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What is Altgage?
Altgage is a mortgage platform that leverages artificial intelligence to optimize home financing for various needs. It offers affordable mortgages with down payments as low as 1% and closing cost assistance up to $7,000, including FHA loans starting at 0% down through specific programs. The platform provides tools like PrePay for smarter extra payments to reduce principal and build equity faster, and refinancing alerts to track mortgage rates and customize loan lengths for savings.
Additionally, Altgage supports retirement planning with Home Equity Conversion Mortgages (HECM) for homeowners aged 62 or older. The process includes quick approvals, with pre-approval in 24 hours and closing in 15 days, featuring transparent costs without hidden fees. AI-driven features help users boost credit scores, access grants, and manage their mortgages efficiently.
Features
- Affordable Mortgages: Down payments as low as 1% with closing cost assistance up to $7,000
- Smart PrePayments: Extra payments that decrease monthly to build equity and save interest
- Refinance Tracking: AI alerts for optimal refinancing times with customizable loan lengths
- Retirement Planning: HECM loans for homeowners 62+ to extend retirement portfolios
- Credit Boost: Free rapid rescore to improve credit scores and qualify for better rates
- Transparent Fees: No hidden costs, with clear underwriting and broker fees
Use Cases
- First-time homebuyers seeking affordable mortgages with low down payments
- Homeowners looking to refinance mortgages to lower monthly payments
- Individuals planning to make extra mortgage payments to reduce debt faster
- Retirees using home equity conversion mortgages to supplement retirement income
- Real estate professionals assisting clients with mortgage financing
FAQs
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What types of loans does Altgage offer?
Altgage offers various loan types including Conventional 30Yr, 20-Year Fixed, Jumbo Loans, FHA Loans, VA Loans, Affordable Loans, One+ Mortgage, Home Possible®, FHA Zero Down, and HECM. -
How quickly can I get approved for a mortgage with Altgage?
Altgage provides same-day preapproval with a soft credit pull and can get you fully approved in 24 hours, with closing in 15 business days. -
What is the PrePay feature and how does it work?
PrePay helps homeowners make smarter extra payments upfront that directly reduce the principal balance, with payments decreasing monthly as equity builds, saving more interest over time. -
Does Altgage charge any hidden fees?
No, Altgage has transparent costs with no hidden fees; you only pay for underwriting and a fair broker fee, with no processing or junk fees. -
Who is eligible for the HECM retirement program?
The Home Equity Conversion Mortgage (HECM) is available for homeowners aged 62 years or older who own their principal residence, as it is an FHA-insured loan.
