What is the difference between a mortgage lender and a mortgage broker?
broker assists the client in shopping for the best mortgage program available to meet their specific needs.
broker does not lend money, but facilitates the mortgage process from application to funding for the client.
lender has proprietary loan programs approved by its board of directors and has the ability to lend money to those clients who meet their credit criteria.
lender may only be able to offer one program to a particular client when a mortgage broker may be able to offer ten programs for the client to choose from.
Can I still obtain mortgage with a past bankruptcy or foreclosure?
Yes, there are many programs available for clients with these credit issues.
Can I purchase a property with no money down?
Yes, there are programs available that require no down payment. Many of these programs also allow for seller assistance towards closing costs in addition to not requiring a down payment.
What is an ARM?
An ARM is an adjustable rate mortgage. The rate is determined by using a standard index such as the prime rate and adding a fixed amount (often called the margin) to this to determine the rate (e.g. prime + 2.00%). The rate fluctuates based upon changes in the index. The frequency of rate changes varies from program to program.
What is a no income verification program?
This loan program type permitted income to be stated on application for qualifying, but was not verified. This type of mortgage program is prohibited in the Commonwealth of Pennsylvania.
I am currently in a rent-to-own agreement. Do I still need to provide a down payment and pay closing costs out of pocket in order to payoff the agreement and buy the home?
NO, there are many programs available that allow you to treat this type of transaction as a refinance thereby allowing you to use the equity in the property (based upon a current appraisal) as the down payment AND the closing costs can be rolled into the mortgage.
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Jeremy was very helpful through the whole loan process. My wife and I had a unique situation due to working overseas previously. Jeremy worked with us and our previous company to insure we could still get the loan we needed at a great rate. We liked working with Jeremy and would highly recommend him to anyone buying a home.
5 stars on 4/16/2018
Jeremy and his team really get the job done and done right. They are very thorough and check everything out. I was looking over 3 years until i found my dream house and Jeremy was there the whole way all ways had are back. I really thank him for his part in all the help he did thanks
5 stars on 4/10/2018
Our settlement on our purchase was one for the record books and I don't mean in a good way. The purchase of our home in PA was contingent upon the sale of our house in SC and we obviously wanted our purchase scheduled as close as possible to our sale.
Late December, February 12th, March 1st, and March 23rd. What do they all have in common? They were all our closing dates on the sale of our house in SC and we didn't close on ANY of them. That means that Jeremy had to re-do our paperwork and get extensions on our locked-in interest rate many many times. So many times, in fact that we were very close to having our rate raised but Jeremy and his team found a way for us to keep our original rate.
We FINALLY settled on the sale of our home in SC on March 27th. I cannot say enough good things about Jeremy, his patience, and his sense of humor through this period of time when I was ready to scream because of the stress our buyer's financing companies (3 to be exact) created. I felt horrible about the extra work Jeremy had to do but he took it all in stride and made me feel better in the process.
Jeremy and his team are top-notch because they pay attention to details and get the job done in a professional and timely fashion. All you need to do is provide the information they need and they'll take care of the rest.