Mortgage Lender in New Jersey (888) 464-8732

In this post, USDALoanInfoNJ wants to talk about hiring a really good loan officer or Mortgage Lender in New Jersey and the importance of doing that, especially when searching for a USDA Loan in New Jersey.

We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in New Jersey this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.

USDALoanInfoNJ believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.

To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in New Jersey. The lender that the prospect had hired actually made an error  which delayed three days of the process!

Mortgage Lender provides financing to an individual for the purchase of property, or refinances a mortgage. There are many mortgage lenders. It is a jungle out there. It is hard to choose the best mortgage lender. This article teaches how to choose a mortgage lender.Mortgage Lender analyses your current financial situation that is the needs, assets, liabilities, and income. Taking all the necessary information, the mortgage lender determines mortgage affordability. Then, the mortgage lender creates the best deal for the match the borrower needs.Talk to friends and family about their favorite mortgage lender. From their experience, they will be able to rate the mortgage lender. At the same time, the borrower learns the pros and cons of each mortgage lender.After you create a list of possible choices, you must compare rates for identical mortgage loans. There may be a catch on the lowest interest rate. You should also take note of the Annual Percentage Rate (APR). With the knowledge of APR, you will see the different fees, and cost associated with the mortgage loans.Check for certification of the mortgage lender or broker. Certified mortgage broker has vast knowledge of many mortgage, and current regulations. Dealing a certified mortgage broker, you are in safer hands.Ask for the terms, fees, discount points, penalties, and costs involve on the mortgage deal. The life of the mortgage is broken into several mortgage terms. For example, three, four, or five year term are common. Mortgage Lenders charges fees for a specific mortgage. Each mortgage lender may charge differently. Discount points are paid upfront to bring down the mortgage. Each point equals one percent of the principal which is total amount owing. And, the costs on mortgage could be appraisal fee and more.The internet is a good source of information about mortgage lenders. In the internet, you can surf for customer reviews, and testimonials. Also, most stable, and reputable mortgage lender have a website. In the website, you can see what they offer.To choose a mortgage lender is a daunting task. When you are in doubt, you can always avail for the most financially stable and highly reputable mortgage lender.

The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.

Jumbo Loan

The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!

Home Loan Pre Approval

Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.

There’s situations, especially in this market right here in New Jersey that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.

If that happens, they might just cancel the contract and they let it expire and take the other offer.

If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.

If you’re searching for a Mortgage Lender in New Jersey, you need to make sure the lending company that you hire is:

-Good
-Reputable
-Honest
-Understands the USDA Eligibility Guidelines

AND is someone who’s going to do the right thing. USDALoanInfoNJ suggests that you always ask for references.

The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.

Mortgage Lenders in New Jersey: Here’s how to Apply for a USDA Loan

Daily Mortgage Rates

Marc Jablon, RealtorBlockedUnblockFollowFollowingFeb 1, 2017The South Florida real estate market has been trending upwards with great momentum for some time now, although that growth is likely to begin to slow in the near future. Likewise, interest rates have remained low for a number of years, but have recently begun edging up over the past few months and are expected to continue to rise in 2017.To put it another way, if you’ve been thinking about buying real estate — especially if you’d be a first-time homeowner — now is the time to take action before it’s too late.For many prospective buyers, however, it isn’t a lack of motivation which is keeping them from jumping into the real estate market; it’s the belief that they simply don’t have enough money saved up in order to afford a down payment.Sure, traditional mortgages have historically required a 20% down payment. If you were purchasing a $300,000 home, you would need to bring at least $60,000 to the closing table. But today there are a wide variety of different mortgages and financial products available to make homeownership a reality with as little as just 3% down for most people with decent credit, and even 0% down for buyers in certain situations.Conventional MortgagesConventional mortgages are the loans which are most often associated with needing a 20% down payment. Thanks to the help of Fannie Mae and Freddie Mac, however, conventional mortgages are available to buyers with as little as 3% down.Fannie Mae and Freddie Mac are government sponsored enterprises (GSEs) which help maintain stability in housing and open up liquidity in the mortgage market. One of the ways in which they accomplish this is by guaranteeing consumer mortgages which meet their minimum set of standards. This means that even if the borrower stops making their payments, the GSE will ensure that the lender recoups their investment — giving banks and other financial institutions incentive to lend to more buyers.Fannie Mae and Freddie Mac both have programs which provide up to 97% of a home’s value, allowing buyers to come to the closing table with just 3% down. For a $300,000 home, that means a down payment of just $9,000. One downside, however, is that these loans are usually only available for buyers with good to great credit — a minimum score of 660 is typically required.FHA LoansFor buyers who don’t qualify for a conventional loan backed by Fannie Mae or Freddie Mac, FHA loans offer a great alternative. As the name implies, FHA loans are backed by the Federal Housing Administration, and protected through mortgage insurance paid for by the borrowers.This allows lenders to offer financial products which require as little as 3.5% down to buyers with a credit score of 580 or higher. For hopeful homeowners with a credit score between 500 and 579, mortgages are available which require a reduced down payment of 10%.Another benefit of FHA loans is that while other mortgages require the down payment to come directly from the buyers, these products allow for alternative down payment sources, including receiving the funds as a gift from a family member or friend, from a government down-payment assistance program, and even from the seller in the form of a credit on the closing statement.VA LoansFor prospective homebuyers who have served or are currently serving in the military, VA loans are tough to beat. These mortgages are secured by the Veterans Administration for all active-duty and past service members who meet their list of eligibility requirements. These VA loans offer 0% down financing, and unlike most other types of low down payment loans, they do not require the borrowers to pay for mortgage insurance.Not every veteran will qualify for a VA loan, however: lenders still follow their own set of lending guidelines and in most cases will require a minimum credit score of 620 for approval.USDA LoansAnother great product available to buyers who are looking at suburban and rural properties is a USDA loan. These loans are backed by the United States Department of Agriculture and provide 100% financing for residential real estate outside of major urban areas. To put it in perspective, 97% of the land in the United States qualifies for a USDA loan.Similar to FHA loans, mortgages backed by the USDA allow closing costs to be gifted or paid for by family members, friends, or even the seller. Mortgage insurance is required on USDA loans, but is normally wrapped into the monthly mortgage payments. Since December 2014, the USDA has required a minimum credit score of 640 on all loans that they secure.Is It Really This Easy to Get a Loan?For the majority of buyers who have at least a decent credit score or better, yes, getting an affordable home loan at a reasonable rate is still pretty simple. That’s because there are so many different programs currently available to minimize the amount of money needed at closing. This helps the buyers who otherwise wouldn’t be able to afford the 20% down payment traditionally needed to purchase a home. And luckily, it doesn’t look like those programs are going anywhere anytime soon.But the market conditions we’re currently experiencing, on the other hand, are likely to undergo changes as we progress through 2017. Home values are continuing to trend upwards, and interest rates are steadily moving higher as well. This means that while low down payment mortgage options will still be available for some time to come, rising home and mortgage costs will cause housing affordability — and purchasing power — to decline in the near-to-mid future. In other words: if you’re thinking about buying, now is the time to do so.Marc JablonNew Harbor RealtyJablonTeam@gmail.com561–213–6139http://www.JablonTeam.com

USDA Loans, Mortgages For Rural Farmers and Low Income Farming Households

Mortgage Broker License

Finding your dream home is usually the simplest part of the house buying process! Once you see somewhere you want to put in an offer for, you’ll want to move fast. It helps, therefore, to have your mortgage sorted before you find somewhere you want to buy. You can choose a lender and mortgage, apply for the loan and get your mortgage ‘approved on principle’ before you even start looking for a house. This means that you know what your budget will be and can be fairly certain that your mortgage will be accepted. The lender will still want to see the valuation survey, however, and there may be other checks that have to be completed before the deal is closed. While most people used to take out their mortgage with a building society or bank, these days there are a number of other options to consider. Smaller, specialist mortgage providers can offer good deals and are sometimes more flexible about terms. Banks and Building Societies Since the market has become much more competitive, the larger finance houses have adapted their practice to become much more flexible with their mortgage deals. You will have the advantage of knowing that a reputable lender provides your mortgage, and local branches can make your day-to-day banking more convenient. Insurance Companies Some companies now offer their own range of mortgage products, which can give good terms, along with insurance products and investments. Legal and General are a well-known example. Check that you are not committed to taking out insurance policies with the lender along with your mortgage. Specialist and Centralised Lenders Generally this type of lender operates from one location – you won’t be able to visit a local branch, but they may offer lower rates as a result of having fewer overheads to cover. Virgin Direct and Mortgage Trust are two lenders who can offer particularly flexible mortgages. Telephone and internet banking make this kind of borrowing more convenient. Local authorities Council house residents may wish to apply to their local authority for a mortgage. There are also some mortgages available from some authorities for people who wish to renovate derelict houses – contact your local council for more information. It’s good practise for a lender to subscribe to the Mortgage Code – this is a voluntary scheme that means the lender has promised to uphold commitments to good service.