Home Buying in Bloomfield>Question Details

JHawkes, Home Owner in Union, NJ

Can we still get a great mortgage with only one income? My husband & I were pre-approved for a mortgage a few years back, then we held off on

Asked by JHawkes, Union, NJ Wed Sep 26, 2012

buying. How will the one income affect our chances of getting a mortgage? We are able to put down more than 20% if needs be for a home in our price range.
Will my credit history still be considered for a mortgage? Our credit scores were both in the high 700s in 2009. Since then we have wiped any debt from our credit cards, took out a lease on a car, all paid off and on time. Are there any other factors we need to know about before getting qualified for a mortgage? What kinds of questions should a lender be asking us? Any advice would be appreciated.
We're looking to buy a single family within an hour of NYC via bus. We don't need to live in a great school district, but it should be a neighborhood that will have resale value down the line. We like places like Bloomfield, Maplewood, Westfield, and of course the taxes are just crazy high. Are there any towns that have a nice downtown & residential area in a that are slightly more affordable?

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Answers

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Rahzhak Mizhauni-BA.,MLT’s answer
1. What is the interest rate on this mortgage?
2. How many discount and origination points will I pay?
3. What are the closing costs?
4. When can I lock the interest rate and what will it cost me to do so?
5. Is there a prepayment penalty on this loan?
6. What is the minimum down payment required for this loan?
7. What are the qualifying guidelines for this loan?
8. What documents will I have to provide?
9. How long will it take to process my loan application?
10. What might delay approval of my loan?
Special note: Compare their (lenders) offers...
"Take the initiative and do your homework."
0 votes Thank Flag Link Sat Nov 10, 2012
Hi:Donot fret let the Mortgage Co.do the work for you. You may be more than qualified with one income depending on the price to purchase a home. Congrads! on your credit score. My suggestion call First Prestige Mortgage Services, Inc 973-744-8300 you wil be completely satisfied with the expertise and knowledge from this compay.
0 votes Thank Flag Link Fri Oct 19, 2012
These are all very helpful suggestions, thank you. I hope to be in touch soon!
0 votes Thank Flag Link Mon Oct 1, 2012
Your answer will come from a mortgage pro - and I've got a great one I can recommend. If you'd like that info send me an email and I will pass it along to you.

You may want to consider other Union County communities that share the proximity to the city, access to the great downtowns of towns like Summit and Westfield and Morristown and with it good commuting times.

I would suggest Springfield, Cranford, Scotch Plains, Fanwood, Morris Plains and Township.

If you can travel a bit west, and you will find many commuters do to find more forgiving pricing but still reasonable access to the city, consider Watchung, Warren, Long Hill Township, Basking Ridge, Bridgewater.

If you would like the name of a great mortgage rep and/or my assistance in bringing your search into focus, I'd be happy to assist.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Sep 27, 2012
There are other towns like Montclair, and Summit that could fit your criteria for commuting to New York with downtown locations. In terms of affordability, the taxes in Essex county towns tend to be hire than Union county towns, Montclair is a Essex county town while Summit is in Union county. As far as your mortgage questions, a professional mortgage person will not only look at your credit report and credit score, they will request financial documentations to confirm income and credit worthiness. I can recommend some great mortgage professionals that can advise you on your financing.
If I can be of further assistance, kindly let me know.
0 votes Thank Flag Link Wed Sep 26, 2012
speak with a mortgage person
depends how much the income is and do you have any other debt?
Bond Street Mortgage
Craig Andrulli or Alex Peralta
Mortgage Advisor
NMLS# 386365
Bond Street Mortgage LLC
NMLS#191351
95 Route 17 South
Suite 302
Paramus, NJ 07652
Direct Line: (201) 560-4218
Fax: (201) 282-5017
Cell: (201) 400-9367
craig@bondstreetloans.com
0 votes Thank Flag Link Wed Sep 26, 2012
Hi Jhawks its great that you have eliminated or reduced your debt but the one income is going to change what you can borrow.

Give me a call we can discuss this further and look at what you can qualify for.

Blanca Rosario Sales Associate
Coldwell Banker Residential Brokerage
242 Bellevue Ave | Montclair, 07043
Office: 973.233.2337 | Cell: 917.664.0885
0 votes Thank Flag Link Wed Sep 26, 2012
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