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Thank you for your interest in our company. For over 49 years American Midwest Mortgage
Corporation has been committed to providing our customers with solid innovative offerings
along with cutting edge technologies that will server as essential elements in the present and
future needs when financing your home. Whether refinancing or purchasing your home we at
American Midwest Mortgage realize that it is the single largest investment that you will make in
a lifetime.
Therefore, together we can create a housing solution that will benefit you now and many years
to come. We recognize that home ownership not only enhances our lives but enriches our
communities that we live in.
We have built a strong reputation as an outstanding mortgage banking firm, serving the lending
needs of real estate professionals, builders and individual homebuyers throughout the state.
We’re a full-service mortgage banker with an experienced staff of Loan officers offering
expertise in every area of mortgage lending…from purchase to refinance to construction
lending. We have access to a full range of mortgage sources and all of our lending specialists
are dedicated to finding the right loan-with the best rates, terms and costs-to meet your unique
needs. But that’s just the beginning of our service. Throughout the lending process, we provide
regular loan updates and progress reports so you always know the status of your loan.
And, now it’s our pleasure to offer all of our exceptional mortgage services online. Through us
you not only have access to the best loans available in the marketplace, but you can even apply
for your loan, at your convenience, online – 24 hours a day.
At American Midwest Mortgage
Q. How quickly can I close my loan?
A. At American Midwest Mortgage meeting our client’s desired closing date is
one of the pillars of our success. Our local closing team is dedicated to working
with you to ensure that your closing takes place on time. While there are
regulatory constraints and milestones that need to be met before a loan can
close, by working together as a team we will get you to your closing on time! Ask
your American Midwest Mortgage expert how quickly we can close your mortgage.
Q. Can I get a mortgage with less than a 20% down payment?
A. Yes! American Midwest Mortgage offers loan programs with as little as 3%
down and in some cases you can finance up to 100% of the purchase price. These
loan programs do have restrictions such as income limits and the sales
price. Many of these programs also require that at least one borrower fulfill a
first-time homebuyer educational class. These classes can be offered online or in
some case they are offered face to face. Ask your American Midwest Mortgage expert
about your down-payment options to determine what makes the most sense for you.
Q. What is an APR and why is it higher than my interest rate?
A. When getting a mortgage there are two numbers that reflect mortgage costs:
the interest rate, and the annual percentage rate, or APR. The interest rate is the
cost of borrowing the principal loan amount, which can be fixed or variable and is
expressed as a percentage. The APR is a measure of the cost of credit that includes
fees paid to the lender upfront. These fees generally include but may not be limited
to: points both discount and origination, pre-paid interest, loan processing fees,
underwriting fees, document preparation fees, private mortgage insurance, if
applicable, and escrow/settlement fees
Q. What and how much are closing costs?
A. Closing costs are fees associated with a home purchase (or refinance) that are
paid at the time of the closing of a real estate transaction. The closing is the point
at which the title of the property is transferred from the seller to the buyer. While
both the buyer and the seller typically incur closing costs, the buyer’s closing
costs typically include, but are not limited to:
• lender fees
• a property appraisal
• credit report(s)
• administrative and legal fees
• conveyance taxes
• real estate taxes
• mortgage interest
• homeowners insurance
• if applicable, mortgage insurance
These fees may vary greatly depending on the price of the home that you are
purchasing and the location. Ask your American Midwest Mortgage expert for a
personalized quote and for details.
Q. What is mortgage insurance and why is it sometimes required?
A. Mortgage insurance lowers the risk to the lender who is making a loan to you,
so you can qualify for a loan that you might not otherwise be able to obtain. It is
required when the down payment being made is less than 20% of the purchase
price or value, whichever is lower. The cost of the mortgage insurance depends
on many factors, including but not limited to:
• the type of the mortgage being requested (fixed or adjustable)
• the loan size
• the amount of the down payment
• the borrower(s) credit score
It is important to remember that mortgage insurance protects the Bank and not
the borrower. Ask your American Midwest Mortgage expert for specific details.
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