Capital American Mortgage Company provides conventional and FHA mortgage financing programs for residential and various loan programs for commercial real estate.
Fixed Rate Mortgage Programs
Fixed-rate self- amortizing mortgages provide the borrower with an interest rate that does not change and as a result, with monthly principal and interest payments which will remain the same for the life of the loan. There are various repayment terms to choose from: 10, 15, 20, 30 and 40 years.
Adjustable Rate Mortgage Programs
An Adjustable Rate Mortgage [ARM] usually offers a lower introductory offer for a specified period of time, as compared to a long term fixed rate mortgage which is for the life of the loan. The interest rate on an adjustable rate mortgage changes periodically, usually in relation to an index and payments may go up and down accordingly. There are many programs, such as: 1, 3, 5, 7, and 10 year.
Jumbo Loan Programs
Jumbo loan mortgages are loan amounts which exceed the maximum limits for conventional mortgages set by Fannie Mae and Freddie Mac [currently $417,000.00].
Home Equity Lines of Credit [HELOC]
A home equity line of credit is a form of revolving credit in which the equity in your home serves as collateral. Home equity lines of credit typically involve variable rather than fixed interest rates based on a publicly available index; such as prime.
Construction and Construction/Permanent Loan Programs
A construction loan is a short-term, interim loan for financing the cost of construction; the lender advances funds to the builder at periodic intervals as work progresses. The permanent financing will pay off the construction loan and provide the borrower with long term financing.
This mortgage loan program is designed for individuals age 62 or older. The reverse mortgage enables the borrower to convert part of the equity in their home into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. There are payment plan options to choose from: lump sum, fixed monthly payments either for a set term or for as long as you live in the home, as a line of credit or a combination of these.
Home Affordable Refinance [HARP]
As part of the Making Home Affordable Program, Fannie Mae is offering refinances of existing Fannie Mae loans. The goal of the refinance initiative, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing a Fannie Mae loan will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product.
HomePath® Mortgage Financing
The HomePath® Mortgage program is available for FannieMae owned properties. This program offers many benefits to the borrower including low down payment, no mortgage insurance required and no appraisal fees.