A REVERSE MORTGAGE COULD MAKE ALL THE DIFFERENCE

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Unlocking Home Equity

Explore the Benefits of Reverse Mortgage Loans

Many discerning senior homeowners are finding that a reverse mortgage presents an excellent opportunity to capitalize on the equity meticulously built up in their homes. Explore the advantages and financial empowerment that come with strategically leveraging home equity through our tailored reverse mortgage solutions.

WhY Choose

American Mortgage Factory

Automated Loan Processing

Streamlines mortgages with automated processing for quick approvals and a hassle-free borrower experience.

Customizable Loan Products

Offers diverse, customizable loan options to meet individual borrower preferences.

Mobile Accessibility

Empowers borrowers with a user-friendly mobile interface for convenient loan management on the go.

Responsive Customer Support

Prioritizes customer satisfaction with responsive support throughout the mortgage process.

Tailored Solutions

Our Products

Our products deliver comprehensive solutions, addressing diverse needs with efficiency and expertise, ensuring client satisfaction and success.

Buy a Home

Buy a home with confidence with our solid approval process.

Refinance Your Home

Your life and goals change. Your mortgage can make life changes happen easier, with cash out or shortening your loan term.

First time home buyer programs

What keeps you from homeownership is your knowledge. Learn more about Our First time buyer programs and expedite your process to homeownership.

Reverse Mortgage Program

What keeps you from homeownership is your knowledge. Learn more about Our First time buyer programs and expedite your process to homeownership.

Commercial Loans

With the right planning and footprint, a commercial loan can help your business grow And most importantly create wealth through real estate for your business.

Our Happy Clients!

Hovig was implemental in educating my husband and I in reverse mortgage Product. The process took little over 30 days, it was seamless and Hovig was there every step of the way to guide us and make the process as easy as possible. His knowledge and guidance has been a life-changing event for us.

Rebecca Jones

In a tough purchase market, my offer was accepted by the other party, mainly because my file was already underwritten and approved by Hovig. He gave me the confidence to jump forward with homeownership and I am forever grateful for his guidance.

David Salazar

As a Real Estate agent, I enjoy working with Hovig’s files, since I have the confidence that they will close. Files are always underwritten in advance and ready to close in no time. That is money in my Bank every single time

Ruben Beckhman

Frequently Asked Questions

What is the difference between pre-approval and pre-qualification?

The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

When does it make sense to refinance?

Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation: Calculate the total cost of the refinance Calculate the monthly savings Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the “break even” time. If you own the house longer than this, you will save money by refinancing. Since refinancing is a complex topic, consult a mortgage professional.

What is a rate lock?

A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

What is the difference between a mortgage broker and a lender?

A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender “underwrites” the loan, which means deciding whether or not you are an acceptable risk.

Will I save money going directly to a mortgage lender?

Not necessarily. In fact, if you are a reasonably astute shopper, you will probably do better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the lending process, because they perform functions that would otherwise have to be done by employees of the lender. Furthermore, because mortgage brokers deal with multiple lenders — in a typical case, 25 to 30, sometimes more — they can shop for the best terms available on any given day. In addition, they can find the lenders who specialize in various market niches that many other lenders avoid, such as loans to applicants with poor credit ratings, loans to borrowers who do not intend to occupy the property, loans with minimal or no down payment, and so on.

What is a full documented loan?

Both income and assets are disclosed and verified, and income is used in determining the applicant’s ability to repay the mortgage. Formal verification requires the borrower’s employer to verify employment and the borrower’s bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower’s original bank statements, W-2s and paycheck stubs.

What are the other types of loans?

Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense. Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower’s income is verified. No ratio: Income is disclosed and verified but not used in qualifying the borrower. The standard rule that the borrower’s housing expense cannot exceed some specified percent of income, is ignored. Assets are disclosed and verified. No income: Income is not disclosed, but assets are disclosed and verified, and must meet an adequacy standard. Stated Assets or No asset verification: Assets are disclosed but not verified, income is disclosed, verified and used to qualify the applicant. No asset: Assets are not disclosed, but income is disclosed, verified and used to qualify the applicant. No income/no assets: Neither income nor assets are disclosed.

What is a good faith estimate?

It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.

What is a conforming loan?

A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.

What is a jumbo mortgage?

A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.

What are points?

It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., “2 points” means a charge equal to 2% of the loan balance.

What is a pre-qualification?

This is the process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.