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Frequently Asked Questions

BAMC works for you.

More and more homeowners are turning to Baltimore American Mortgage and for good reason - to save money! BAMC has closed over 12,000 mortgage loans with no points and no closing costs and saved consumers nearly $20 million dollars in the process. When it comes to refinancing or buying a home you can place your trust and confidence in the Baltimore American Mortgage family of companies. Here are a few of the questions we receive each day in regard to our incredible money-saving mortgage programs.

What does the Zero Fee Guarantee actually cover?
Qualified borrowers have the option to refinance an existing mortgage or purchase a new home with no points, no closing costs and no title fees.1 Baltimore American Mortgage pays all of the one-time costs associated with obtaining a new mortgage including processing fees, underwriting fees, attorney fees, administrative fees, compliance fees and more. Baltimore American Mortgage also pays the buyer's documentary stamps and share of the transfer tax on purchase mortgage transactions utilizing the additional services of both RE/MAX Exclusive Realty and Americom Title, LLC. Unlike other local and national lenders, the BAMC Zero Fee Guarantee includes most third-party fees. Common third-party fees include the borrower's credit report fee, home appraisal fee and all applicable title fees.
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How much money can I save with this program?
The amount saved can be quite substantial depending on the state, loan product, loan amount and transaction type. Baltimore American Mortgage has closed over 12,000 mortgage loans with no points and no closing costs and saved consumers nearly $20 million dollars in the process. The average borrower saves in excess of $2,500 on refinance transactions and in excess of $5,000 on a new home purchase. The savings realized on purchase transactions is based on the combined services of Baltimore American Mortgage, RE/MAX Exclusive Realty and Americom Title, LLC.
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How does Baltimore American Mortgage make money?
Baltimore American Mortgage places loans on the secondary market for purchase by larger investors. A "bid" process is conducted and a premium is received as a result of each loan sold. The income generated by this process is utilized to pay the borrower's closing costs as well as other fees associated with each transaction.
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What is the advantage of using Baltimore American Mortgage?
Baltimore American Mortgage provides qualified borrowers with the absolute best financing programs available. Unlike other lenders, Baltimore American Mortgage pays the borrower's closing costs and title fees, resulting in a savings of thousands of dollars on every transaction.
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Do I have to bring any money to closing?
Yes. Most purchase mortgage transactions require the borrower to establish an escrow account for the payment of taxes and insurance. Some loans also require escrow to cover the cost of Private Mortgage Insurance (PMI) if the loan-to-value ratio is greater than or equal to 80%. In addition to escrow accounts, interest is accrued on the new loan until the first day of the following month.

The escrow amount can be financed into the new loan on most refinance transactions. The borrower will also receive a refund of their current escrow balance. These charges are for prepaid items only and are not considered closing costs.
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Where does closing take place?
Settlement services are conducted by our affiliated title company, Americom Title, LLC. The exact closing location and time are established between the borrower and the closing agent at a time and place that is most convenient.
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How do I apply?
Both a short-application and full-application are offered on the Baltimore American Mortgage web site and may be completed at anytime. The short-application process takes less than five minutes to complete! Borrowers can also apply over the telephone by calling Baltimore American Mortgage toll-free at 1.866.535.BAMC.
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What is my interest rate?
Interest rates change daily. The rates available at the time of application may be different than the rates available when the decision to lock has been determined. A locked loan is protected from any future market fluctuations for a fixed period. The lock period is generally 30-days on a refinance transaction and up to 90-days or more on a purchase transaction. Once a loan is locked the borrower will receive a lock confirmation stating the loan rate and terms.
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How can I be certain Baltimore American Mortgage is a licensed and professional organization?
The Better Business Bureau will verify that Baltimore American Mortgage is a lender in good standing. If you wish to confirm that we are licensed in a particular state, simply contact your local state licensing department.
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apply now or call toll-free at 1.866.535.BAMC

(1.866.535.2262)

Experience the Baltimore American Mortgage difference today. Choose from a variety of mortgage programs designed to meet your individual financial situation. All with expert assistance and a great rate! When you apply with BAMC you avoid paying a broker fee and other costs to a middleman.

BAMC offers a variety of financing solutions with different rates and terms in addition to the no points and no closing costs option. Consult a loan representative to determine the program that's right for you.

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* Loan programs are not available in all states. Minimum loan amount $175,000. Lower loan amounts available on other programs. A $500 lock-in fee is required at the time of application. This fee is refunded at the time of settlement as reflected on line 1304 on the borrower's HUD1. Actual closing costs credit to borrower is reflected on line 1305 of the HUD1. Other restrictions apply. Consult a Baltimore American Mortgage loan representative for complete program details, current rate quotes and available financing options. Borrower required to utilize the combined services of Baltimore American Mortgage, RE/MAX Exclusive Realty and Americom Title, LLC on purchase transactions.