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I am a Branch Manager for a mortgage company in New Jersey. I have been in the mortgage banking business for five years and absolutely love it! Even in today's market, business is going very well, which I believe is due to how I treat my prospects and clients. That is, I treat everyone with respect and dignity...a lost art in this business. I am very up-front in my approach, and honest in my assessments, which sometimes loses me business. However, I think most people appreciate this along with the compassion I bring as well. If credit is suffering, I will help them repair it. The bottom line: I believe in doing what's right for people. On a personal note, I live in Monmouth County and love the area. I just got married and my wife and I plan on living here for a long time. Feel free to contact me if you or your loved ones need assistance with financing questions. Work: 732-493-0087
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Mark Zacharczyk answered:
As a licensed mortgage broker and FHA-licensed banker, "Realtyexec" is right on. FHA is the way to go today because not only can you get a loan with a FICO in the 500s, but there are other advantages as well: 1) Interest Rate: FHA Rates are very close to conventional rates. 2) BK (Ch. 13 or 7): If you have been out of BK for at least a year and can document that the BK was due to "extenuating circumstances" (beyond your control), you can get an FHA Loan. If it's not deemed to be "extenuating", then you must be discharged for 2 years. 3) BK Ch. 13 (NOT Discharged): You can get a refinance loan through FHA if you are still in Ch. 13 status, but have been making timely payments for over a year! Best of luck! - Wed Oct 31 2007, 05:36
Mark Zacharczyk answered:
It most definitely depends on the street you are on and the condition of the townhouse. You can help speed up the process by providing a mortgage rate buydown incentive, something builders used to do a lot of on new construction. We have a program that creates the flyers for you to display in your own home. Based on the value, it tells potential buyers how much money that they will save in interest by buying your home rather than someone else's home. Feel free to contact me for details. - Thu Oct 11 2007, 18:48
Mark Zacharczyk answered:
("Can my loan financing still work for me with another location?") This sounds like a question for the loan officer that issued the pre-approval. Normally, as long as you are staying in the same state, the lender will be able to lend state-wide. As a branch manager for a mortgage company, I can tell you that we lend state-wide. Also, when we issue our pre-approvals, we address them to you, so you can show whatever realtor you want to use. It's yours to keep. I would suggest talking with an experienced mortgage consultant that can tell you the max that you can qualify for, and then issue you a pre-approval specific to the house you are interested in. If you are interested in multiple houses, you can use the same letter as long as the house price does not exceed the amount on the letter. If it does, but is under the maximum that you can qualify for, you can ask your lender for another pre-approval and they should be happy to issue it to you. - Tue Oct 9 2007, 13:45
Mark Zacharczyk answered:
Yeah, this is a very subjective question. It's hard to tell without seeing the home itself or the neighborhood that it is in. You definitely want to work with a realtor on this one. As someone in the mortgage industry, it's imperative not to overpay for a home, because banks will lend on the lesser of the property value or purchase price. If the purchase price exceeds the property value, the buyer will have to cover the difference. - Sat Sep 29 2007, 08:42
Mark Zacharczyk answered:
Yes...go down to the Somerset County Courthouse. They will have that info for you. - Sat Sep 29 2007, 08:36
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