American Advantage Mortgage, Inc. (AAMI) is an on-line "deep discount" Mortgage Broker specializing in the MTA-Indexed, Cost of Funds Index (COFI), COSI, CODI and LIBOR Option ARM mortgages since 1993.  AAMI has a dedicated turn-key system which will Educate, Process, and Close your mortgage in the shortest amount of time and for the least amount of money.
 

1. We will initially e-mail you a detailed proposal for the mortgage of your choosing; please give us the following information on your initial e-mail:
    

   1. Property location, i.e. State

   2. An idea for your credit rating, e.g., Good, Bad, excellent

   • If a Purchase: Sales Price & desired loan amount

   • If a Refi: est. market value and desired loan amount
      

   If you like our initial proposal, the next step is:
   
    

2. Fill our "complete" Loan Application
    
3. We will e-mail (PDF attachment) a detailed Good Faith Est. (GFE), Truth-In-Lending Statement (TIL) and a Amortization Schedule.
    
4. If you accept the terms and conditions (T&C's) on the GFE and TIL scan or fax (888-771-2543)  them back to us.
    
5. We will review “completed” Loan Application. If we have any questions or concerns we will e-mail them to you. With your permission we will pull your credit report. After all corrections are made (if any), we will re-send Application back to you for final review and signature - fax back to 888-771-2543.
    
6. Next, If your credit is acceptable, at this point you could be eligible for your T&C's to be locked-in.
    
7. Next our Processing Center will e-mail you information regarding LTrack (this feature allows our Clients to check loan status information 24 hours a day, 7 days a week)
    
8. Next (with your permission) we will order the Appraisal, They will contact you for time and place – (Just pay them at your door.)
    
9. Next (with your permission) we will order the Title/Escrow with your Title co. or Attorney.
    
10. Next you will be asked to review and sign more documents. In addition you will probably be asked for other various docs. and statements, e.g., Bank Statements, W2’s, pay stubs, etc…, if applicable; these can be mailed and sometimes faxed back to us.
     
11.  Next  we will then enter your Loan information into our Underwriter’s  electronic Pre-Approval System.  If pre-approved this will be displayed in LTrack.
     
12. After Appraisal, all Title work, and all required disclosures and docs. have been received, Processing will overnight completed package to Underwriting (UW.)
     
13. If approved we will receive a Clear-To-Close (CTC) from UW.  We will then e-mail or fax your Title co. the “go-ahead” for Settlement.  Your Title should contact you with all information regarding what you will need to bring along with the time and place.
     
14. At Settlement, we will be available via phone, fax, and e-mail if anything is required from us.
     

The "Next Step" - more on processing your loan "A Bird's Eye View of a Loan Cycle"