Here are some important reasons to consider refinancing:

• Refinancing for a lower interest rate can drastically reduce the total cost of your mortgage.


• Converting an adjustable rate mortgage (ARM) to a secure, fixed-rate mortgage can protect you from interest rate increases.


• Consolidating a first and second mortgage into a single mortgage with a lower rate can help lower your monthly payment.


• Using your equity is a terrific way to pay off high interest rate loans like installment debts and credit cards or finance home improvements.

AMIC is dedicated to offering you the best loan possible and terrific personal service. Some of the advantages we offer for your refinancing needs include:

• The lowest rates available to save you the most money possible on your mortgage refinance.


• Easy online application process.


• Conforming, FHA, VA, & UDSA loan types to fit any refinancing needs. Many types of mortgage programs to choose from.
  (see our Get Answers page)

HARP 2.0 can help even if you have a low credit score or have been unable to refinance in the past due to decreased home value.

(see our HARP 2.0 page)

Which Loan is best for You?

To help determine the best loan program for you, consider the following:

How important is payment certainty?
If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.




How important is rapid equity buildup?
If rapid equity buildup is a factor, consider a shorter term, such as a 15-year, fixed-rate mortgage.




How important is it to have the lowest payment possible?
Going from a 15 or 20 year term to a 30 year term may substantially reduce your payment. You should also consider an adjustable rate mortgage if you plan to be in your home 10 years or less.

Fixed Rate Mortgages:

Interest rate does not change.




Principal and interest (P & I) payment does not change.




Fixed-rate mortgages fully amortize over a defined period of time (the loan term) and are paid in-full at the end of this period.




Loan terms of 10, 15, 20, 25, and 30-years are available so you can choose the term best for your unique situation.




The shorter the loan term, the faster equity is built and the sooner the loan is paid off.

Adjustable Rate Mortgages:

Interest rate may change after an initial fixed-rate period.




Principal and interest (P & I) payment fluctuates as the interest rate adjusts.




ARMs are especially attractive if you plan to be in the home for a limited time.




ARMs offer borrowers initial interest rates that may be substantially lower than fixed-rate mortgages.




As interest rates rise ARMs will remain attractive low rate options.




ARMs offer fixed rate lengths of 5, 7, or 10-years allowing you to choose the perfect fixed rate period.




The lower interest rate may help borrowers qualify more easily.

Interest Only Mortgages:

There are no reductions to the principal amount.




There is no provision for negative amortization.




Payments may increase up to an amortized amount, but the loan balance itself does not increase.




Generally, interest-only payments are limited to the first 5, 10 or 15 years of the loan.




After that, the loan is amortized for the remainder of its term.