First Time Homebuyer New Jersey and Home Loan Officers New Jersey

Sailing the 4 C’s of Mortgage Qualification

UNDERSTAND HOW A MORTGAGE APPLICATION GETS REVIEWED AND QUALIFIED   So you’ve finally decided to take the plunge and buy a new house. Ever wondered what goes on behind the scenes and what the questions, qualifications and factors are that make the difference between an approval and denial? Given that our mission is to supply the community with tools and …

Mortgage Advisors and Mortgage Lending

Understand Your Credit and the Role It Plays In Getting a Loan

Our mission at Ark Mortgage is to empower, educate and enable our borrowers and community to make the best possible decisions for themselves and their family. In line with that, we are proud to introduce our multi-week education series on mortgages, so you can go through the mortgage process armed with information and have the smooth process you deserve. Understanding …

Mortgage Services and Cash Advantage Program Financing

What is Collateral and How Does It Play a Role In My Mortgage?

Collateral is a property or other asset that a borrower offers as a way for a lender to secure the loan. For a mortgage, the collateral is often the house purchased with the funds from the mortgage. If the borrower stops making loan payments, the lender can take hold of the items or house designated as collateral, to recover its …

Home Loan Officers New Jersey and Fixed Rate Mortgages New Jersey

Mortgage Closing: Demystified!

Nervous about closing? Where will it be, who will be there? Usually, the closing takes place at a title company or an escrow office. The following people are typically there or are represented: You and any co-borrower (such as your spouse). Closing agent, who might work for the lender or the title company. Attorney: The closing agent might be an …

First Time Homebuyer New Jersey and Mortgage Bankers New York

Capacity: Strength In Numbers

Capacity To put it very simply, you need to prove that you can repay the loan. To determine if this is the case, the underwriter will analyze employment status, annual income, and debt. The underwriter will also review assets, such as savings and checking accounts, stocks and bonds, 401(k), and IRA accounts. Cash reserves may also be reviewed, to determine …