• REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!
  • More
    • REVERSE MORTGAGE INFO
    • HOW DO I QUALIFY?
    • REVERSE MORTGAGE MYTHS
    • REVERSE PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • FAQ -QUESTIONS PEOPLE ASK
    • IS IT RIGHT FOR ME?
    • WHEN IS IT DUE?
    • HECM COUNSELING
    • HECM FOR PURCHASE PROGRAM
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE STEPS
    • ADVISORS MORTGAGE INFO
    • DOCUMENTS-UNDERWRITING
    • MORTGAGE LOAN ORIGINATOR
    • FIRST-TIME HOMEBUYERS
    • FINDING THE RIGHT LOAN
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • BLEMISHED CREDIT
    • FREE QUOTE!
  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!

Finding the Right Loan: Buying and Refinancing

 

Conventional Loans and the Process

WHERE SHOULD I START?

Start with Advisors Mortgage.  Here is their advice on finding the right loan.


It is hard to know where to begin! There are so many options that it can be very confusing to find the right type of loan to suit your individual needs. You must first ask yourself many questions:

  • How much can I afford to pay each month?
  • Do I plan on keeping this property for only a few years or for a long period of time?
  • Is a small payment a higher priority than paying the loan down quickly?
  • Am I able to make a down payment?
  • Over how many years do I want to pay a mortgage?
  • Am I trying to find a mortgage or refinance an existing mortgage?
  • Is my income stable? Will it be rising in the future?


The answer to these questions will help you know which loan will be best for you. Of course, we will guide you as to which program best suits your needs. However, there are a wide variety of loan options, so it will be useful to know some basic information.

  • The larger the down payment, the better your options are for payment size, interest rate, and length of time to pay back the loan.
  • A fixed interest rate will tend to be higher than an adjustable rate.
  • The longer the term of payback, the smaller the payment will be.
  • The smaller your payment, the larger the amount will be paid in interest.
  • The more that you pay to interest, the slower that you are building equity.


It is also useful to understand the essential differences in types of loans. There are really only three basic types of loans:

  • Fixed Interest Mortgages (FRM)
  • Adjustable Rate Mortgages (ARM)
  • A Hybrid (some combination of the two)


Loans are also classified as either government loans or conventional loans. Government loans such as FHA and VA have differing qualifications and parameters.


WHAT IS A CONVENTIONAL LOAN?

Conventional loans are broken down into either conforming or non-conforming loans. To qualify as a conforming loan (or an A paper loan), it must fall under the guidelines established by Fannie Mae and Freddie Mac, corporations that have established industry standards and guidelines that govern credit requirements, down payment amounts, and maximum loan amounts. Borrowers that do not meet those requirements due to flawed credit can often still obtain a non-conforming loan (B, C, or D paper loans).  Your loan options can be limited by poor credit. A credit score is a system of points earned based on your credit history. This three-digit number (ranging from 300 to 900) is influenced by such factors, among others, as:


  • Late payments
  • Debt-to-credit ratio
  • Total debt amount
  • Age of accounts (the older the better)


There are three major credit bureaus (Experian, Equifax and TransUnion) that produce comparable credit scores using some version of FICO, the industry standard developed originally by Fair Isaac and Company. Because this credit scoring model is used by most lenders to determine your qualifications for a loan, you may want to see what you can do to increase your credit score before applying for a mortgage.  


 

The perfect refinance made to order.


So you're not looking to buy your first home. After all, you've lived in your home for years.  But you need a better rate or a lower payment or you need some cash to do some renovations. You might want to consolidate your high interest credit cards into one payment. Here's where the right refi comes in. There are 15 year terms and 30, etc. It really all depends on what you are looking for.  


Are you looking to shorten your term and pay off your mortgage sooner?  15 year term! Are you looking for cash to do a renovation? Maybe you are in debt for a variety of reasons. Those situations can have solutions.


Debt Consolidation

For some borrowers, consolidating their debts to get rid of high-interest credit cards makes sense, but it's not always the best idea. Study your options as there are times when you can rid yourself of credit card payments and extremely high interest into one simple mortgage payment.  Discuss this with your loan officer to see if it will work for you.

Talk to your mortgage specialist who will know the various programs so you can decide what best suits your needs. For information and to get your questions answered, contact Advisors Mortgage.




Questions? Call Advisors Mortgage! Advisors Mortgage: 888-843-9797 or 631-804-9044 


BLEMISHED CREDIT-CLICK HERE

Construction Loans to Fit Your Lifestyle

 

There Are Two Main Types of Construction Loans


  • Construction-to-permanent: You borrow to pay for construction. When you move in, the lender converts the loan balance into a permanent mortgage. It’s two loans in one.
  • You have one closing with a construction-to-permanent loan which reduces the fees you pay.
  • Stand-alone construction: Your first loan pays for construction. When you move in, you get a mortgage to pay off the construction debt. It’s two separate loans.


You pay interest only on the outstanding balance. The interest rate is variable during construction, moving up or down with the prime rate. If the Federal Reserve raises or decreases short-term interest rates while the house is being built, your interest rate will change.

The lender converts the construction loan into a permanent mortgage after the contractor finishes building the home. The permanent mortgage is like any other mortgage. You can choose a fixed-rate or an adjustable-rate loan and specify the loan’s term, typically 15 or 30 years. When you’re ready, shop and compare mortgage rates.


Many lenders let you lock a maximum mortgage rate when construction begins. Lenders generally require a down payment of at least 20 percent of the expected amount of the permanent mortgage. Some lenders make exceptions.


Stand Alone Construction
Stand-alone construction loan can work out well if it allows you to make a smaller down payment. That can be a major advantage if you already own a home and don’t have much cash for a down payment but you will have more cash after you sell your home. You can live in your current home while your next home is under construction.

This type of loan has drawbacks, though:

You pay for two closings and two sets of fees — first, on the construction loan; second, on the permanent mortgage.


  • You can’t lock a maximum mortgage rate. If rates rise during construction, you might have to pay a higher-than-expected interest rate on the permanent loan.


And if your financial circumstances change for the worse during construction, you may find it difficult or impossible to qualify for a mortgage.


Qualifying for a Construction Loan is Harder 

When you apply for a loan to build a home, the lender doesn’t have a complete home as collateral, so qualifying for a loan can be more difficult. The lender will want details about the home’s size, the materials used and the contractors and subcontractors who do the work. The general contractor can pull all this information together.


On top of that, the lender needs to know that you can make your monthly loan payments during construction. If the lender thinks you can’t make your current rent or mortgage payments while your house is being built, you won’t qualify.


Adequate savings for unexpected costs a must
The lender will make sure you have savings to pay for unexpected costs. There are always cost overruns when you are building a home that you may not know about until you are into it. We don’t want you to use every last dime before you start. Cost overruns are incurred when borrowers change their minds about what they want as construction proceeds.


 

Why not renovate your new home and turn it into your dream house?

 
Choose your builder carefully!

An important aspect of building your home is choosing the right builder. Find one that has built the kind of house you want in terms of price, style and size. Look into the builder’s credentials with the local home builders association and ask for references from previous clients and do your due diligence to examine their standing with the Better Business Bureau.  


Expect ongoing inspections during constructionLenders will conduct routine inspections as the home is built. During this period, the lender pays the builder in stages, called “draws." There are a lot of choices when purchasing a home or building onto a home you already own.  Advisors Mortgage has a program called the FIX IT Mortgage which is our proprietary brand for our construction loans. 

 

The FIX-IT MORTGAGE team of Renovation Loan Experts with Advisors Mortgage have combined experience of 125 years of experience to help you make the right product decisions.  Using an expert in renovation lending will help you through the renovation loan process to successfully close as-is and on time.  


FIX-IT MORTGAGE, whether FHA 203(k) or Fannie Mae HomeStyle, could be your chance to find an affordable home ownership opportunity. We want to help you get there! (Fix-It is a proprietary  trademark of Advisors Mortgage.) 


Questions? Call Advisors Mortgage! Advisors Mortgage: 888-843-9797 or 631-804-9044 

ADVISORS MORTGAGE-CICK HERE

You Are What Makes a Home a Home

Keep More of Your Money, Less on Down Payments

 

FHA Loan Information

You're looking for a new home, but you don't want to strap yourself when you're desire is to furnish your home to the max.  You can go conventional or FHA.  Whether you are a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines. Currently the down payment with FHA is only 3.5% of the value of the home.


FHA Limits 

FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.


Down Payment Grants for FHA Loans

Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.  So FHA or conventional, it's all up to you.  Give us call so we can determine which works best for you!





Different Homes for Different People - Which One Works Best For You? 


Manufactured Homes are an important component of the housing industry. There are many questions and misconceptions about manufactured homes. What is the difference between a modular home and a manufactured home?


Questions? Call Advisors Mortgage! Advisors Mortgage: 888-843-9797 or 631-804-9044 

MANUFACTURED HOMES -CLICK HERE

203K Loans by Advisors Mortgage

What is a 203K Loan?


203k Loans Explained

 As defined by Section 203(k) of Housing and Urban Development’s code, the 203(k) loan allows the home buyer to borrow enough funds to cover both the cost of the home and the price of repairs, including the cost of labor and material for those repairs, in one loan. Certain 203(k) loans may also be expanded to include funding for up to six months of mortgage payments.


The FHA does not directly lend these funds, but rather provides financial protection to lenders that do. The 203(k) loan can either be a 15- or 30-year fixed rate mortgage or adjustable rate mortgage (ARM). The amount the homeowner can borrow depends on qualifications like his/her credit and income, and the lender will also assess a down payment based on the total amount.


With the 203(k) loan, the maximum loan amount that can be borrowed is capped at 110 percent of the home’s projected value as determined by an appraiser. 

Additionally, lenders require the borrower to pay mortgage insurance, and interest rates could be slightly higher than those associated with a conventional mortgage. However, they might be significantly lower than interest rates on loans taken out to cover repairs. There are two types of 203(k) loans available:


Limited 203(k): This loan is intended for smaller renovation and upgrade projects that are valued less than $35,000. There is no minimum cost requirement, although you can’t fund structural repairs with a Limited 203(k).

Standard 203(k): The Standard 203(k) loan is intended for more extensive repairs with a total price tag greater than $35,000. The minimal loan amount for this type is $5,000. Structural changes, like additions or full home renovations, are permitted. The home buyer must obtain architectural exhibits and meet building codes.


The homebuyer must meet specific borrowing criteria from FHA. This includes a debt to income ratio of 31 percent for the monthly housing payment and not more than 43 percent with all debt combined. Buyers must have a credit score of at least 620 to qualify. Additionally, the buyer will still need to make a down payment of at least 3.5 percent of the total amount borrowed.   

NOTE:  This loan is only available to people who will live in the home, although under certain situations, nonprofit organizations can also take out a 203(k) loan.


What kinds of renovations does the 203(k) loan cover?

The 203(k) loans cover just about any expense the homeowner can think of, with the exception of certain luxury items. Those renovations include:

  • Remodeling, adding, or expanding rooms, such as bathrooms, bedrooms, kitchens, and garages
  • Replacing portions of the home, such as roofs or carpets
  • Adding a second story, a basement, a patio or deck, or renovating a swimming pool
  • Installing a septic system and upgrading plumbing
  • Upgrading electric wiring and heating
  • Installing energy-efficient appliances, including air conditioners or special windows and doors

Working Together on Your Goals

ABOUT US - WHO IS ADVISORS MORTGAGE?
The keys to your future are often your new home. But we truly feel the keys to your home are those inside--- those you love that are the true keys to your life. Let us help you find a home or refinance an existing one with a great mortgage that will reward you and those you love with many years of enjoyment. Whether you are looking for a new home or moving from one home to another, you have an expert lender, Advisors Mortgage, with an A+ Better Business rating here to help you. 


Advisors Mortgage Group has  branch offices up and down the East Coast and across the United States. Its corporate office located in Ocean Township, NJ has established itself as a pillar of excellence in the mortgage industry. Our immense experience is our greatest asset and is the foundation of the success of the company and every Advisors branch and loan officer.


FULL EAGLE FHA UNDERWRITER
In 2005, Advisors Mortgage Group was designated by the Federal Housing Authority as a Full Eagle FHA Underwriter. As a Full Eagle, Advisors has been able to expand its loan volume by approving loans which a majority of the competition could not even dream of. We have built a platform for a seamless and stress-free mortgage process for all of our customers, and we have that same mission throughout all of our offices. We understand that success cannot be attained without teamwork and communication, two of our most important strengths.  So if you are looking to apply for a new loan, refinance an existing loan, have questions or require assistance, call Advisors Mortgage: 888-843-9797 -- 804-9044 and we will be only too happy to help.

 

VA LOANS MADE SIMPLE

YOU SERVED OUR COUNTRY WITH HONOR.  Now let the VA Loan program pay tribute to your service.

VA Loans are guaranteed by the U.S. Department of Veterans Affairs, also known as a government loan.

  • VA purchase loans allow eligible Veterans 100% home financing
  • No monthly mortgage insurance premiums
  • Streamline refinancing available
  • No down payment required for qualified borrowers
  • Up to 100% seller paid costs on purchases
  • No prepayment penalties


Click below for more info on VA loans.

VA HOME LOANS -CLICK HERE

CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

Contact Advisors Mortgage: 888-843-9797 or 631-804-9044

Send Message

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

ADVISORS MORTGAGE GROUP - NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, NY 11793

We can help answer ALL your mortgage questions!


  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!

  •  ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. , Licensed by Texas Dept. of Savings and Mortgage Lending,   IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044


 

  • “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.    A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”


  • NOTE: Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. This website is not sponsored by FHA or HUD or any government agency.