You might be a first time home buyer or you could have purchased your home 15 years ago. It's easy to surf the internet for real estate listings. But before you schedule an appointment or go to an open house, you might want to determine how much home can you afford.
Well, today's market has changed. Any realtor will probably ask you if you have been pre-approved for a mortgage. They don't want to waste their time. You can purchase a home with a minimal down payment as low as 3% for conforming loan balances. Portfolio mortgage 1 day out of bankruptcy or foreclosure programs, if you are qualified with the required down payment, credit and income.
Here is a quick review of the Mortgage Process
1) First Meeting
During the first meeting or telephone call, we will give you an overview of general mortgage process.
2) Mortgage Qualification
Mortgage qualification depends on your Credit Score, Credit History, Income, Assets and Employment. Lenders interest rates are based on the risk profile of the borrower. The best credit allows you a lower down payment and lower mortgage rate.
Borrowers with recent credit issues may require larger down payment and a probable higher interest rate to compensate for the risk for default.
Compensating factors such as job stability and high asset balances after closing may offset risk.
Typically, your total housing payment (principal, interest, tax and insurance) should be <36% of your monthly gross income. Total monthly debt (housing payment plus credit card and installment loans) <43% of gross monthly income. We have programs that can go up to max 50% of gross monthly income dependent on compensating factors.
Research loan options, find the choice that is right for you and your situation. Our professionally trained staff of Mortgage Advisors is ready to help find the right loan for you. Mortgage calculator to help you: what can I afford, Rent versus Buy, What is my Payment, etc.
2) Gather Information
You should collect documents in a mortgage folder containing your personal financial information. Or go DOC LESS, where you authorize us to electronically verify your income, assets and tax returns.
30 days of most recent paystubs
last 2 years of W2
last 2 years Federal Income Tax returns (1040) signed
if new employee (offer letter)
Assets and Reservers
2 months of bank statements (all pages)
most recent quarterly retirement, mutual fund, stock accounts
photo identification (driver license or passport)
Foreign National work visa (if appliable) Social Security Card
3) Fast Pre-Approval
We help you determine your loan options based on price and timing of your purchase. Often having a pre-approval letter when making an offer can make your appear more desirable to a seller to ensure an on-time closing to take advantage of the low mortgage interest rates.
4) Get a Rate Quote
In order to receive a customized rate quote, please complete the inquiry form. We will contact you shortly. We can also provide a mortgage pre approval or mortgage pre qualification. Thank you for the opportunity to earn your business.
Now is a great opportunity to purchase a home in the NJ and NY metropolitan area. We have a wide variety of mortgage loan programs which might fit your particular needs. A sampling of our mortgage loan programs:
First time home buyer
Move up home buyer and second home purchase
Jumbo mortgage loans to $3 million
Investor (1 - 4 units) multi-family 5+ units
FHA and VA loans
Foreign National program
Reverse Mortgage (borrowers must be 62 1/2 year young)
Less than perfect Credit scores starting at 500+
No Income Verification
Pledged Asset Program
24 Month Bank Statement Programs for self-employed
Portolio Loans (niche products not Fannie Mae or Freddie Mac)
We are experienced in all phases of the mortgage spectrum and we have been in business over 22 years. Many programs to fit the discreet buyer with perfect credit to the second chance buyer. We treat all our customers with respectfully and hope to earn your business. Great rates and service with a smile!
Call today toll-fee at 800-327-0123 to discuss your mortgage options. Or apply on-line.
New Application Technology:
No copying bank statements or paystubs. Apply with our new, secure, hassle-free technology to apply for a home loan completely on-line.
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