mail@myfamilyhomelending.com

514 W. Washington Avenue
Pleasantville, NJ 08232
609-646-6644
        609-677-5446  Fax

FREQUENTLY ASKED QUESTIONS:

 
1.  My credit isn't perfect but I have resolved to pay my debts on time and I want to obtain a mortgage.  I have steady income, but I am self-employed.  What can you do to help me?

You may be surprised at the number of types of mortgages that are available for borrowers with less than perfect credit or who have difficulty with the documentation requirements of conventional loans.  But, it can be a complicated process to determine just which mortgage is best for your situation.  Discuss your circumstances with a trained Family Home loan representative and let them get you the best financing. 

2.  What about me...I have a great credit record, good steady income and I have not overloaded myself with credit debt.  I see that Family Home offers loans to people who might have had problems getting approved for a mortgage elsewhere.  Does that mean that I would have a higher than normal interest rate if I got my mortgage thru Family Home?

Absolutely NOT!  While Family Home is able to obtain financing for many people with "dinged" credit, we also can reward those borrowers who have a great credit records with some of the lowest rates available.

3.  My real estate broker has asked for a pre-qualification letter.  Another lender has offered to give me one.  How is Family Home's letter better?

Family Home takes pre-qualification a few steps further.  Rather than simply issuing a pre-qualification letter, Family Home, with your cooperation, prefers to issue pre-approvals.  The difference is that a pre-approval has actually been underwritten.  As long as you obtain a satisfactory appraisal and can document the things you told us verbally, you are ready to settle on the loan...subject only to closing requirements.  This puts you in a better bargaining position with the seller because they know that a normal pre-qualification is no guarantee of final mortgage approval, while you are already approved when you first look at their property and can also settle more quickly than other buyers.

4.  I would like to know more about how my credit rating is determined and how I can improve it.  Can you help me out?

Sure!  Click on the following links for additional information:

A:  CREDIT RATINGS AND SUGGESTIONS

B:  CREDIT SCORES

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5.  What is a credit score and will my score go down just because you "pull" my credit report in an attempt to pre-approve me for a mortgage?  

A credit score is the result of a mathematical formula whose intent is to rate you as a potential borrower based on your past credit history, present debt load, etc.  It is similar to an IQ score which attempts to express intelligence as a single number.  The previous rules penalized borrowers who shopped around for the best interest rates or terms on loans they were considering.   Within the recent past, the rules have changed so that credit inquiries have little or no effect on your score.  Unless you have a lot of inquiries within the last 6 months, that do not result in the issuance of new credit accounts, you should see little or no effect on your credit score as the result of letting Family Home obtain your credit report so that we can try to issue a mortgage pre-approval to you.

6.  How can I assure that my mortgage from Family Home Funding Services will settle as quickly as possible?  I have heard about some "horror" stories in terms of getting loans to the closing table...

First of all, let Family Home obtain a complete pre-approval for you rather than a simple pre-qualification.  Second, return any documents we require as soon as possible.  Third, follow the instructions of your processor to the letter.  Do NOT make up your own rules in terms of the documents we request.  Send what we ask for!  Fourth, be honest with us.  If you surprise us with information that is detrimental to your mortgage approval, we may have no choice but to surprise you with a delay in your settlement.  So, help us help you be fully disclosing any information that may affect your loan application.

7.  What other information do you have regarding the application process and approval process and what should I do, first, to get a home and/or real estate financing?

Click on the following links for more helpful information:

A.  FIRST STEPS TO BUYING OR FINANCING

B.  THE APPLICATION/APPROVAL PROCESS

C.  WHAT DOCUMENTS DO I NEED FOR APPROVAL?

 

NJ Licensed Mortgage Banker; License Pending in Other States

© Olen Soifer 2003-6

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