NMLS# 2230580


Getting a home loan or refinancing is a big decision. Review the answers to our most common questions to decide if it’s right for you.

Unlike most loan services, American Preferred Mortgage allows you to get approved with only three documents: one W-2 and two paystubs!

Other lenders usually require several paystubs, tax returns, proof of insurance, credit information, all other loan documents, financial assets, home appraisal, and possibly others.

APM makes it easy to get approved!

Our loans are designed for the average homebuyer: a two-income household looking for a $300,000 home. With just one W2 form and two paystubs, we can process your application and get you the loan you need.

Pre-qualification is a quick process without looking at your credit score, providing an estimate of the possible loan amount. These are practically required to buy a home, but taking the next step to be pre-approved will help you make a quick move in a busy market.

Pre-approval is when the lender performs a complete mortgage application and supplies the required documentation for credit checks. The lender can pre-approve up to a certain amount and give you the possible interest rate. Home sellers like to see a pre-approval because they’ll be able to close even faster on your offer.

Depending on the amount of the down payment, yes. When a borrower does not have the funds for a 20% down payment, they may be considered risky and require mortgage insurance to protect the lender. 

Yes, but our streamlined process works best for W2 employees. For self-employed or new employees, we will require more documents to process the loan application.

Refinancing your mortgage allows you to take advantage of the lower interest rates by lowering your monthly payment or changing your loan terms. Some homeowners choose to refinance and take equity out of their home for renovations.

You may extend a 15-year mortgage to 30 years to get a significantly lower monthly payment (although you’ll want to consider the increased interest). If the interest rate has dropped significantly since you took out your loan, even the same terms might result in a lower payment. Refinancing to access equity will take some extra calculations, but could be the best option for a big renovation.

You should consider several factors before refinancing your home loan: how much time you have left on your current loan, your credit score, and closing costs. Even though you’re not working with a seller this time, you will still need the standard closing costs like title insurance, appraisal, origination, and credit report fees.

Here, you need to consider the break-even period for your new mortgage. If the new monthly payment doesn’t save you enough to break even on the closing costs in about 2 to 4 years, then you may be leaving the home and getting a new mortgage at that point anyway.

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