Q : Do you lend statewide?

A : Yes. From the Florida Key's to the Panhandle, we finance real estate across the State of Florida at the same low rates and great service.


Q : How long have you been in business?

A : We were incorporated in 1989. Many of our loan officers have been in the profession even longer.


Q : Do we need to be physically present for closing?

A : No. The entire loan process can be handled by whatever works best for you ie, telephone, fax, email and overnight courier. You do not need to be physically present for any part of the loan process from the signing of your application to closing.


Q : We live in South Florida and want to buy property in North Florida. How do we proceed?

A : Many sellers and realtors require a letter of pre-qualification or, pre-approval prior to entering into contract negotiations. If you do not yet have such letter, we can at no charge or obligation to you, provide you with a letter of pre-qualification or, pre-approval.

Once you have a signed purchase contract, we will have you complete a loan application. We will then arrange for a State licensed appraiser who is experienced in the local market to perform an analysis of the property and provide an appraisal report of the property.

Depending on the particular loan program, we may contact you for additional information not collected when the application was taken. We will then arrange with a state licensed title company to conduct a title search and issue a title policy.

Once we have the title policy, we can close. Since you live in South Florida, there is no need for you to travel to North Florida or, wherever the property is located just to sign closing documents. We can do the closing entirely by mail but typically have the title company arrange a courtesy closing in an office local to you. You do not even need to be in Florida.


Q : How do I know how much house I can afford?

A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.


Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?

A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.


Q : How is an index and margin used in an ARM?

A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).


Q : How do I know which type of mortgage is best for me?

A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. The loan officers at Atlantic Mortgage Services Inc can help you evaluate your choices and help you make the most appropriate decision.


Q : What does my mortgage payment include?

A : For most homeowners, the monthly mortgage payments include three separate parts:

  1. Principal: Repayment on the amount borrowed. In the case of interest only loans, principal is not paid
  2. Interest: Payment to the lender for the amount borrowed
  3. Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.


Q : How much cash will I need to purchase a home?

A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

  1. Earnest Money: The deposit that is supplied when you make an offer on the house
  2. Down Payment: A percentage of the cost of the home that is due at settlement. Be sure and ask about our 100% financing.
  3. Closing Costs: Costs associated with processing paperwork to purchase or refinance a house


Q : Do you finance commercial real estate?

A : We do finance select commercial real estate.


Q : Do you lend to international borrowers?

A : Yes. We offer a wide selection of programs catering to the needs of international borrowers.

Q : Do you refinance vacant land?

A : Yes and if you ever decide to build, we can use built up equity in your vacant land as downpayment for a construction-perm loan


Q : I'm not a general contractor but still want to build my home. Can I use your construction loans?

A : Yes. Financing is not as easy as when work is performed by licenced contractors but we can provide construction-perm financing to non-licensed owner-builders. Aside from the usual financial qualifications, you must also have verifiable industry (residential construction/residential real estate related) experience that is recent and extends back several years.