Services

E-Approve Mortgage Corporation is one of the premier dynamic financing lenders in the country. We offer the widest array of products to accomodate any financial situation. At EMC all credit types are honestly considered, from excellent credit to no credit at all, we have a loan that will fit your financial needs with the best rates possible and personal service unequaled in the industry. In fact, we can usually offer a customer several options, along with comprehensive explanations of the benefits of each so that the customer can be assured that they are making the best choice for their financial future. Our goal is customer satisfaction. Whether you are looking to purchase your first home, dream home, or find 100% financing for your 3rd investment property, E-Approve Mortgage Corporation can help you achieve your financial goals and dreams in homeownership

The process of getting a mortgage loan can be intimidating. There is a lot of personal information needed, a lot of confusing documents to sign, and a lot of terminology that may be unfamiliar to the customer. In the midst of all of this, buying a home is one of the most important decisions you will ever have to make. E-Approve Mortgage Corporation is committed to providing you as much information as possible about what to expect during your loan process, providing you with updates on your individual loan status, and making sure that you are as comfortable with the situation as possible.

Come to us for the best financial solution available to you - WE HAVE THEM ALL. E-Approve Mortgage Corporation offers low conventional Fixed Rate Mortgages, Adjustable Rate Mortgages (ARM), 100% Investment financing, even Option ARM programs ideal for people with unpredictable cash flow, real estate investors or the self-employed. E-Approve Mortgage Corporation has a wide variety of loans for people from all walks of life and all credit situations.

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Products

There are so many types of mortgages out there and it is our job as the mortgage loan professionals to find the RIGHT mortgage for your situation. Below are the two most common types of loan programs in the industry. To see which one best suits your needs please use the online application or call your nearest branch to speak with an EMC professional loan officer.

Fixed Rate Mortgages
The fixed rate mortgage is the most common loan program. The interest rate is locked for the entire length of the loan no matter how the market interest rate varies. You have the security of knowing exactly how much your monthly principal and interest payment will be throughout the term of the loan. However, fixed rate loans usually have higher rates than the starting rates of Adjustable Rate Mortgages (ARM) loans.
There are five popular fixed rate terms: 15-year, 20-year, 25-year, 30-year, and even the new 40-year. 15-year fixed rate mortgages can be popular programs because they allow borrowers to pay off the loan quickly, save interest expenses and build equity rapidly. The downside of a 15-year fixed is that the monthly payments are higher than 30-year fixed and are therefore more difficult to qualify. Typically as you increase the term on of fixed rate mortgage the payments decrease. Fixed rate mortgage will be your best choice if:

You prefer not worrying about future increases in your interest rate.

You need to be exact in your monthly budget.

You expect to live in your home for more than ten years.

You predict your income to be stable.

You intend to use the property as rental property and can qualify for a rate providing immediate positive cash-flow without the concern of loss of future profit margins due to rate increases common with an Adjustable Rate Mortgage.

Adjustable Rate Mortgage
The adjustable rate mortgage, commonly known as an ARM, is a loan type that allows the interest rate and the monthly payment to change based on the current market index after the initial fixed rate period. Typically an ARM carries a lower rate than a traditional fixed rate mortgage. Most ARMs offer low initial rates for the first 12 to 120 months, depending on type of ARM, then the index-tied rate will be adjusted regularly according to the terms of the loan. In order to protect borrowers from ever-rising rates, most ARM programs limit the rate changes by interest rate caps (interest) such as life time caps and periodic caps. Life time caps limit the maximum interest rate for the life of the loan and periodic caps limit how much the interest rate may change at each adjustment. Some ARM programs may even have payment caps to limit the amount that borrowers need to pay. However, payment caps may lead to negative amortization which means that your principal loan amount is increasing instead of decreasing should your payment cap prevent you from paying enough to cover the monthly interest charges. An ARM can be your best option if:

You are looking for a more affordable initial monthly payment.

You predict interest rates will be stable or even decrease.

Your monthly budget will allow you to be comfortable even if your monthly payment increases.

You have difficulty in qualifying for a fixed rate loan.

You do not plan to stay in the house over ten years.

You intend to purchase the home for investment purposes and are looking to minimize your expenses until such time as you re-sell the home.

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