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NJ Real Estate Career Opportunities
Helpful Calculators
Mortgage Resources
Pre-Qualification
VS
Pre-Approval!
Do you know the difference?
Buying or Refinancing
Get Qualified
Obtain Loan Approval
Closing the Loan
Free
Down Payment Money!
New
Jersey
FHA Mortgage Loan Limits
FHA Streamline
Mortgages
Quick Application
Scoring Your Credit
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Residential & Commercial
Mortgage Brokers
Convert Your Adjustable Rate
Mortgage To One Of Our Low Fixed Rate Mortgages With No Out Of Pocket
Expences
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Other Available Mortgage
Programs!
Sheriff Sale & Foreclosure
Bailouts
Conventional, FHA, Jumbo,
No Income Verification, No Credit Scoring, Bad Credit, Adjustable, Zero
Down Payment, Investment Properties
HUD
Approved
Down Payment Assistance Program
The above is subject to change without
notice. This information is to assist the public and is not an offering of
credit as defined by section 226.2 of Reg. Z Rates and fees are subject to
change based on market conditions.
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Complimentary
Pre-Approval
We can help you determine the monthly payment you are comfortable with and
provide you with a mortgage credit decision before you shop for your home.
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Buying or Refinancing
| Get Qualified |
Obtain Loan Approval
| Closing the Loan
Pre-Approval vs. Pre-Qualification
Buying or Refinancing a Home
Required
Documents:
-
If you
are salaried: provide two years W-2 and one month of payable OR if you are
self-employed: provide two years tax returns and a YTD profit and loss
statement.
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If you
own rental property, please provide rental agreements and two years tax
returns.
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If you
wish to speed up the approval process, please also provide three months
bank statements for each bank, stock and mutual fund account.
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Provide
recent copies of any stock brokerage or IRA/401K accounts that you may
have.
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If you
are requesting a cash out refinance please provide a letter explaining
what you plan to do with the proceeds. Provide a copy of divorce decree if
applicable.
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If you
are NOT a US citizen, provide us with a copy of your green card (front
&back), or if you are NOT a permanent resident provide us with your H-1 or
L-1 visa.
Back
Get Qualified
Getting
qualified before you apply for a loan can help you understand how much you
can borrow.
When buying a
house, you may get pre-qualified or pre-approved. You can typically get
pre-qualified over the phone or on the Internet in a few minutes. A
pre-qualification is not as beneficial as a pre-approval where you have to
go through a more rigorous process which includes verification of your
credit, income, assets and liability. It is highly recommended that you get
pre-approved before you start looking for a house. This will help you:
- Find out
the maximum house you can buy, so you don't waste time looking for
properties you can not afford.
- Puts you
in a stronger position when you are negotiating with the seller, because
the seller knows that your loan is already approved.
- Helps
you close quickly, since your loan is already approved.
Shop loan
program and rates
To shop for a
loan you will need to:
-
Think
about how long you plan to keep the loan. If you plan to sell the house in
a few years, you may want to consider an adjustable or balloon loan. On
the other hand, if you plan to keep the house for a longer time, you may
want to look at fixed loans.
-
Understand the relationship between rates an points. Points are considered
to be prepaid interest and are tax deductible. Each point is equal to one
percent of the loan. So for example 1 point on a $150,000 loan is $1,500.
The more points you pay, the lower the rate you will get.
-
Compare
different programs. Shopping for a loan can be difficult. With so many
programs to choose from, each of which has different rates, points and
fees, it's hard to figure out which program is best for you. That's where
an experienced loan officer can help you make a decision that's best for
you.
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Obtain Loan Approval
Once your loan
application has been received we will start the loan approval process
immediately. This involves verifying your:
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Credit
History
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Employment history
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Asserts
including your bank accounts, stocks, mutual fund and retirement accounts
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Property
value
Based on your
specific situation, additional documents or verifications may be required.
To improve your chances of getting a loan approval.
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Fill out
the loan application completely.
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Respond
promptly to any requests for additional documents. This is especially
critical if your rate is locked or if you plan to close by a certain date.
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Do not
make any major purchases. Do not buy a car, furniture or another house
till your loan is closed. Anything that causes your debts to increase
might have an adverse affect on your current application.
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Do not
move money into your bank accounts unless it can be traced. If you are
receiving money from friends, family or other relatives, please contact
us.
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Do not
go out of town around the closing date. If you do plan to be out of town
when your loan is expected to close, you may sign a power of attorney, to
authorize another individual to sign on your behalf.
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Close the Loan
After your loan
is approved, you will be required to sign the final loan documents. This
will normally take place in front of a notary public. Be prepared to:
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Bring a
cashiers check for your down payment and closing costs if required.
Personal checks are normally not accepted.
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Review
the final loan documents. Make sure that the interest rate and loan terms
are what you were promised. Also, verify that the name and address on the
loan documents are accurate.
-
Sign the
loan documents.
Your loan will
normally close shortly after you have signed the loan documents. On
refinance and home equity loan transactions federal law requires that you
have 3 days to review the documents before you loan transaction can close.
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