Empire of America

About

Empire of America is a residential mortgage lender that focuses on providing prime, fixed, and adjustable mortgages for purchasing or refinancing residential real estate. The company prides itself on its ability to streamline the application and lending process, reducing expenses and allowing it to offer lower interest rates and closing costs compared to larger banks and lending institutions.

As a mortgage lender, Empire of America understands that getting a mortgage is a significant financial decision that can impact an individual's life for years to come. With this in mind, the company encourages borrowers to have a lending strategy that aligns with their larger financial picture. This may involve considering their tax position and how a mortgage may affect their overall tax situation.

Although Empire of America does not provide tax advice, it can suggest home financing strategies that are designed to help borrowers with their current tax circumstances. For example, the company may suggest strategies that maximize interest deductions or limit items to the Alternative Minimum Tax (AMT). Alternatively, borrowers may be interested in using income to offset and direct into charities, trusts, and investments.

Empire of America recognizes that incorporating a home financing strategy into an overall wealth management plan can be advantageous for borrowers. As such, the company encourages borrowers to speak with one of its mortgage bankers about the most relevant solutions for their unique situation. Those who are interested in learning more can contact Empire of America directly via phone at 1-866-411-3621.

In conclusion, Empire of America is a mortgage lender that prides itself on providing borrowers with streamlined and cost-effective lending solutions. The company recognizes the significance of a mortgage in an individual's financial life. It encourages borrowers to consider their tax position and overall wealth management plan when developing a lending strategy. By doing so, borrowers can make informed decisions that align with their financial goals and objectives.

Key Features

Empire of America offers several key features that set it apart from other residential mortgage lenders.

Firstly, Empire of America is a direct lender, meaning that it manages mortgage loan requests in-house from application to closing. By using technologies such as automated underwriting and paperless imaging, Empire of America streamlines the loan closing process while simplifying it for borrowers.

Secondly, Empire of America provides a fast and easy loan application process. With its proprietary online pricing engine, Instant Rate Quotes, borrowers can see real-time rates, prices, and closing costs without the need to supply any personal information. Applying for a loan online can result in pre-approval in just a matter of minutes.

Thirdly, Empire of America prides itself on transparency. The company's pre-approval process includes a clear identification of a valid value proposition or net tangible benefit to the client. Empire of America ensures that borrowers clearly understand the home loan process, timelines, and closing expenses before they start the process. This transparency is a hallmark of Empire of America's methodology.

Overall, Empire of America's key features - direct lending, a fast and easy loan application process, and transparency - make it a competitive option for those looking for a residential mortgage lender. The company's use of technology and commitment to simplifying the loan process for borrowers can help make the home buying or refinancing experience smoother and more straightforward.

Pros and Cons

Pros

1. Direct lender: As a direct lender, Empire of America manages the entire mortgage loan process in-house, which can make the process faster and more efficient for borrowers.
2. Fast and easy application process: With its proprietary online pricing engine, Instant Rate Quotes, borrowers can see real-time rates and closing costs without the need to supply any personal information. Applying online can also result in pre-approval in just a matter of minutes.
3. Competitive rates: Empire of America prides itself on offering competitive interest rates and closing costs to its borrowers.
4. Transparency: Empire of America is committed to being transparent with its borrowers, providing a clear understanding of the home loan process, timelines, and closing expenses before borrowers start the process.

Cons

1. Limited availability: Empire of America is currently only licensed to lend in a handful of states, which may limit its availability to borrowers in certain regions.
2. Limited loan products: While Empire of America offers prime, fixed, and adjustable mortgages for the purchase or refinancing of residential real estate, it may not offer as wide a variety of loan products as other lenders.
3. No physical branches: Because Empire of America is an online lender, it does not have physical branches where borrowers can meet with loan officers in person, which may be a disadvantage for some borrowers who prefer face-to-face interactions.
4. Limited customer reviews: Empire of America is a relatively small lender and may not have as many customer reviews as larger, more established lenders, which can make it difficult for borrowers to gauge the company's reputation.

Products

Empire of America offers various mortgage loan conditions that cater to the diverse needs of borrowers. Here are some details about each mortgage loan condition:

1. Jumbo Fixed Rate Loans. Empire of America offers 30- and 15-year fully amortized loans that have fixed monthly payments that never change. These loans are available for $726,201 and up loan amounts, with a maximum loan-to-value ratio (LTV) of 70% to $3.5 million. The minimum credit score requirement is 660.
2. Jumbo Adjustable Rate Loans. Empire of America offers jumbo adjustable-rate mortgages (ARMs) that have an introductory fixed rate for a specified period and then become a variable rate. These loans are amortized over a 30-year period and are available for loan amounts of $726,201 to $2,500,000, with a minimum credit score requirement of 700.
3. Fannie Mae HomeReady® Loans. Empire of America offers Fannie Mae's flagship affordability product, which is designed to serve low and moderate-income creditworthy borrowers. These loans are available for loan amounts of $75,000 and may go up to $2,095,200 for 4-unit properties, with a minimum credit score requirement of 620.
4. Freddie Mac Home Possible® Loans. Empire of America offers Freddie Mac's community lending program that provides additional flexibility and options to meet a variety of borrowers' home financing needs. These loans are available for loan amounts of $75,000 and may go up to $2,095,200 for 4-unit properties, with a minimum credit score requirement of 620.
5. FHA Loans. Empire of America offers FHA-insured loans that are available for loan amounts based on the FHA mortgage limit, which varies by county. These loans have a minimum credit score requirement of 580.
6. VA Loans. Empire of America offers VA loans that enable veterans and active duty personnel to purchase or refinance a home with favorable loan terms. These loans are available for loan amounts up to $4,000,000, with a minimum credit score requirement of 580.
7. Home Equity Line of Credit. Empire of America offers a revolving line of credit with a 10-year draw period followed by a 20-year repayment period. These loans are available for loan amounts of $50,000 to $500,000, with a minimum credit score requirement of 680.
8. Super Conforming Fixed Rate Loans. These loans are similar to Jumbo Fixed Rate Loans but have easier qualifications. These loans are fully amortized and have monthly payments that never change over time. They are available for loan amounts from $726,201 to $2,095,200 for 4-unit properties, with a minimum credit score requirement of 620.
9. Super Conforming Adjustable Rate Loans. These loans are similar to Jumbo Adjustable Rate Loans but have easier qualifications. These loans are available for loan amounts of $726,201 and may go up to $2,095,200 for 4-unit properties, with a minimum credit score requirement of 620.

The specific mortgage loan conditions that apply to you will depend on your unique financial situation and the type of loan you are applying for. To learn more about the specific requirements for each mortgage loan condition offered by Empire of America, it's best to speak with a loan officer who can provide personalized guidance and information.

Reliability

Empire of America is a licensed mortgage lender in California, Florida, and Texas. The California Department of Real Estate licenses the company and holds a Real Estate Corporation License with the number 01898298. In Florida, Empire of America holds a Florida Mortgage Lender License with the number MLD1914. In Texas, the company holds a Department of Savings and Mortgage Lending (SML) Mortgage Company License with the NMLS# 1146941. These licenses are an indication that Empire of America is authorized to operate as a mortgage lender in these states and is subject to regulatory oversight.

Empire of America is also accredited by the Better Business Bureau (BBB) and holds an A+ rating, which is the highest possible rating from the BBB. The BBB is an independent organization that assesses businesses based on various factors such as customer reviews, complaint history, and transparency. The A+ rating indicates that Empire of America has a solid track record of providing reliable and trustworthy service to its customers.

Empire of America's licenses and BBB accreditation are positive indicators of its reliability and credibility as a mortgage lender. These accreditations demonstrate that Empire of America is committed to operating in a transparent and responsible manner, which can provide borrowers with greater confidence and trust when working with the company.

Funding

Once your loan with Empire of America is approved and closed, the funds will typically be sent directly to the entity or parties that are involved in the transaction. For example, if you are purchasing a home, the funds will be sent to the seller's account, and if you are refinancing an existing mortgage, the funds will be used to pay off your current lender.

In most cases, the funds will be sent via wire transfer or electronic funds transfer (EFT), which is a fast and secure way to transfer funds electronically. Empire of America will provide you with the details on how the funds will be transferred and the estimated timeline for when the funds will be available.

Mortgage loan conditions

Empire of America offers a wide range of mortgage loans to cater to the diverse needs of borrowers. Some of the mortgage loan conditions offered by Empire of America include the following:

1. Jumbo Fixed Rate Loans. These are fixed-rate loans with 30- and 15-year fully amortized loans available. These loans have fixed monthly payments that never change, and the longer the loan term, the lower the payment. These loans are available for $726,201 and up loan amounts, with a maximum loan-to-value ratio (LTV) of 70% to $3.5 million.
2. Jumbo Adjustable Rate Loans. These are adjustable-rate loans with an introductory fixed rate for a specified period, followed by a variable rate. These loans are amortized over a 30-year period and are available for loan amounts of $726,201 to $2,500,000.
3. Fannie Mae HomeReady® Loans are affordable mortgage loans designed to serve low- and moderate-income creditworthy borrowers. These loans offer reduced mortgage insurance costs and lower loan level pricing adjustments for loans with low down payments.
4. Freddie Mac Home Possible® Loans. These community lending programs offer additional flexibility and options to meet a variety of borrowers' home financing needs.
5. FHA Loans. These are government-insured loans that provide mortgage insurance on loans made by FHA-approved lenders.
6. VA Loans. These are loans that enable veterans and active duty personnel to purchase or refinance a home with favorable loan terms.
7. Home Equity Line of Credit. This is a revolving line of credit with a 10-year draw period followed by a 20-year repayment period.
8. Super Conforming Fixed Rate Loans. These are fully amortized loans with fixed monthly payments that never change. These loans have terms of 30, 20, 15, and 10 years and are easier to qualify for than Jumbo financing.
9. Super Conforming Adjustable Rate Loans. These are adjustable-rate loans with an introductory fixed rate for a specified period, followed by a variable rate. These loans have terms of 5/6 and 7/6 Adjustable Rate Mortgages (ARMs) and are easier to qualify for than Jumbo financing.