Absolute Home Mortgage Corporation Reviews

Absolute Home Mortgage Corporation is ideal for borrowers who want the convenience of applying for a home loan online. You can apply for a mortgage and monitor its progress from a mobile device.

Individuals who want in-person service can visit local branches in the six states it currently services (the lender is licensed in 28 states as of publishing). Despite its limited number of branches, Absolute Home Mortgage Corporation offers a variety of mortgage products. It’s a fairly new company, however, so if you want an established lender, you might look elsewhere for now.

Taking out a mortgage with Absolute Home Mortgage Corporation begins with completing an application online or, if the organization has a presence in your state, at a local branch. Borrowers can also opt to get preapproved for a home loan. Absolute Home Mortgage Corporation strongly encourages preapproval to prepare borrowers for the homebuying process with a reasonable idea of how much they can expect to borrow.

After the home inspection, negotiation and appraisal, your lender may ask for updated information. This request is to determine if there are any changes to the amount you can purchase. You will then complete the mortgage application with your representative. They will explain everything to ensure that you understand the process.

Some mortgage lenders provide a guarantee to protect both sellers and buyers. It is not publicly available whether AHM offers a seller's guarantee, and our attempts to determine if Absolute Home Mortgage Corporation offers such a guarantee were unsuccessful. If a purchase agreement is canceled because of financing issues, a seller guarantee gives money to the seller.

Absolute Home Mortgage Corporation offers both mortgages and refinancing loans. Borrowers can select fixed or adjustable-rate loans.

There are various options for a home loan with Absolute Home Mortgage Corporation:

• Conventional loan: This is any mortgage not insured by the government, such as a fixed or adjustable rate, and usually requires good credit to qualify.
• Debt consolidation loan: Lets borrowers turn home equity into cash at a higher interest rate.
• FHA loan: Government-sponsored loan intended to aid low-and-moderate-income first-time homebuyers
• FHA 203k renovation loan: Government-backed loan designed to upgrade a primary residence
• Fannie Mae HomeStyle renovation loan: Conventional loan meant to upgrade a primary residence, second home or investment property
• First-time homebuyer loan: A loan with benefits like more affordable insurance coverage and allowable supplemental income
• Real estate investor loan: Loan designed for investors and can be government-backed or conventional for multifamily homes
• Reverse mortgage: This is the opposite of a traditional home loan, with payments to you to complement your monthly income in exchange for home equity
• USDA loan: Government-sponsored loan, similar to an FHA loan, but designed for rural homebuyers
• VA loan: Government-sponsored loan meant for people who have served in the military or their spouses
• Vacation home loan: A conventional loan that allows you to purchase a second home

Absolute Home Mortgage Corporation doesn’t provide interest rates online. Interest rates can change daily, so it’s not surprising that Absolute doesn’t show these on its website. Mortgage rates are commonly tied to bond rates and yields. According to the Consumer Financial Protection Bureau, other factors that may impact your rate include:

• Credit score
• Home location
• Selling price and loan amount
• Down payment
• Loan term
• Interest rate type
• Loan type

Absolute Home Mortgage Corporation doesn’t reveal its rates online. However, it is fair to assume that closing costs could add up to 2% to 5% of the total loan amount, according to the CFPB.

These amounts encompass various fees from the lender, service and government and other miscellaneous fees. You will see charges for inspection fees, credit reports, deed recording and more.

Absolute Home Mortgage will list costs on your loan estimate and closing disclosure documents. It is also upfront in communicating what types of fees borrowers can expect.