Loan FYI-FAQ
Understanding Different Loan Types

So what type of loan do you need? How do you know that the scenario we propose is the best available? Are there options you don’t know about? How can you save money?!

Ambient Home Lending believes the way to earning a Clients trust is through a thorough understanding of their choices. Too often, with other lenders, borrowers are pushed into a loan that does not truly suit their needs. One of the greatest benefits offered our Clients is the broad range of products we have and can customize to their needs… and not be shackled to the narrow range of “cookie-cutter” loans offered at other lenders.

Here is a range of options for First Trust Deed notes (also known as First Mortgages) you should know about… some are self explanatory while others require a little further detail:

• Full Documentation: For borrowers who can prove their income, 2 year work history in the same line and reasonable reserves.
  
  
• Stated Income Qualifying: For borrowers who have a good credit score, 2 year work history in the same line and reasonable reserves, we do not need tax returns or income documentation. This applies to borrowers with alternative income or Self-Employed. This option CAN be used by W-2 employees with some conditions. This type of qualifying sometimes is known as ALT-A qualifying.
  
  
• Interest Only Payments: Minimum Payments which account only for the interest portion with no Principal. Most loans of this type allow for Principal adjustments without penalty.
  
  
• A.R.M. (Adjustable Rate Mortgage): To qualify, a borrower may choose to use this strategy which offers flexibility in loan amount and lower minimum payments. Often, the note is written to include a “fixed” rate period (i.e. 1 year, 3 year etc.) after which the rate will adjust with the index on which it is based (Prime, LIBOR, MTA…etc). You can also get an A.R.M. which is fully adjustable, meaning it adjusts each month with the index of choice, plus a margin.
  
  
• Construction: Properties being built for the first time with no previous dwelling existence. If construction has already started (1st floor & walls) this should be considered new construction.
  
  
• Renovation: Properties in which there is or was an existing structure.
  
  

Ambient Home Lending holds sacred the trust that you, our Client, place in us. We are proud of our record of satisfied borrowers who have returned to us over the years because they know that we take our pledge of service seriously and dedicate our work to making sure that each Client gets what they NEED, not what we want to sell!

Ambient Home Lending promises to help you make the right Purchase Loan, Refinance, Home Equity Loan, Construction Loan or Investment Property Loan… That is our pledge to you, our Client.

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