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.
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.
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Jeremy found a lender that moved us from our original VA loan to a conventional loan that gave us a discount on closing cost for refinancing the mortgage. Secondly he found a lender that allowed for exception to "escrow" account for taxes and insurance which saves us between 10-15% of the annual taxes and insurance fees that would normally be paid to the finance company. Additionally we were able to take a small cash out amount that was needed to pay medical expenses. Jeremy's attention to detail and follow-up protocols allowed for our application, appraisal and closing to be completed as scheduled. This is the second time we have used Jeremy and his team for a home loan and have recommended him to our neighbors who have since utilized his services as well. His professionalism and knowledge of ever changing banking procedures shines through the process to prevent as many surprises as possible, Which we had only one minor issue that we were unaware of and it was explained to our satisfaction. With all the documents prepared correctly to smallest detail, we were finished in roughly 30 minutes and on our way home. We couldn't be happier with the service of Jeremy and his staff.
5 stars on 2/23/2021
Since the beginning of my home buying process and even all the way up to closing, Jeremy was extremely communicative and stayed on top of the process as well as let me know of any details or changes that would come up. It was the most seamless home buying process I have ever been through and will definitely use his company again!
5 stars on 2/22/2021
As a first-time homebuyer, I am grateful to have worked with Jeremy. He made the process of obtaining a mortgage, from start to finish, so easy for me and completed my loan without a hitch.Jeremy was friendly, communicative, and knowledgeable. He was able to work with my individual circumstances and get me the loan that was best for me. I felt that he genuinely cared to help me get the best loan possible.The realtors that were present on closing day expressed how impressed they were with Jeremy's ability to get everything done accurately and on time during COVID, when some closings are getting delayed!I would absolutely recommend Jeremy to anyone looking for a mortgage. I know I will be a repeat customer with my next home purchase.