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Thanks for joining us again today, everyone. Today we are here with our preferred lender, Sandy Davis from New Jersey Home Lenders, and she is here to go over some basics of the mortgage process with us. Let's start by asking Sandy some questions we have been getting from our clients:
How does a buyer know how much they qualify for?
What lenders do is take your gross monthly income and subtract out debt as it appears on your credit report. Different products have different guidelines for debt-to-income ratio, depending if you choose FHA or conventional financing.
What is the difference between a fixed-rate and an adjustable-rate mortgage?
A fixed-rate mortgage means that whatever rate you choose, your principal and interest will always remain constant throughout the life of the loan. An adjustable-rate mortgage is a mortgage where the rate can be changed over time, and is usually a good idea for people who know they won't be in their home for a long time. Unless you are absolutely certain of this, however, you should probably go with a fixed-rate mortgage, simply because rates are so low right now.
What's the difference between a 30-year fixed and a 15-year fixed mortgage?A 30-year fixed has a much lower payment than a 15-year fixed, because you are paying for the loan over a much longer period of time. With a 15-year fixed, you are paying more per month, but you are also paying less in interest throughout the life of the loan, with a lower rate.
If you have any questions for Sandy, please give her a call or send her an email at,
Sandy Davis
Senior Loan Officer
NJ Lenders Corp.
102 Chestnut Ridge Road | Suite 200 | Montvale, NJ 07645
E-mail: sdavis@formanteam.com
Phone: 201.505.8295 | Fax: 201.591.7965
Direct/Cell: 973-670-9702
NMLS 172843
If you have any questions for us, you know what to do. We look forward to hearing from you soon!
