Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) ensures CRAs furnish correct and complete information for credit evaluations. Your rights include: - Receiving a copy of your complete credit report upon request. - Knowing who accessed your report in the past year (or two years for employment purposes). - Receiving the CRA's name and address if a company denies your application based on their information. - Obtaining a free copy of your credit report if you request it within 60 days of denial based on CRA information. - Filing disputes with both the CRA and the information furnisher, who are legally obligated to reinvestigate. - Adding a summary explanation to your report if disputes are unresolved to your satisfaction. --- # contact-us # Contact Us > This page provides contact information and a form for visitors to reach United American Mortgage Corporation with inquiries or comments. ## Contact Information - **Address:** 3198 Airport Loop Drive Suite F, Costa Mesa, CA 92626 - **Phone:** (800) 708-5626 - **Email:** info@uamco.com ## Contact Form The form collects the following required information: - First Name - Last Name - Email - Home Phone - Comments By submitting the form, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email, including automated messages. Message and data rates may apply. You can opt out by replying 'STOP' to any text. --- # mortgage-basics/private-mortgage-insurance # Private Mortgage Insurance (PMI) > This page explains Private Mortgage Insurance (PMI) for conventional mortgages with down payments below 20%, covering how it works, costs, payment options, cancellation rights, and regulatory protections for borrowers. ## What is Private Mortgage Insurance (PMI)? On conventional mortgages with down payments less than 20%, lenders typically require PMI to protect themselves against default. Borrowers may pay up to one year's PMI premiums at closing. A 20% down payment or alternative loan programs can help avoid this extra expense. ## How Does Private Mortgage Insurance (PMI) Work? PMI companies insure approximately the top 20% of the mortgage against default, depending on the lender's requirements, loan-to-value ratio, and loan type. If default occurs, the lender sells the property and the PMI company reimburses any remaining debt up to the policy value. ## Could Obtaining Private Mortgage Insurance (PMI) Help Me Qualify for a Larger Loan? Yes. PMI allows borrowers to qualify for larger loans by reducing lender risk. A family with $42,000 annual income and $800 in monthly debts could afford a $44,600 house without PMI, but with PMI coverage could purchase a $62,300 house—39% more purchasing power. ## How Much Does Private Mortgage Insurance (PMI) Cost? PMI costs vary by insurer and plan. A 5% down payment typically costs approximately 0.78% of the annual loan amount (about $92.67 monthly on a $150,000 purchase), while a 10% down payment reduces this to 0.52% (about $58.50 monthly). Adjustable-rate mortgages and high leverage situations require higher premiums. ## How is Private Mortgage Insurance Paid? - Pay one year's premium at closing, then annual renewal collected monthly with house payment - Pay no premium at closing but add a slightly higher monthly amount to principal, interest, taxes, and insurance - Finance the lump-sum PMI premium into the loan; obtain a rebate if PMI is canceled before loan term expires ## How Does the Buyer Apply for PMI? Although borrowers pay for PMI, the lender is the PMI company's client and shops for insurance on the borrower's behalf. Lenders typically work with a few PMI companies based on their familiarity with those insurers' guidelines. A rejection from one company may lead to loan denial without consultation of other PMI providers. ## What is the History of Private Mortgage Insurance (PMI)? The PMI industry originated in the 1950s with Mortgage Guaranty Insurance Corporation (MGIC), which was called "magic" for its ability to help lenders approve otherwise problematic loans. Today there are eight PMI underwriting companies operating in the United States. ## Cancellation of Private Mortgage Insurance (PMI) The Homeowners Protection Act of 1998 established automatic termination and borrower cancellation rules for PMI on mortgages signed on or after July 29, 1999 for home purchase, construction, or refinance of single-family homes. PMI does not apply to government-insured FHA or VA loans or lender-paid PMI. PMI automatically terminates when equity reaches 22% of the original property value (with current payments). Borrowers can request cancellation at 20% equity with current payments. **Exceptions to cancellation:** - High-risk loans - Payment delinquency within the year prior to termination - Other liens on the property For mortgages signed before July 29, 1999, borrowers can request PMI cancellation at 20% equity, but federal law does not require lenders to comply. ## PMI Companies - **Amerin Guaranty Corporation**, 303 East Wacker Drive, Suite 900, Chicago, IL 60601, Tel: 800-257-7643 - **PMI Mortgage Insurance Company**, 601 Montgomery Street, San Francisco, CA 94111, Tel: 800-288-1970 - **Commonwealth Mortgage Assurance Company**, 1601 Market Street, Philadelphia, PA 19103-2197, Tel: 800-523-1988 - **Republic Mortgage Insurance Co.**, P.O. Box 2514, Winston-Salem, NC 27102-9954, Tel: 800-999-7642 - **G.E. Capital Mortgage Insurance Corporation**, P.O. Box 177800, Raleigh, NC 27615, Tel: 800-334-9270 - **Triad Guaranty Insurance Corp.**, P.O. Box 25623, Winston-Salem, NC 27114, Tel: 800-451-4872 - **Mortgage Guaranty Insurance Corporation**, P.O. Box 488, Milwaukee, WI 53201, Tel: 800-558-9900 - **United Guaranty Corporation**, P.O. Box 21567, Greensboro, NC 27420, Tel: 800-334-8966 ## Fair Credit Reporting Act The FCRA ensures that credit reporting agencies (CRAs) furnish correct and complete information for evaluating applications. **Your rights under the FCRA:** - Receive a copy of your complete credit report - Know who accessed your credit report (one year for most purposes, two years for employment) - Receive the name and address of the CRA if your application is denied based on their information - Obtain a free credit report within 60 days of denial - File disputes with both the CRA and the information furnisher; both must reinvestigate - Add a summary explanation to your report if disputes are unresolved --- # mortgage-basics # Mortgage Basics > This page provides an overview of essential mortgage concepts and terminology to help prospective borrowers understand the home loan process. ## Application Checklist A checklist of documents and information you need to compile and complete before submitting a mortgage application. ## Credit Credit history is a recorded file of past and current credit used to compile a credit score. Learn how credit works, how to improve your score, and its role in mortgage qualification. ## Closing Costs Closing costs are payments required to finalize a home loan, separate from the down payment. Understand their purpose, what they cover, and payment options. ## Appraisals An appraisal is an estimate of a property's fair market value required by lenders to ensure the loan amount doesn't exceed the property's value. ## Private Mortgage Insurance (PMI) PMI is insurance that protects lenders from increased risk when borrowers put down less than 20%. Learn how it works and its associated costs. ## Refinance Refinancing allows borrowers to replace an existing mortgage with new terms to lower monthly payments, reduce interest rates, or improve debt-to-income ratios. ## Glossary of Terms A comprehensive list of mortgage-related terminology and definitions. ## Foreclosure Foreclosure is the legal process where a lender seizes a property according to the terms of the mortgage contract. Learn how to avoid foreclosure. ## Next Steps [Learn about our Loan Programs](/loan-programs) [Contact Us](/contact-us/) to have your mortgage questions answered today. --- # mortgage-basics/refinance # Refinance > This page explains mortgage refinancing fundamentals, covering when to refinance, associated costs, and key considerations like interest rate locks and credit impact. It's designed for homeowners evaluating whether refinancing makes financial sense for their situation. ## When Should I Refinance? Refinancing is generally worthwhile when mortgage rates are 2% lower than your current rate, though even 1% or less reduction can trim monthly payments. Example: lowering a rate from 8.5% to 7.5% on a $100,000 loan saves about $70 per month. Your actual savings depend on income, budget, loan amount, and interest rate changes—consult your lender for personalized calculations. ## Should I Refinance If I Plan on Moving Soon? Refinancing fees may not be worth the cost if you plan to stay only a couple of years. Example: if refinancing costs $1,000 but saves $50 monthly, it takes 20 months to break even. Some lenders offer "no-cost" loans with slightly higher interest rates to avoid upfront fees. ## How Much Will It Cost to Refinance? Expect an application fee of $250–$350, plus an origination fee typically 1% of your loan amount. You'll also pay for title search, title insurance, and lender fees similar to your original loan. Total costs typically range from 2–3% of the loan amount. No-cost loans are available but charge slightly higher interest rates. ## What Are Points? A point equals 1% of the loan amount (100 basis points = 1 point). Discount points are fees paid upfront to lower your mortgage's interest rate. On a $100,000 loan, one point costs $1,000. ## Should I Pay Points to Lower My Interest Rate? Yes, if you plan to stay in the property for at least a few years. Paying discount points lowers your monthly payment and may increase the loan amount you can afford. However, if you plan to move within a year or two, monthly savings may not recoup the upfront cost. ## What Does It Mean to Lock the Interest Rate? Interest rates can change between loan application and closing. Rate locking guarantees a specified rate for a set period (typically 30–60 days), protecting you from unexpected payment increases, though some lenders charge a lock-in fee. ## Should I Lock In My Loan Rate? If interest rates are expected to be volatile and you need rate certainty to qualify, locking is advisable. If your budget can handle higher payments or lock fees, you may prefer letting rates "float" until closing. Your lender can estimate rate direction. ## Credit Problems and Home Loans Even with poor credit, home loans are possible. Lenders will charge higher interest rates and require larger down payments (20–50%). The worse your credit history, the higher the costs. ## Late Credit Card Payments If you've been late fewer than 3 times in the past year and no more than 30 days late, you still have a good chance at a competitive rate. Lenders typically accept explanations like illness or job changes. ## Choosing a Lender Consider two factors: - **Quality of Service** – Especially important for first-time buyers. Find a lender with strong service skills and expertise in loan options who you trust to guide you through the process. - **Cost of Services** – Ask potential lenders upfront about their fees and charges so you feel confident in your choice. --- # mortgage-basics/closing-costs # Closing Cost > This page explains closing costs—the fees and expenses required to finalize a home purchase—covering what happens at closing, different types of costs (statutory, third-party, and other up-front expenses), and relevant regulations like RESPA. ## What Happens at Closing? Closing is the final step in buying and financing a home, where the property officially transfers from seller to buyer and all parties sign necessary documents. The process involves real estate agents, attorneys, lender representatives, title and escrow firms, and other staff, and typically takes 1–several hours depending on contingency clauses and escrow instructions. Before closing, conduct a final walk-through inspection to verify requested repairs were completed and agreed-upon items (drapes, fixtures) remain in the house. In most states, a title or escrow firm completes the settlement by processing cashier's checks or bank wires to make necessary disbursements, delivering the check to the seller and keys to you. ## Statutory Closing Costs These are mandatory expenses paid to state and local agencies, even for cash purchases: - **Transfer Taxes** – Required by some localities to transfer title and deed from seller to buyer - **Deed Recording Fees** – To record the deed and mortgage with the County Clerk and update property tax billing - **Pro-Rated Taxes** – Property taxes split between buyer and seller based on ownership days; lenders may require an escrow account - **State & Local Fees** – Additional mortgage taxes and fees that may apply ## Third-Party Costs Expenses paid to agents, attorneys, inspectors, and insurance firms: - **Attorney Fees** – Up to 1% of selling price, hourly basis, or flat fee for legal representation - **Title Search Costs** – Attorney or title company verifies clear property title and checks for liens or lawsuits - **Homeowner's Insurance** – Lenders require prepayment of first year's premium; proof of payment required at closing - **Real Estate Agent's Sales Commission** – Paid by seller; negotiable and split between listing and selling agents if applicable ## Other Up-Front Expenses Additional costs including deposits, down payments, and related expenses: - **Inspections** – Lenders may require inspections; purchase offers can be contingent on structural, water quality, septic, termite, roof, and radon tests - **Owner's Title Insurance** – Optional protection against unforeseen title problems - **Appraisal Fees** – Cost to hire an appraiser before or after signing the purchase offer - **Money to the Seller** – Payment for negotiated items like appliances, fixtures, drapes, furniture, or fuel - **Moving Expenses** – Truck rentals, professional movers, utility deposits (phone, cable, electricity) - **Repair Expenses** – Can request seller set up escrow account for major cleanup, radon mitigation, painting, or appliance repairs; costs may be negotiated or split with seller - **Time Investment** – Often overlooked costs of house-hunting (up to 4 months) and research for mortgage, agents, and attorneys ## What is RESPA? The Real Estate Settlement Procedures Act (RESPA) governs settlement and closing costs. Within 3 business days of mortgage application, lenders must provide a "Loan Estimate" detailing estimated closing costs, including prorated taxes, first month's interest, and other settlement costs based on the purchase contract. --- # mortgage-basics/glossary # Glossary > A comprehensive reference guide to common mortgage and real estate terminology for borrowers and homebuyers navigating the lending process. ## A **1003** — Uniform Residential Loan Application. **A & D Loan** — Acquisition and development loan for the purchase of raw land for development purposes. **Abstract Title** — A written history of the ownership of a parcel of land. **Acceleration Clause** — Allows the lender to demand immediate payment of the entire outstanding loan balance if the borrower defaults. **Acknowledgment** — A declaration by a notary certifying the identity of the signer through personal knowledge or written identification. **Adjustable Rate Mortgage (ARM)** — A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also known as renegotiable rate mortgage, variable rate mortgage, or Canadian rollover mortgage. **Adjustment Interval** — On an ARM, the time between changes in interest rate and/or monthly payment (typically one, three, or five years). **Affidavit** — A sworn statement in writing. **American Land Title Association (ALTA)** — An organization of title companies specializing in real property law with standardized forms and national coverage. **Amortized / Amortization** — The process of paying off a loan through equal periodic payments that include principal and accrued interest, fully paying off the debt at the end of the loan term. **Annual Percentage Rate (APR)** — An interest rate reflecting the total yearly cost of a mortgage, including points and other credit costs, allowing homebuyers to compare different mortgage types. **Appraisal** — An estimate of real property value made by a qualified professional appraiser. **Assumption** — An agreement where the buyer takes over the seller's existing mortgage payments, subject to lender approval. ## B **Back End** — The debt-to-income ratio calculated using principal, interest, taxes, insurance, and consumer credit obligations divided by gross monthly income. **Balloon** — A short-term fixed-rate loan with small payments for a set period and one large final payment for the remaining principal. **Beneficiary** — The entity funding the loan; the entity to which the loan is owed. **BK / Bankruptcy** — A reorganization or discharge of debts (Chapter 7, 11, or 13). **Broker** — An individual who assists in arranging funding or negotiating contracts for clients without lending the money directly, usually charging a fee or commission. **Buy Down** — When the lender and/or home builder subsidizes the mortgage by lowering the interest rate during the first few years; payments increase when the subsidy expires. ## C **Cap** — The highest rate an adjustable rate mortgage may reach, expressed as an actual rate or amount of change above the start rate. **Cash Out** — Any funds disbursed directly to the borrower. **Certificate of Occupancy** — A certificate issued by local government stating that a building is in proper condition to be occupied. **Certified Copy** — A true copy attested by the officer holding the original, bearing a stamp and signature. **Clear-to-close** — Loan is ready to be closed with no additional conditions. **Closing** — The meeting between buyer, seller, and lender or their agents where property and funds legally change hands. Also called settlement. **Closing Costs** — Include origination fees, discount points, appraisal fees, title search and insurance, survey, taxes, deed recording fees, and credit report charges, typically 3 to 6 percent of the total mortgage amount. **Commitment** — An agreement between a lender and borrower to loan money at a future date subject to completion of paperwork or compliance with stated conditions. **Community Property** — Property owned in common by a husband and wife not acquired as separate property; a classification in certain states allowing spouses to own assets even without title appearances. **Comp. / Comparable** — A property with the same basic characteristics as the subject property, usually recently sold and as similar as possible. **Condominium** — Property owned as a group with rights to occupy specific units, governed by a Homeowners Association. **Construction Loan** — A short-term interim loan financing construction costs, with funds advanced to the builder at periodic intervals as work progresses. **Consumer Credit** — Credit owed by an individual not secured by real estate. **Conventional Loan** — A mortgage not insured by FHA or guaranteed by VA or FMHA. **Conversion Clause** — A provision in some ARMs allowing conversion to a fixed-rate loan during the loan term. **Credit Ratio** — The ratio of a borrower's monthly payment obligation on long-term debts divided by net effective income (FHA/VA) or gross monthly income (Conventional). **Credit Report** — History of a buyer's past credit performance. **Credit Score** — A score determining creditworthiness from TRW, Equifax, or Trans Union. ## D **D.R. / Debt Ratio** — The customer's monthly obligations divided by their monthly gross income. See also Back End. **Deed** — Legal document conveying title to a property. **Deed of Trust** — A document pledging real property to secure a debt, potentially replacing a mortgage. **Default** — Failure to meet legal obligations in a contract, specifically failure to make monthly mortgage payments. **Deferred Interest** — See Negative Amortization. **Delinquency** — Failure to make payments on time, potentially leading to foreclosure. **Department of Veterans Affairs (VA)** — An independent federal agency guaranteeing long-term, low- or no-down payment mortgages to eligible veterans. **Derog Letter** — A letter by the borrower explaining any derogatory credit. **Derog** — Short for derogatory; refers to negative credit items. **Discharge** — Following a completed bankruptcy, discharged debts are no longer owed or collectible; lenders require copies of discharge papers. **Discount Points** — Prepaid interest assessed at closing, with each point equal to 1 percent of the loan amount. **Dismissal** — If a bankruptcy is dropped without completion, a Bankruptcy Dismissal document is required to proceed with the loan. **Down Payment** — Money paid to cover the difference between purchase price and mortgage amount (typically 10-20% for conventional loans, 0-5% for FHA/VA). **Due-On-Sale Clause** — A provision allowing the lender to demand immediate payment if the mortgage holder sells the home. ## E **Earnest Money** — Money given by a buyer to a seller as part of the purchase price to bind a transaction. **Easements** — An interest in property owned by another that entitles the holder to a specific limited use or privilege. **Encroachment** — A fixture of one property intruding on another's property. **Equal Credit Opportunity Act (ECOA)** — A federal law requiring lenders to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of public assistance income. **Equity** — The difference between fair market value and current indebtedness; the owner's interest. **Escrow Instructions** — Instructions to the escrow agent giving transaction parameters and contingencies agreed upon by both parties. **Escrow Waiver** — A request for the borrower to pay their own taxes and insurance, rarely granted without at least 25% equity. **Escrow** — A neutral third party handling settlement paperwork, or an account held by the lender for tax and insurance payments. ## F **Farmers Home Administration (FMHA)** — Provides financing to farmers and other qualified borrowers unable to obtain loans elsewhere. **Federal Home Loan Mortgage Corporation (FHLMC) / Freddie Mac** — A quasi-governmental agency purchasing conventional mortgages from insured depository institutions and HUD-approved mortgage bankers. **Federal Housing Administration (FHA)** — A division of HUD mainly insuring residential mortgage loans made by private lenders and setting underwriting standards. **Federal National Mortgage Association (FNMA) / Fannie Mae** — A tax-paying corporation purchasing and selling conventional residential mortgages and those insured by FHA or guaranteed by VA, providing funds for approximately one in seven mortgages. **Fee Simple** — The most common ownership form where the owner holds both the land and structures. **FHA Loan** — A loan insured by FHA open to qualified home purchasers with generous limits for moderate-priced homes nationwide. **FHA Mortgage Insurance** — A fee up to 3 percent of the loan amount paid at closing or added to monthly payments; also includes an annual fee of 0.5 percent of the current loan amount. **Fixed-Rate Mortgage** — A mortgage where the interest rate is set for the term of the loan. **Flood Insurance** — Mandatory insurance for some homeowners whose property is in a designated flood zone. **Foreclosure** — A legal procedure where property securing debt is sold by the lender to pay a defaulting borrower's debt. **Free and Clear** — Property is completely paid for with no liens attached. **Functional Obsolescence** — A property value detraction due to design or materials being less functional than the norm. ## G **GFE** — Good Faith Estimate of Buyers Loan Charges. **Government National Mortgage Association (GNMA) / Ginnie Mae** — Provides sources of funds for residential mortgages insured or guaranteed by FHA or VA. **Graduated Payment Mortgage (GPM)** — A flexible-payment mortgage where payments increase for a specified period and then level off, with negative amortization built in. **Grant Deed** — The most common title transfer deed containing warranties against prior conveyances or encumbrances. **Gross Monthly Income** — The total amount the borrower earns per month before expenses are deducted. **Guarantee** — A promise by one party to pay another's debt if the original party fails to pay or perform. ## H **Hazard Insurance** — Insurance protecting against specified losses (fire, windstorm) but excluding earthquake, riot, or flood damage. **Homestead** — The dwelling and contiguous land of the family head, often granted statutory exemptions against creditor rights and property tax exemptions in some states. **Housing Expenses-to-Income Ratio** — The ratio of housing expenses divided by net effective income (FHA/VA) or gross monthly income (Conventional). ## I **Impound** — That portion of monthly payments held by the lender or servicer to pay taxes, hazard insurance, mortgage insurance, and other items. Also known as reserves. **Index** — A published interest rate against which lenders measure the difference for adjusting ARM interest rates, such as U.S. Treasury yields or savings and loan institution rates. **Interest Bearing** — Interest calculation using a daily or monthly rate on the current outstanding balance. **Investor** — The money source for a lender. ## J **Joint Tenants** — A form of holding title where owners have 100% rights of survivorship unless redirected by a will. **Jumbo Loan** — A loan larger than limits set by FNMA and FHLMC (over $424,100), typically carrying a higher interest rate. ## L **Land Contract** — An agreement where the seller withholds title until required payments are completed. **Leasehold Estate** — Real estate ownership where the leaseholder does not hold title but has property use subject to lease terms. **Legal Description** — A method of geographically locating land acceptable in a court of law. **LIBOR** — London InterBank Offered Rate, the base interest rate on deposits between banks in the Eurodollar market. **Lien** — A claim on property for payment or satisfaction of a debt or obligation. **Loan Committee** — Generally the underwriting process. **Loan Risk** — The rate category assigned to a loan estimating probable risk of future delinquency and loss. **Loan-To-Value Ratio (LTV)** — The relationship between mortgage loan amount and appraised property value expressed as a percentage. ## M **Margin** — The percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment. **Market Value** — The highest price a buyer would pay and the lowest price a seller would accept on a property. **Mortgage Escrow Accounts** — Accounts set by the lender to pay taxes and insurance on behalf of the borrower. **Mortgage Insurance** — Money paid to insure the mortgage when the down payment is less than 20 percent. **Mortgagee** — The lender. **Mortgagor** — The borrower or homeowner. ## N **Negative Amortization** — Occurs when monthly payments do not cover all interest costs; uncovered interest is added to the unpaid principal, potentially resulting in owing more than the original loan amount. **Net Effective Income** — The borrower's gross income minus federal income tax. **Non-Assumption Clause** — Statements in the mortgage contract forbidding assumption without lender approval. **Non-Owner Occupied** — A property not used as a residence by the owner. **Notary Public** — A person designated by the state to certify identity when signing documents. **Note** — Short for promissory note, legally obligating the borrower to repay the debt and giving loan parameters. ## O **Obligations** — Any debt or recurring payment the borrower is obligated to pay, including mortgage payments. **Origination Fee** — The fee charged by a lender to prepare loan documents, make credit checks, and sometimes appraise property, usually computed as a loan percentage. **Owner Occupied** — Designation for property used as the owner's residence. **Owners Policy** — A title insurance policy protecting the buyer against title problems. ## P **P & I** — Principal and Interest, the principal and interest portions of the monthly mortgage payment. **P & L / Profit and Loss** — A statement of a business's gross income, cost of goods, operating costs, and net profit or loss. **P.I.T.I.** — Principal, interest, taxes, and insurance; the complete monthly cost of financing a property. **P.U.D.** — Planned Unit Development; property owned as a group where individuals own their specific plot and structure but also have divided interest in common areas governed by a Homeowners Association. **Piggy Back Loan** — Financing obtained subordinate to the first mortgage to facilitate closing. Also known as Secondary Financing. **Points** — Equal to one percent of the principal mortgage amount. See also Discount Points. **Power of Attorney** — Authority enabling one person to act on another's behalf, limited to specific areas or general. **Pre-Approval** — The buyer has begun the application process and an underwriter has approved their income, funds, and credit (with possible conditions). **Prelim. / Preliminary Title Report** — The title report generated at application start, showing liens and required actions for clear title. **Prepaid Interest** — Interest collected at closing covering the period between funding and the first 30-day payment period. **Prepaids** — Expenses necessary to create or adjust an escrow account, including taxes, hazard insurance, private mortgage insurance, and special assessments. **Prepayment Penalty** — Money charged for early loan repayment, allowed in various forms in 36 states and the District of Columbia. **Prepayment** — A mortgage privilege allowing the borrower to make payments in advance of their due date. **Pre-Qualified** — Buyer has discussed their financial situation with a loan expert without verification; only indicates what the buyer should qualify for. **Principal** — The amount of debt not counting interest remaining on a loan. **Private Mortgage Insurance (PMI)** — Insurance required when down payment is less than 20 percent, requiring an initial premium of 1-5 percent and possibly additional monthly fees. **Purchase Agreement** — The agreement between buyer and seller containing the purchase price and sale contingencies. ## Q **Quit Claim** — A deed releasing any title, interest, or claim the grantor may have without warranting valid interest or title. ## R **Rate Float** — Assuming market risk on interest rates hoping they will decrease before closing. **Rate Lock** — Choosing to have no rate change for a specific length of time. **Ratios** — How a buyer's housing expense and debt picture relates to their income. **Real Estate Settlement Procedures Act (RESPA)** — A federal law allowing consumers to review known or estimated settlement costs once after application and once prior to or at settlement. **Realtor** — A real estate broker or associate with active membership in a local real estate board affiliated with the National Association of Realtors. **Rescission** — The cancellation of a contract; with mortgage refinancing, the law giving homeowners three days to cancel if the transaction uses home equity as security. **Recon / Reconveyance** — A release of lien filed with the county recorder by the trustee. **Recording Fees** — Money paid to the lender for recording a home sale with local authorities, making it part of public records. **REFI** — Slang for refinance, or a new mortgage on a property that does not change ownership. **Request for Reconveyance** — Verification by the beneficiary to the trustee that lien conditions are fulfilled, requesting cancellation. **Reverse Annuity Mortgage (RAM)** — A mortgage where the lender makes periodic payments to the borrower using the borrower's home equity as security. ## S **S.I. / Statement of Information** — The form customers complete for the title --- # mortgage-basics/application-checklist # Application Checklist > This page provides mortgage applicants with a comprehensive checklist of documents required to complete a loan application, organized by category (property, income, funds, and debt). Requirements may vary by situation, and applicants should provide any additional documentation requested to expedite processing. ## Your Property - Copy of signed sales contract including all riders - Verification of the deposit placed on the home - Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved - Copy of Listing Sheet and legal description if available (condominium applicants should provide declaration, by-laws and most recent budget) ## Your Income - Copies of pay-stubs for the most recent 30-day period and year-to-date - W-2 forms for the past two years - Names and addresses of all employers for the last two years - Letter explaining any gaps in employment in the past 2 years - Work visa or green card (copy front & back) ### Self-Employed, Commission, Bonus, Interest/Dividends, or Rental Income - Full tax returns for the last two years plus year-to-date Profit and Loss statement (complete returns including attached schedules; supply extension copy if filed) - K-1's for all partnerships and S-Corporations for the last two years - Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) with all schedules for the last two years (required only if ownership position is 25% or greater) ### Alimony or Child Support Income - Divorce decree/court order stating amount and proof of receipt of funds for last year ### Social Security, Disability, or VA Benefits - Award letter from agency or organization ## Source of Funds and Down Payment - Sale of existing home: signed sales contract on current residence and statement or listing agreement if unsold (settlement/Closing Statement required at closing) - Savings, checking or money market funds: bank statements for the last 3 months - Stocks and bonds: statement from broker or copies of certificates - Gifts: Gift Affidavit and proof of receipt of funds - Additional documentation may be required based on application information and credit report ## Debt or Obligations - List of all names, addresses, account numbers, balances, and monthly payments for all current debts with last three monthly statements - All names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years - Marital settlement/court order if paying alimony or child support - Check to cover Application Fee(s) ## Get a Quick Quote A form is available to receive a quick quote by providing name, email, home phone, loan amount, property value, loan type, and credit score information. [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) apply. --- # mortgage-calculators # Mortgage Calculators > This page provides a collection of interactive mortgage and home financing calculators designed to help users estimate payments, affordability, refinancing decisions, and comparative financial scenarios. ## Available Calculators - [Mortgage Calculator](https://www.example.com/mortgage-calculators?calc=purchase-calculator) — Calculate your monthly payments - [Home Affordability](https://www.example.com/mortgage-calculators?calc=home-affordability-calculator) — Determine how much you can afford - [Should I Refinance?](https://www.example.com/mortgage-calculators?calc=refinance-calculator) — Analyze breakeven period and new payment amounts - [Buy vs Rent Calculator](https://www.example.com/mortgage-calculators?calc=rent_vs_buy_calculator) — Compare balance after any number of payments - [Extra Payment](https://www.example.com/mortgage-calculators?calc=extra-payment-calculator) — Calculate savings from extra payments - [Blended Calculator](https://www.example.com/mortgage-calculators?calc=blended-rate-calculator) — Calculate blended rate of multiple debts - [Principal](https://www.example.com/mortgage-calculators?calc=principal-calculator) — View balance after any number of payments ## Disclaimer These calculators are self-help tools for independent use and do not constitute investment advice. Accuracy and applicability to your individual circumstances are not guaranteed. All examples are hypothetical and illustrative. Consult qualified professionals for personalized guidance on personal finance matters. --- # pre-qualify # Get a Quick Quote > This page provides a pre-qualification form for prospective homebuyers to estimate their loan eligibility without affecting their credit score. Users can input basic financial and property information to receive personalized loan options. ## Quick Quote Form The form collects the following information: - **Personal Details**: First name, last name, email address, and home phone number - **Loan Parameters**: Desired loan amount (ranging from less than $75,000 to $2,000,000+) - **Property Information**: Estimated property value (same range as loan amount) - **Loan Type**: Purchase, refinance, debt consolidation, or home equity options - **Credit Score**: Self-reported credit ranking (excellent, good, fair, or poor) ## Terms and Conditions By submitting the form, users agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email, including automated messages. To opt out of communications, reply 'STOP' to any text. Standard message and data rates may apply. --- # todays-rates # Get a Quick Quote > This page provides a form to request a customized mortgage rate quote by collecting borrower information, loan details, and property value. ## Quick Quote Form Fill out the form below to receive a customized rate quote. A representative will contact you shortly. **Required Fields:** - First Name - Last Name - Email - Home Phone - Loan Amount (ranges from less than $75,000 to $2,000,000+) - Property Value (ranges from less than $75,000 to $2,000,000+) - Loan Type (Purchase, Refinance, Debt Consolidation, Home Equity) - Credit Score (Excellent, Good, Fair, Poor) **Terms & Consent:** By submitting the form, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email, including automated messages. Reply 'STOP' to any text to opt out. Message and data rates may apply. --- # faq # Frequently Asked Questions > This page answers common questions about mortgage refinancing, rates, fees, credit scoring, and the loan application and closing process. It's designed for homebuyers and those considering mortgage products. ## When Should I Refinance? Refinancing is generally worthwhile when mortgage rates are 2% lower than your current rate, though even 1% or less can reduce monthly payments. For example, lowering a rate from 8.5% to 7.5% on a $100,000 loan saves about $70 per month. Your actual savings depend on income, budget, loan amount, and rate changes—consult your lender for personalized calculations. ## What Are Points? A point equals 1% of the loan amount (e.g., one point on a $100,000 loan is $1,000). Discount points are fees paid upfront to lower the interest rate. Lenders may also reference basis points, where 100 basis points equal 1 point. ## Should I Pay Points to Lower My Interest Rate? Yes, if you plan to stay in the property for at least a few years. Paying discount points reduces your monthly payment and may increase your borrowing capacity. However, if you plan to stay only one or two years, monthly savings may not recoup the upfront cost. ## What Is an APR? The annual percentage rate (APR) reflects the true yearly cost of a mortgage, including points and other credit costs, making it higher than the advertised interest rate. It allows comparison across different mortgage types but does not affect monthly payments—those depend only on the interest rate and loan term. **Fees included in APR:** - Discount points and origination points - Pre-paid interest - Loan-processing, underwriting, and document-preparation fees - Private mortgage insurance - Escrow fee **Fees typically excluded from APR:** - Title, abstract, appraisal, and credit report fees - Borrower attorney fees - Home-inspection fees - Recording fees and transfer taxes To compare loans, request good-faith estimates from multiple lenders at the same interest rate and loan type, then compare loan fees only (excluding independent costs like insurance and title work). ## What Does It Mean to Lock the Interest Rate? Lenders allow borrowers to "lock in" an interest rate for a specified period (typically 30–60 days, sometimes for a fee) to protect against rate increases between loan application and closing. ## What Documents Do I Need to Prepare for My Loan Application? **Your Property:** - Copy of signed sales contract with all riders - Verification of earnest money deposit - Names, addresses, and phone numbers of all realtors, builders, insurance agents, and attorneys involved - Listing sheet and legal description (condominium documents if applicable) **Your Income:** - Recent 30-day pay-stubs and year-to-date statements - W-2 forms for the past two years - Names and addresses of all employers for the last two years - Letter explaining any employment gaps in the past two years - Work visa or green card copy (front and back) **If Self-Employed, Commission, Bonus, Interest/Dividends, or Rental Income:** - Full tax returns for two years plus year-to-date Profit and Loss statement (with all attached schedules; include extension copy if filed) - K-1s for all partnerships and S-Corporations for two years - Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) for two years if ownership is 25% or greater **If Using Alimony or Child Support:** - Divorce decree or court order with amount and proof of receipt for the last year **If Receiving Social Security, Disability, or VA Benefits:** - Award letter from the issuing agency **Source of Funds and Down Payment:** - Sale of existing home: signed sales contract and statement or listing agreement if unsold (settlement statement required at closing) - Savings/checking/money market: bank statements for the last three months - Stocks/bonds: broker statements or certificates - Gifts: Gift Affidavit and proof of receipt **Debt or Obligations:** - List of all names, addresses, account numbers, balances, and monthly payments for current debts with last three monthly statements - Mortgage and landlord information for the past two years - Marital settlement/court order if paying alimony or child support - Check to cover application fee(s) ## How Is My Credit Judged by Lenders? Credit scoring systems evaluate information from your credit application and credit report—including bill-paying history, account types, late payments, collection actions, outstanding debt, and account age—against profiles of similar consumers. A credit score between 350 (high risk) and 850 (low risk) predicts your likelihood of repaying borrowed funds. FICO scores, developed by Fair Isaac Company, are the most widely used. Check the accuracy of your credit report before applying; obtain free annual reports from [Equifax, Experian, and TransUnion via https://www.annualcreditreport.com](https://www.annualcreditreport.com), or contact the agencies directly (Equifax: 800-685-1111; Experian: 888-EXPERIAN; Trans Union: 800-916-8800). ## What Can I Do to Improve My Credit Score? Scoring models vary, but generally evaluate: - **Payment history:** Late payments, collections, and bankruptcy hurt your score significantly. Pay bills on time. - **Outstanding debt:** Owing close to your credit limit negatively affects your score. Pay down balances. - **Credit history length:** A longer history helps, though timely payments and low balances can offset limited history. - **Recent credit applications:** Multiple new account applications hurt your score (inquiries from creditors monitoring accounts or prescreened offers don't count). - **Types of credit accounts:** Established accounts help, but too many credit cards may harm your score. Finance company loans may also negatively impact scoring. Models may also consider employment history, job tenure, and homeownership. To improve your score, focus on paying bills on time, reducing outstanding balances, and avoiding new debt—improvement takes time. ## What Is an Appraisal? An appraisal is a professional estimate of a property's fair market value, typically required by lenders before loan approval to ensure the mortgage amount doesn't exceed the property value. A state-licensed appraiser evaluates location, amenities, and physical condition. ## What Is PMI (Private Mortgage Insurance)? On conventional mortgages, if your down payment is less than 20%, lenders typically require Private Mortgage Insurance (PMI) to protect themselves against default. You may pay up to one year's PMI premiums at closing (several hundred dollars). Avoid this by making a 20% down payment or exploring alternative loan programs. ## What Is 80-10-10 Financing? This structure allows buyers to avoid PMI without a 20% down payment: a lender provides 80% financing, you secure a 10% second mortgage, and make a 10% cash down payment. For those able to afford only 5% down, 80-15-5 financing is available, though it carries higher fees and interest rates due to increased default risk. ## What Happens at Closing? At closing or funding, property ownership officially transfers from seller to buyer. The event may include you, the seller, real estate agents, attorneys, title or escrow representatives, and support staff. If you cannot attend, an attorney can represent you. Closing typically takes one to several hours depending on contingencies and escrow account setup. Before closing, conduct a final walk-through inspection to verify that repairs were completed and items agreed to remain (drapes, fixtures) are present. Most closing paperwork is handled by attorneys and real estate professionals. In most states, a title or escrow firm completes the settlement, distributing funds and transferring keys to you. --- # loan-programs # Which Mortgage is Right for You? > This page helps borrowers understand and compare different home loan options, including loan program types and mortgage rate structures to find the best fit for their financial situation. ## Loan Program Options - **Conventional Loans**: Not insured by the government, offering flexibility and fewer restrictions for borrowers with good credit and steady income. [Learn More](/loan-programs/conventional-loans) - **FHA Home Loans**: Mortgages insured by the Federal Housing Administration, enabling low rates with minimal down payment requirements. [Learn More](/loan-programs/fha-loans) - **VA Loans**: Mortgages guaranteed by the Department of Veteran Affairs, offering military veterans exceptional benefits including low interest rates. [Learn More](/loan-programs/va-loans) - **Jumbo Loans**: Mortgages for properties exceeding conventional conforming loan limits (maximum $766,550). [Learn More](/loan-programs/jumbo-loans) ## Mortgage Rate Options - **Fixed Rate**: The most common option with monthly principal and interest payments that remain constant throughout the loan's lifetime. [Learn More](/loan-programs/fixed-rate-mortgage) - **Adjustable ARM**: Interest rates shift during the loan term based on market conditions, typically starting with a fixed initial period. [Learn More](/loan-programs/adjustable-rate-mortgage) - **Interest Only**: Borrowers pay only interest for a specified period rather than principal. [Learn More](/loan-programs/interest-only-mortgage) - **Graduated Payments**: Payments increase annually for a predetermined period (such as five or ten years). [Learn More](/loan-programs/graduated-payment-mortgage) ## Get More Information [Contact Us](/contact-us/) to have your mortgage questions answered today. --- # loan-process # Loan Process > This page outlines the five-step mortgage lending process, from determining borrowing capacity through loan closing, along with key concepts like loan types, qualification factors, and application requirements. ## Step 1: Find Out How Much You Can Borrow Determine your borrowing capacity before beginning your home search. [Pre-Qualify](/pre-qualify) by answering simple questions, or get pre-approved with income, credit, asset, and liability verification to: - Look for properties within your range - Strengthen negotiations with sellers - Close your loan faster ### LTV and Debt-to-Income Ratios Loan-To-Value (LTV) ratio represents the maximum percentage of property value a lender will finance. Lenders typically lend up to 100% to creditworthy borrowers. Monthly mortgage payments should not exceed one-third of gross monthly income. Borrowers with high debt-to-income ratios must make larger down payments to qualify for lower LTV ratios. ### FICO™ Credit Score FICO™ Credit Scores measure creditworthiness using mathematical models based on payment history, total borrowing, credit history length, new credit inquiries, and credit types. Every credit inquiry can negatively affect your score, so authorize credit reports only after committing to a loan application. ### Self Employed Borrowers Self-employed individuals face greater lending hurdles due to difficulty documenting income. While employed applicants provide pay stubs, self-employed borrowers typically must provide two years of income tax returns for verification. ### Source of Down Payment Lenders require borrowers to provide sufficient cash for down payments and closing fees. Down payments come from borrower savings, or borrowers may receive "gift funds" from acceptable donors with a signed letter stating repayment is not required. ## Step 2: Select The Right Loan Program Home loans fall into two basic categories, each suited to different financial situations and goals. ### Fixed Rate Mortgage Fixed rate mortgages last 15 or 30 years with interest rates and monthly payments remaining constant. Choose this loan if you: - Plan to live in the home more than 7 years - Want stability in principal/interest payments - Don't want to risk future payment increases - Expect stable income and spending ### Adjustable Rate Mortgage Adjustable Rate Mortgages (ARMs) last 15 or 30 years but allow interest rates and monthly payments to fluctuate. Choose this loan if you: - Plan to stay in your home less than 5 years - Accept periodic payment changes - Can handle the risk of payment increases - Expect your income to rise ## Step 3: Apply For A Loan [Click To Apply For A Loan](/apply-now) ## Step 4: Begin Loan Processing Loan approval is based on your ability and willingness to repay and the property's value. Your loan processor verifies all application information and investigates any discrepancies. ### Verification Components - **Income/Employment Check** — Evaluates whether your income covers monthly payments using industry guidelines - **Credit Check** — Reviews your credit report to assess repayment ability; payment lapses or delays must be explained - **Asset Evaluation** — Confirms you have funds for down payment and closing costs - **Property Appraisal** — Determines market value; location and zoning are considered - **Other Documentation** — Additional documentation may be required for final approval ### Improve Your Approval Chances - Complete your loan application thoroughly using online forms if available - Respond promptly to documentation requests, especially if your rate is locked or closing date is set - Maintain a paper trail for all bank account transactions; provide gift letters for funds from relatives - Avoid major purchases until closing, as they increase debt and may harm your application - Don't travel near your closing date; consider a Power of Attorney if necessary ## Step 5: Close Your Loan After approval, review and sign final loan documents before a notary public. Verify the interest rate, loan terms, name, and address are accurate. Bring a cashier's check for down payment and closing costs (personal checks not accepted), your homeowner's insurance policy, and any required flood insurance proof. For owner-occupied refinance transactions, federal law requires a 3-day review period before closing can occur. Your loan typically closes shortly after signing. ## Get a Quick Quote Contact form to request a mortgage quote. Provide first name, last name, email, home phone, loan amount, property value, loan type, and credit score ranking. --- **Get Your Mortgage Questions Answered Today!** [Contact Us](/contact-us/) --- # home-purchase # Mortgage Application Form > This is an interactive mortgage application form that collects borrower information across loan type, property details, financial situation, credit history, and personal contact information to generate loan quotes. ## Loan Type Selection - Purchase - Refinance - Home Equity ## Property Details **Property Type:** - Single Family - Multi-Family - Condominium - Townhouse - Manufactured Home **Property Use:** - Primary Residence - Vacation Home - Investment Property **Property Information:** - Property address - Property city - Property state - Property zip (optional) ## Borrower Financial Profile **Credit History:** - Excellent - Very Good - Good - Fair - Poor **Employment Status:** - Employed - Self Employed - Retired - Unemployed **Income and Debt:** - Annual household income - Monthly debt payments **Military Service:** - Yes - No ## Purchase Timeline - Have you already found a home? (Yes/No) - Purchase price - Expected purchase timeline: Soon, Next 60 days, Next 6 months, Not very soon - First time home buyer? (Yes/No) ## Credit and Payment History - Bankruptcy in last 7 years? (Yes/No) - Any late mortgage payments? (Yes/No) - Any foreclosure in last 7 years? (Yes/No) - Do you currently have an FHA loan? (Yes/No) ## Existing Mortgage Information **First Mortgage:** - Mortgage balance - Interest rate (range from 2% to 13%) **Second Mortgage:** - Do you have a second mortgage? (Yes/No) - Second mortgage balance - Second mortgage interest rate (range from 2% to 13%) **Refinance Information:** - Property value - Loan purpose: Lower Interest Rate, Lower Monthly Payment, Debt Consolidation, Change Rate / Term, Home Improvement, Take Cash Out ## Personal Information - First name - Last name - Email - Home phone ## Terms and Consent By submitting, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email, including automated messages. Reply 'STOP' to any text to opt out. Message and data rates may apply. --- # review-us # Review Us > This page collects customer testimonials and reviews for United American Mortgage Corporation. Visitors can submit their name, email, location, photo, written review, and service rating. ## Testimonial Submission Form The form requires the following information: - **Your Name** — required field - **Your Email** — required for verification only; not displayed publicly - **Your City, State** — required field - **Photo** — optional file upload to personalize your review - **Review** — required text field for your written feedback - **Service Rating** — required rating selection ## Terms and Consent By submitting the form, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy), and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email, including automated messages. To opt out of communications, reply 'STOP' to any text message. Standard message and data rates may apply. --- # online-forms # Online Forms > This page provides downloadable mortgage application forms and a quick quote request tool for borrowers beginning their mortgage process. ## PDF Forms - [Uniform Residential Loan Application](/dl/urla.pdf) - [Uniform Residential Loan Application — Unmarried Addendum](/dl/urla-unmarried.pdf) - [Uniform Residential Loan Application — Additional Borrower](/dl/urla-additional.pdf) The application should be completed with the assistance of a mortgage professional. You will need a PDF-compatible browser or Adobe Acrobat Reader to view and print these forms. ## Get a Quick Quote Submit your basic information to receive a mortgage quote. Required fields include: - First Name - Last Name - Email - Home Phone - Loan Amount (ranges from less than $75,000 to $2,000,000+) - Property Value (ranges from less than $75,000 to $2,000,000+) - Loan Type (Purchase, Refinance, Debt Consolidation, or Home Equity) - Credit Score (Excellent, Good, Fair, or Poor) By submitting, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email, including automated messages. Reply 'STOP' to any text to opt out. Message and data rates may apply. --- # loan-programs/fha-loans # FHA Loans > FHA loans are federal government-insured mortgages that enable homebuyers—particularly first-time buyers and those with limited down payment funds or credit challenges—to purchase homes with as little as 3.5% down and more flexible qualifying criteria than conventional loans. ## What is an FHA Loan? Established in 1934, the Federal Housing Administration provides mortgage insurance rather than issuing loans directly. When a borrower defaults, the lender is paid from the insurance fund, allowing banks to issue loans with minimal risk. - Buy a house with as little as 3.5% down - Ideal for first-time homebuyers unable to make larger down payments - Mortgage solution for those who may not qualify for conventional loans - Down payment assistance programs can reduce down payment and closing costs ## Documents Needed for FHA Loans Loan approval depends entirely on documentation provided at application. Required documents include: **Employment** - Complete Income Tax Returns for past 2 years - W-2 & 1099 Statements for past 2 years - Pay-check stubs for past 2 months - Self-employed borrowers: Income Tax Returns and YTD Profit & Loss Statements for past 3 years **Savings** - Complete bank statements for all accounts for past 3 months - Recent statements for retirement accounts, 401k, mutual funds, money market, stocks, etc. **Credit** - Recent bills and statements with account numbers and minimum payments - Landlord contact information or 12 months of cancelled rent checks - Recent utility bills to supplement thin credit - Bankruptcy & Discharge Papers if applicable - 12-month cancelled checks for co-signed accounts (indicating you are not the primary payer) **Personal** - Driver's License - Social Security Card - Divorce, palimony, alimony, or child support papers if applicable - Green Card or Work Permit if applicable - Any homeownership papers **Refinancing or Rental Property** - Note & Deed from current loan - Property Tax Bill - Hazard Homeowners Insurance Policy - Current mortgage payment coupon - Rental agreements for multi-unit properties ## FHA Versus Conventional Loans FHA loans require lower down payments and use more flexible credit qualifying criteria, allowing borrowers without credit history or with minor credit issues to qualify. FHA uses common-sense credit underwriting and may work around past problems with reasonable explanations, such as bankruptcies discharged 3 years prior with extenuating circumstances. Conventional loans rely heavily on credit scoring from bureaus like Experian, Trans-Union, or Equifax—scores below minimum standards may result in disqualification. ## What Can I Afford? Monthly housing costs (PITI—Principal, Interest, Taxes, Insurance) should not exceed 29% of gross monthly income. Total monthly debt (PITI plus long-term debt like car loans or credit cards) should not exceed 41% of gross monthly income. FHA ratios are more lenient than conventional loans. **Example:** On $3,000 monthly income, maximum PITI is $870 and maximum total monthly costs are $1,230, leaving $360 for other long-term debt. ## Bankruptcy and FHA Loans Generally, bankruptcy does not disqualify a borrower from obtaining an FHA loan. Borrowers should ideally re-establish credit with at least two credit accounts (car loan or credit card), then wait two years following Chapter 7 discharge or complete one year of Chapter 13 repayment (with court permission). No credit issues like late payments, collections, or charge-offs should occur since bankruptcy. Special exceptions may be granted for extenuating circumstances such as medical hardship. --- # loan-programs/interest-only-mortgage # Interest Only Mortgages > This page explains how interest-only mortgages work, their benefits and drawbacks, and who they suit best. It's designed for borrowers considering whether this loan structure aligns with their financial situation. ## What Is an Interest Only Mortgage An interest-only mortgage allows monthly payments to cover only interest for a set period, with no principal repayment. Available on fixed-rate, adjustable-rate, and option ARM loans, the loan becomes fully amortized once the interest-only period ends, resulting in significantly higher monthly payments than if the loan had been fully amortizing from the start. ## Key Advantages and Disadvantages **Lower initial payments**: With a $250,000 loan at 6% over 30 years, interest-only payments are $1,250/month versus $1,499 for a fully amortizing loan—saving $249/month or $2,987 annually. **Equity building**: You won't build equity during the interest-only term, but the lower payments may allow you to purchase a more expensive home and benefit from homeownership's tax advantages and appreciation. **Long-term cost**: Interest-only mortgages cost more over the full 30-year term, though most borrowers refinance or sell before the term expires. **Payment shock**: After the interest-only period ends (e.g., year 6), payments jump significantly—from $1,250 to $1,611/month in the example above. ## Who Benefits Most Interest-only mortgages work best for borrowers with variable or sporadic incomes. If the loan allows flexible payments, borrowers can pay interest-only during lean periods and use bonuses or income spikes to pay down principal. --- # loan-programs/jumbo-loans # Jumbo Loans > This page explains jumbo loans—mortgages for properties exceeding conventional conforming loan limits—and their characteristics as non-conforming products that carry higher lender risk. ## Overview A jumbo loan finances properties too expensive for conventional conforming loans. The Federal Housing Finance Agency (FHFA) sets the maximum conforming loan limit at $766,550 in most counties; homes exceeding this threshold require a jumbo loan. Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because they cannot be guaranteed by Fannie Mae and Freddie Mac, leaving lenders unprotected from losses if borrowers default. Jumbo loans are available with fixed or adjustable interest rates and come in various terms. ## Get a Quick Quote A quote form collects borrower information including name, email, phone, and loan details (loan amount, property value, loan type, and credit score) to provide personalized jumbo loan quotes. Submission requires acceptance of the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy). --- # loan-programs/graduated-payment-mortgage # Graduated Payment Mortgages > Graduated payment mortgages allow borrowers to start with lower initial payments that increase annually, making qualification easier during high interest rate periods. This page explains how they work and the risks involved, including negative amortization. ## Overview A graduated payment mortgage is a loan where the payment increases each year for a predetermined amount of time (such as 5 or 10 years), then becomes fixed for the remaining duration of the loan. When interest rates are high, borrowers can use a graduated payment mortgage to increase their chances of qualifying for the loan because the initial payment is less. The downside is that interest owed increases and the payment shortfall from initial years is added to the loan balance, potentially causing negative amortization—when loan payments are less than interest charged, resulting in an increased outstanding balance. --- # loan-programs/fixed-rate-mortgage # Fixed Rate Mortgages > An overview of fixed rate mortgages, the most common loan type, where monthly payments remain stable throughout the loan term. This page explains how fixed rate mortgages work, payment structures, and offers a quick quote form. ## Overview Fixed rate mortgages feature monthly principal and interest payments that never change during the life of the loan. Available in terms ranging from 10 to 30 years, they are structured to be completely paid off by the loan's end and can typically be paid off early without penalty. ## Payment Stability and Impound Accounts While the principal and interest portion stays fixed, your monthly payment may vary if you have an impound account. Lenders may collect additional money each month for prorated property taxes and homeowners insurance premiums, holding these funds in an impound account until they're due. If property taxes or insurance rates change, your payment adjusts accordingly. Despite these potential adjustments, overall payments remain very stable and predictable compared to other mortgage types. ## Get a Quick Quote A form is available to request a quick mortgage quote. Required information includes: - First and last name - Email and phone number - Loan amount (ranges from less than $75,000 to $2,000,000+) - Property value (same range options) - Loan type (Purchase, Refinance, Debt Consolidation, or Home Equity) - Credit score ranking (Excellent, Good, Fair, or Poor) By submitting, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email. --- # loan-programs/usda-loans # USDA Loans > USDA loans are low-interest mortgages designed for low-income Americans with limited credit access, offering zero down payments for home purchases in designated rural and suburban areas. ## Get a Quick Quote A quick quote form collects basic information including name, contact details, loan amount (ranging from under $75,000 to $2,000,000+), property value, loan type (purchase, refinance, debt consolidation, or home equity), and credit score range. By submitting, you agree to the [Terms of Service](https://uamco.com/legal) and [Privacy Policy](https://uamco.com/privacy-policy) and consent to receive marketing communications from United American Mortgage Corporation via text, call, or email. --- # loan-programs/conventional-loans # Conventional Loans > Conventional loans are non-government-backed mortgages offering flexible terms and competitive rates for borrowers with good credit and steady income. This page covers their advantages, eligibility requirements, down payment options, and how they compare to government-backed alternatives like FHA loans. ## Advantages of Conventional Loans Conventional loans offer more flexible terms and lower interest rates than government-backed loans, while allowing higher loan amounts suitable for financing higher-priced homes. ## Down Payment Requirements Conventional loans can be obtained with down payments as low as 3%-5%, though lower down payments may result in additional costs such as private mortgage insurance (PMI). ## Eligibility Requirements To qualify, you generally need a credit score above 620, stable employment history, and a manageable debt-to-income ratio. Income, assets, and property appraisal value are also considered. Requirements vary by lender, so consulting a mortgage professional is essential. ## Conventional vs Government-backed Loans Conventional loans offer competitive interest rates, term flexibility, and the ability to finance various property types. The best choice depends on your financial situation, credit history, and preferences—explore multiple options with a mortgage professional. ## Refinancing FHA Loan into a Conventional Loan You can typically refinance an FHA loan into a conventional loan once you've built enough equity, usually reaching an 80% loan-to-value (LTV) ratio. Specific requirements vary, so discuss your options with a mortgage professional. ## Closing Costs Options to help cover closing costs include: - Ask the seller for "seller concessions" to help pay closing costs through contract negotiation - Pay a higher mortgage interest rate in exchange for lender assistance covering closing costs ("buying up" your rate) - Use gift money from family members, employers, or close friends if allowed by your loan program - Explore grants and forgivable loans through county or state-level down-payment assistance programs ## Qualifying for a Conventional Loan When Owing Taxes You can obtain a conventional loan if you owe taxes, but having an IRS lien on your income or assets significantly decreases approval chances. Communicate openly with your mortgage professional to explore potential solutions. ## Conventional vs. FHA: Breaking It Down - **Higher Loan Limits**: Conventional loans offer higher limits than FHA loans, beneficial for expensive properties or high-cost areas - **No Upfront Mortgage Insurance**: Unlike FHA loans, conventional loans don't require upfront mortgage insurance premiums, saving on upfront costs - **Flexible Mortgage Insurance Options**: Once you reach 80% LTV or less, you can cancel or request PMI removal, saving significantly compared to FHA loans which require lifetime mortgage insurance - **More Lenient Property Standards**: Conventional loans have more flexibility regarding property condition and appraisal requirements compared to FHA's stricter standards Both loan types have advantages; the right choice depends on your financial situation and goals. Consult a mortgage professional to evaluate your options. --- # loan-programs/va-loans # VA Home Loans > This guide explains VA loans, a federally guaranteed home loan program for eligible veterans requiring no down payment. It covers eligibility requirements, benefits, application processes, and considerations for military personnel and their families. ## What is a VA Loan? The Veterans Administration Loan originated in 1944 through the Servicemen's Readjustment Act (GI Bill), signed by President Franklin D. Roosevelt. VA loans are made by private lenders like banks and mortgage companies to eligible veterans for homes to live in. The lender is protected against loss if the loan defaults because the Veterans Administration provides insurance. ## Who is Eligible for a VA Loan? **Wartime/Conflict Veterans** - Veterans who were NOT dishonorably discharged and served at least 90 days - World War II – September 16, 1940 to July 25, 1947 - Korean Conflict – June 27, 1950 to January 31, 1955 - Vietnam Era – August 5, 1964 to May 7, 1975 - Persian Gulf War, Afghanistan & Iraq – Check with the [Veterans Administration](http://www.va.gov/) **Peacetime Service** - At least 181 days of continuous active duty with no dishonorable discharge - July 26, 1947 to June 26, 1950 - February 1, 1955 to August 4, 1964, or May 8, 1975 to September 7, 1980 (Enlisted), or to October 16, 1981 (Officer) - Enlisted veterans whose service began after September 7, 1980, or officers whose service began after October 16, 1981, must have completed 24 months of continuous active duty and been honorably discharged **Reserves and National Guard** - Certain U.S. citizens who served in the Armed Forces of a government allied with the United States during World War II - Surviving spouse of an eligible veteran who died from service-related causes and has not remarried - Spouse of an Armed Forces member who served on Active Duty and was listed as POW or MIA for more than 90 days ## What Type of Home Can I Buy with a VA Loan? A VA home loan must be used to finance your personal residence within the United States and its territories. - Existing single-family home - Townhouse or condominium in a VA-approved project - New construction residence - Manufactured home or lot - Home refinances and certain types of home improvements ## Benefits of a VA Loan - 100% financing and no down payment - No private mortgage insurance (PMI) - No prepayment penalties - Competitive interest rates - Easier qualification than conventional loans - Sellers pay some closing costs - Can be combined with additional down payment assistance to reduce closing costs ## How Do I Apply for a VA Guaranteed Loan? You can apply with any participating mortgage lender. At application time, you will need: - Certificate of Eligibility from the Veterans Administration by submitting [VA Form 26-1880](http://www.vba.va.gov/pubs/forms/vba-26-1880-are.pdf) - Proof of Military Service from the [VA Eligibility Center](http://www.benefits.va.gov/HOMELOANS/index.asp) ## If I Have Already Obtained One VA Loan, Can I Get Another One? Yes, your eligibility is reusable depending on circumstances. If you have paid off your prior VA loan and disposed of the property, you can have your eligibility restored. On a one-time basis, you may have eligibility restored if your prior loan is paid off but you still own the property. Submit a completed VA Form 16-1880 to the VA Eligibility Center. Include evidence that the prior loan has been fully paid and, if applicable, that the property was disposed. A paid-in-full statement from the former lender or a HUD-1 settlement statement copy is required. ## Disadvantages of a VA Loan - VA loans made prior to March 1, 1988 can be assumed with no qualifying of the new buyer; if the buyer defaults, the veteran homeowner may be liable - Some sellers hesitate to work with VA loan buyers because processing takes longer than conventional loans - Sellers often asked to pay closing costs are less likely to negotiate the home's sales price --- # loan-programs/adjustable-rate-mortgage # Adjustable Rate Mortgages (ARM) > This page explains how adjustable rate mortgages work, including their initial fixed periods, rate adjustment mechanisms, and interest rate caps that protect borrowers from unlimited increases. ## Overview Adjustable Rate Mortgages are loans with variable interest rates that typically start with a fixed rate for an initial period (1 month to 10 years) before adjusting based on market conditions. ARMs are usually amortized over 30 years and feature lower initial rates than fixed-rate mortgages, allowing borrowers to purchase more expensive homes. All ARM loans consist of two components: - **Margin**: typically ranges from 1.75% to 3.5%, depending on the index and loan-to-value ratio - **Index**: the financial instrument the ARM is tied to, such as 1-Year Treasury Security, LIBOR (London Interbank Offered Rate), Prime, 6-Month Certificate of Deposit (CD), or 11th District Cost of Funds (COFI) ## Rate Adjustments and Caps When an ARM adjusts, the margin is added to the index and rounded to the nearest 1/8 of one percent to determine the new interest rate, which then remains fixed for the next adjustment period. Adjustments typically occur annually but are limited by rate caps—protective factors that restrict how much rates can increase. For example, a "3/1 ARM" with a 6.25% initial rate, 2% initial cap, and 6% lifetime cap would have a maximum fourth-year rate of 8.25% and a maximum lifetime rate of 12.25%. --- # loan-programs-inquiry # VA Home Loans > VA Loans offer veterans a federally guaranteed home loan with no down payment requirement, lower interest rates, and reduced closing costs. This page explains eligibility requirements, benefits, application procedures, and considerations for military personnel and their families. ## Overview The VA Loan provides veterans with a federally guaranteed home loan requiring no down payment. Designed to assist veterans and their families with housing, the program is backed by the Veterans Administration, which insures lenders against default. This guarantee allows lenders to offer lower interest rates and better terms than conventional loans. VA loans are available in all 50 states and may include reduced closing costs and no prepayment penalties. Additional services may be available to veterans at risk of default. ## What is a VA Loan? The Veterans Administration Loan originated in 1944 through the Servicemen's Readjustment Act (GI Bill), signed by President Franklin D. Roosevelt. VA loans are made by private lenders (banks, savings & loans, mortgage companies) to eligible veterans for personal residences. The lender is protected against loss if the loan defaults. ## Eligibility Requirements **Wartime/Conflict Veterans** - At least 90 days of active service with no dishonorable discharge - Eligible periods: WWII (September 16, 1940 – July 25, 1947), Korean Conflict (June 27, 1950 – January 31, 1955), Vietnam Era (August 5, 1964 – May 7, 1975), Persian Gulf War, Afghanistan & Iraq - Contact the [Veterans Administration](http://www.va.gov/) for specific dates and eligibility **Peacetime Service** - At least 181 days of continuous active duty with no dishonorable discharge - Eligible periods include July 26, 1947 – June 26, 1950, and February 1, 1955 – August 4, 1964 - Veterans who served after September 7, 1980 (enlisted) or October 16, 1981 (officers) must have completed 24 months of continuous active duty and been honorably discharged **Reserves and National Guard** - U.S. Citizens who served in allied armed forces during World War II - Surviving spouses of eligible veterans who died from service-related causes and have not remarried - Spouses of armed forces members listed as POW or MIA for more than 90 days ## Eligible Properties A VA loan must finance a personal residence within the United States and its territories. Eligible property types include: - Existing single-family homes - Townhouses or condominiums in VA-approved projects - New construction residences - Manufactured homes or lots - Home refinances and certain home improvements ## Benefits of VA Loans - 100% financing with no down payment - No private mortgage insurance (PMI) - No prepayment penalties - Competitive interest rates - Easier qualification than conventional loans - Sellers may pay some closing costs - Can combine with down payment assistance programs to reduce closing costs ## How to Apply Apply with any mortgage lender participating in the VA loan program. At application time, you will need: - Certificate of Eligibility from the Veterans Administration via completed [VA Form 26-1880](http://www.vba.va.gov/pubs/forms/vba-26-1880-are.pdf) - Proof of Military Service from the [VA Eligibility Center](http://www.benefits.va.gov/HOMELOANS/index.asp) ## Reusing VA Loan Eligibility Eligibility is reusable if you have paid off a prior VA loan and disposed of the property. On a one-time basis, eligibility may be restored if the prior loan is paid off but you still own the property. Submit a completed VA Form 16-1880 to the VA Eligibility Center. Include evidence of full payment (paid-in-full statement or HUD-1 settlement statement) and proof of property disposition to prevent processing delays. ## Disadvantages of VA Loans - VA loans issued prior to March 1, 1988 can be assumed without qualifying the new buyer; the original veteran may be liable if the buyer defaults - Some sellers hesitate to work with VA loan buyers due to longer processing times - Sellers asked to cover closing costs are less likely to negotiate the home price --- # your-mortgage-made-easy # Your Mortgage Made Easy > This page introduces United American Mortgage Corporation's mortgage services and guides visitors through their loan process with tools, resources, and support options to simplify home financing. ## Contact Information Call Us Today: 714-908-8800 ## Key Benefits - Lock in a low rate today - Competitive interest rates - Personalized customer service - Full selection of loan programs available ## Begin Your Home Loan Process Today The company offers three core support pillars: - **Local Loan Consultant** — Direct guidance from a dedicated loan specialist - **Timely and Accurate Communication** — Regular, transparent updates throughout the process - **Industry-Leading Product Selection** — Access to a comprehensive range of loan programs ## Tools and Resources The company provides several resources to guide borrowers through their mortgage journey: - [Step by Step Guide](/loan-process) — An easy way to know your next step - [Glossary](/mortgage-basics/glossary) — Break down the terms and acronyms used in mortgages - [Loan Programs](/loan-programs) — Learn what loan options are available - [Mortgage News](/blog) — Learn about current topics and trends - [Application Checklist](/mortgage-basics/application-checklist) — Keep an eye on your process and stay on track - [Contact Us](/contact-us) — Ask questions and learn more to get started ## Support and Hours Have questions? The team is available to help via multiple channels: - [Contact Us](/contact-us) - Phone: [(800) 708-5626](tel:800-708-5626) - Email: [info@uamco.com](mailto:info@uamco.com) **Hours:** Monday - Friday 9 a.m. - 5 p.m., Saturday 9 a.m. - 5 p.m. --- # unlock-your-perfect-home-loan-fast-flexible-and-built-around-you # Apply for Your Mortgage, FAST! > United American Mortgage Corporation helps homebuyers secure mortgages with competitive rates and dedicated support. This page provides an application portal and resources for understanding the loan process. ## Apply for Your Mortgage Buying a home doesn't have to be stressful. We make your dream home a reality with competitive rates and dedicated guidance to make buying your home a breeze. Start your application here with our online form. ## Begin Your Home Loan Process Today - **Local Loan Consultant** — Get personalized guidance from a dedicated loan professional - **Timely and Accurate Communication** — Stay informed throughout your mortgage journey - **Industry-Leading Product Selection** — Access a wide range of loan options tailored to your needs ## The Right Tools to Help You Every Step of the Way - [**Step by Step Guide**](/loan-process) — An easy way to know your next step - [**Glossary**](/mortgage-basics/glossary) — Break down the terms and acronyms that will be used - [**Loan Programs**](/loan-programs) — Learn what loan options are available - [**Mortgage News**](/blog) — Learn about current topics and trends - [**Checklist**](/mortgage-basics/application-checklist) — Keep an eye on your process and stay on track - [**Contact Us**](/contact-us) — Ask questions and learn more to get started ## Have Questions? We're Here to Help - [Contact Us](/contact-us) - Call: [800-708-5626](tel:800-708-5626) - [Email Us](mailto:info@uamco.com) Monday - Friday 9 a.m. - 5 p.m. Saturday - 9 a.m. - 5 p.m. --- # check-my-value # Check the Value of your Home > United American Mortgage Corporation offers a home valuation service that provides homeowners with an estimated assessment of their property's value, along with personalized consultation and guidance for future planning. ## Home Value Assessment Get an estimate of your home's worth through a quick evaluation: - What's my home worth? - Knowing your home's value can help you plan for the future - Receive an executive summary report with insights into your estimated value - One on one personal consultation available *This is an estimate intended for illustrative purposes only and does not represent an appraisal or confirmation of actual home value.* ## Begin Your Home Loan Process Today Three key benefits of working with United American Mortgage: - **Local Loan Consultant** — Access to dedicated professionals who understand your community - **Timely and Accurate Communication** — Keep informed throughout your loan process - **Industry-Leading Product Selection** — Choose from a range of loan options tailored to your needs ## The Right Tools to Help You Every Step of the Way - [Step by step guide](/loan-process) — An easy way to know your next step - [Glossary](/mortgage-basics/glossary) — Break down the terms and acronyms that will be used - [Loan Programs](/loan-programs) — Learn what loan options are available - [Mortgage News](/blog) — Learn about current topics and trends - [Checklist](/mortgage-basics/application-checklist) — Keep an eye on your process and stay on track - [Contact Us](/contact-us) — Ask questions and learn more to get started ## Have Questions? We're Here to Help **Contact Options:** - [Contact Us](/contact-us) - [Call (800) 708-5626](tel:800-708-5626) - [Email Us](mailto:info@uamco.com) **Business Hours:** - Monday - Friday: 9 a.m. - 5 p.m. - Saturday: 9 a.m. - 5 p.m. --- # first-time-homebuyer-mortgage-expert-kimberly-capizzi-united-american-mortgage # Apply for Your Mortgage, FAST! > United American Mortgage Corporation offers fast mortgage application processing with personalized service, competitive rates, and a full selection of loan programs. This page guides prospective borrowers through the application process and highlights key resources for mortgage navigation. ## Quick Contact - **Phone:** [800-708-5626](tel:800-708-5626) ## Application Form Get started with an online mortgage application to lock in a low rate and receive personalized customer service. ## Key Benefits - Lock in a low rate today - Personalized customer service - Competitive interest rates - Full selection of loan programs ## Begin Your Home Loan Process The application process involves working with a local loan consultant who provides timely and accurate communication and access to industry-leading loan programs. ## Tools and Resources - **[Step by Step Guide](/loan-process)** — An easy way to know your next step - **[Glossary](/mortgage-basics/glossary)** — Break down the terms and acronyms that will be used - **[Loan Programs](/loan-programs)** — Learn what loan options are available - **[Mortgage News](/blog)** — Learn about current topics and trends - **[Checklist](/mortgage-basics/application-checklist)** — Keep an eye on your process and stay on track - **[Contact Us](/contact-us)** — Ask questions and learn more to get started ## Customer Support Have questions? Multiple ways to connect: - **[Contact Us](/contact-us)** - **Call:** [(800) 708-5626](tel:800-708-5626) - **[Email Us](mailto:info@uamco.com)** **Hours:** Monday–Friday 9 a.m.–5 p.m., Saturday 9 a.m.–5 p.m. --- # licensing # Licensing Information > This page provides state licensing details and regulatory information for a mortgage lending company operating under NMLS #1942, including state-specific license numbers and consumer complaint procedures. ## State Licenses | State | License # | |-------|-----------| | Alabama | 1942 | | Arizona | 0910689 | | Arkansas | 131572 | | California DFPI | 60DBO-190807 | | California DRE | 01154798 | | Colorado | 1942 | | Connecticut | ML-1942 | | Florida | MLD851 | | Georgia | 1942 | | Idaho | MBL-2720 | | Iowa | 2025-0072 | | Maryland | 1942 | | Michigan | FL0025457, SR0025458 | | Montana | 1942 | | Nevada | 5821 | | New Jersey | 1942 | | North Carolina | L-218877 | | Ohio | RM.805149.000 | | Oregon | ML-2294 | | Pennsylvania | 95736 | | South Carolina | 1942 | | Tennessee | 192314 | | Texas | 1942 | | Utah | 5497685 | | Virginia | MC-7875 | | Washington | CL-1942 | | Wisconsin | 1942BA & 1942BR | | Wyoming | 5012 | ## Texas Consumer Complaint Procedures Consumers wishing to file a complaint against the company or a residential mortgage loan originator should submit a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. - Complaint forms and instructions available at [www.sml.texas.gov](https://www.sml.texas.gov) - Consumer hotline: **1-877-276-5550** (toll-free) - The department maintains a recovery fund to reimburse borrowers for actual out-of-pocket damages caused by licensed residential mortgage loan originators - Written applications for reimbursement must be filed and investigated before payment --- # home-page # United American Mortgage Corporation > United American Mortgage Corporation helps borrowers get pre-qualified for home loans quickly with competitive rates, dedicated guidance, and industry-leading loan products. ## Get Pre-Qualified Today Quick, easy, and straightforward mortgage pre-qualification process. Buying a home doesn't have to be stressful—the company makes your dream home a reality with competitive rates and dedicated guidance. [Mortgage Application](/apply-now) **Phone:** [800-708-5626](tel:800-708-5626) ## Begin Your Home Loan Process Today - **Local Loan Consultant** — Personalized guidance from dedicated professionals - **Timely and Accurate Communication** — Stay informed throughout your loan process - **Industry-Leading Product Selection** — Access to competitive loan options ## Tools to Help You Every Step of the Way - [Step by step guide](/loan-process) — An easy way to know your next step - [Glossary](/mortgage-basics/glossary) — Break down the terms and acronyms used in mortgage lending - [Loan Programs](/loan-programs) — Learn what loan options are available - [Mortgage News](/blog) — Learn about current topics and trends - [Application Checklist](/mortgage-basics/application-checklist) — Keep an eye on your process and stay on track - [Contact Us](/contact-us) — Ask questions and learn more to get started ## Have Questions? We're here to help. - [Contact Us](/contact-us) - [(800) 708-5626](tel:800-708-5626) - [Email Us](mailto:info@uamco.com) **Hours:** Monday - Friday 9 a.m. - 5 p.m. | Saturday 9 a.m. - 5 p.m. --- # policy-page # Privacy Policy > This page outlines the privacy practices and terms of use for Be Lucky Loans, Be Lucky ADU, UAMCO, and Catrina Maria's website, covering data collection, protection, and user responsibilities. ## Information Collection and Use By using the website, you agree that basic information you voluntarily provide—such as name, email, phone number, and messages—may be collected to respond to inquiries, provide services, and improve the website. ## Data Protection and Sharing The site does not sell or rent your information. Data is only shared if required by law or to provide requested services. While reasonable steps are taken to protect your data, no transmission is completely secure. ## Content Ownership and Usage All website content is owned by Catrina Maria Designs and may not be copied without permission. The site must be used for lawful purposes only. ## Disclaimers Information provided is for general purposes and may change without notice. The site operators are not liable for damages arising from use of the site. ## Data Requests Contact the site to request updates or deletion of your information. ## Contact Information - **Phone:** 916-276-5080 - **Email:** [info@uamco.com](mailto:info@uamco.com) ---