Amber Sky Mortgage Solutions - Home Mortgage

Amber Sky Mortgage Solutions
500 Route 17 South, Suite 207
Hasbrouck Heights, NJ 07604
Office: 866.955.5655
Fax: 201.393.0241
Email: info@amberskyms.com

A Financial Institution that focuses on accomplishing our clients goals

Whether you are looking to lower your Mortgage payments, total monthly bills or want to take cash out of your property, Amber Sky Mortgage Solutions provides program options specific to your situation and goals. Amber Sky Mortgage Solutions will help you determine which loan program offers you the greatest benefits.

Let us help you have a brighter financial tomorrow.

Loan Options

The main question homeowners ask themselves is what program is best for me. With so many different options, it is very difficult for a homeowner to make this decision. With the assistance of one of our Mortgage Specialists, we will be able to go through the positives and negatives of all the different options and help you choose the right one that benefits your situation.

First Mortgages

First Mortgage relates to a Mortgage note holding first lien position on the title of the property. First mortgages can be fixed or adjustable rate mortgages, interest only, balloon notes or option ARM programs. A conventional mortgage is fully amortized with principle and interest payment taken over a selected loan term. Variations of this include ARM programs that offer a rate that is fixed for a portion of the total loan term after which the rate will begin adjusting. Another variation is interest first programs which allow you the flexibility of paying the interest only potion of your payment for up to 10 years depending on individual programs.

Fixed Rate Mortgage Terms can be a 5,10,15,20,25,30,40, and 50 year term.
Adjustable Rate Mortgages are fixed for a set period of time such as 6 months, 1,2,3,5,7 and 10 years out of the full 30,40 or 50 year amortization.
Both fixed and adjustable rate mortgages offer interest only options.
Typically an adjustable rate mortgage will offer a lower interest rate than a fixed program will ultimately lowering the required mortgage payment for the length of time that the rate is fixed.
Adjustable rate mortgages are a short term fix for borrowers who plan to sell their home or refinance before the fixed portion of their mortgage term expires.
Pick a pay or Option ARM programs give the borrower four different payment options every month. Options include a full principle and interest payment of a 30 year term, a payment option based on a 15 year term, an interest only payment option and a less than interest owed payment which allows you to defer the interest owed to a later date. This program gives you a lot of flexibility with your mortgage payment allowing you to make lower payments on months you may have an emergency arise or if you need extra money for vacation or the Holidays.

Second Mortgages

Second mortgages hold a second lien against the property, and home owners usually take out second mortgage for debt consolidation.

Second Mortgages come in a Heloc or a fixed rate term.
Heloc are usually an adjustable rate and are calculated off of the prime index.

Second mortgages are also taken out to only not pay mortgage insurance because the loan to value on the first mortgage is at 80%, so they take out a second and with a smaller loan amount to not be charged a higher rate on the first.