The Truth About Mortgage Financing!
Talking about Mortgage loans is a big topic these days. Everyone is interested in rates and programs. They also want to know if the banks are lending. I reached out to Jay Tolisano with Atlantic Home Loans, Inc. for the latest news in Mortgage financing. Here is what he has to say.
There seems to be a common perception among potential homebuyers as of late that getting a mortgage is impossible and that banks are just not lending. I can certainly understand this perception when the headlines are flooded with negative news about the economy and home loans. There is no doubt challenges exist in the marketplace; certain banks have taken a less than proactive approach to home loans and standards and guidelines for lending are ever-changing and often times more stringent than in the past, but don’t let this discourage you! It is all about working with someone who knows the market, is informed of the current guidelines and can navigate the process for you so that you can accomplish your goal-home ownership! Below I offer some helpful tips and a bit about the approach my team takes to help you accomplish your goal.
When we meet with customers we tell them up front what to expect. We coach and guide them from day one through closing on what to do and what not to do while applying for a home loan. The mortgage industry requires more documentation today, digging deeper into the financial profile of the customer, but people who qualify for a home loan can get a home loan.
If you are thinking of buying a home or refinancing your current loan, the absolute first thing you must know is your credit score and credit profile. Make sure all the data in your credit report is accurate as this is the number one thing that disqualifies people for mortgage financing. You should also be able to document your income and assets. At Atlantic Home Loans, we use the two year-two month rule. This means we ask for two years of Federal Tax Returns, two years of W2’s, two months of pay stubs and two months of asset statements. We don’t always need all of the items but we feel that asking for more up front means we ask for less later.
Atlantic Home loans is a regional licensed mortgage banking and mortgage brokerage firm. Mortgage banking allows us the ability to process, underwrite, approve, close and fund in our name, this makes things more streamlined, easier on the customer and allows us more control of the process. We specialize in home loans up to $5,000,000. We utilize conventional, FHA and portfolio lending products so that we can provide our clients with any mortgage product they need. Please contact me for any further education on the home buying process- Jay Tolisano 203-913-4832, www.jaytolisano.com
NMLS # 109296
Atlantic Home Loans, Inc. NMLS# 15241
Equal Housing Lender
Your team at Bondi Realty know that working with a great mortgage company is key in making the deal come together. Combined with today’s low interest rates it’s a win win situation for everyone.
Betty Bondi
Bondi Realty Group LLC
203-899-9990