At Advisors Mortgage, we understand that finding the right loan can be as important as finding the right home. That's why we offer a comprehensive range of mortgage programs designed to meet various needs, whether you're buying your first home, refinancing, or looking for specialized financial solutions. Explore our diverse offerings, from government-backed loans to innovative refinancing options, all tailored to help you achieve your homeownership and financial goals. Start your journey by choosing the program that best fits your needs, and let us guide you every step of the way.
Conventional Loans
Flexible financing options for various property types with competitive terms.
USDA Loans
Specialize in rural area housing with no down payment.
FHA Loans
Ideal for first-time buyers with low down payments and flexible credit requirements.
VA Loans (Veterans)
Provides veterans with no down payment, low rates, and no PMI for easier homeownership.
NJHMFA (New Jersey Housing and Mortgage Finance Agency)
Offers down payment assistance and programs for first-time homebuyers in New Jersey up to $22,000.
NJCC Statewide Down Payment Assistance
Up to $30,000 in forgivable grants and flexible mortgage options to ease homeownership barriers.
NJ Police & Firefighter Mortgage Program
Tailored loans for New Jersey's police officers and firefighters.
First Generation Homebuyer Program
Offers financial assistance and support for first-generation homebuyers to facilitate their journey towards homeownership.
Middlesex - American Dream Down Payment Program
Deferred repayment mortgages and down payment assistance for first-time homebuyers in Middlesex County, aiming to make homeownership a reachable goal.
Home Renovation Loans
Financing for home improvements and repairs, tailored to upgrade and enhance your property efficiently.
HELOC (Home Equity Line of Credit)
Allows homeowners to borrow against the equity of their home.
Debt Consolidation
Helps consolidate multiple debts into a single, manageable loan.
Cash Out Refinance
Allows homeowners to refinance their mortgage for more than they owe and take the difference in cash.
Reverse Mortgage
For seniors to convert part of the equity in their home into cash.
Rate and Term Refinance
Optimize your mortgage terms with potentially lower rates and adjusted loan durations for better financial management.
FHA Streamline Refinance
Achieve a simpler, more affordable mortgage experience with reduced costs and minimal documentation required.
Non-QM Loans
Tailored for individuals with unconventional income sources or those needing flexibility not offered by standard loans.
Bridge Loans
Secure the necessary funding to bridge the gap between selling your current home and purchasing your new one.
Non-Warrantable Condo Loans
For condos and other properties that don’t meet conventional guidelines.
At Advisors Mortgage Group, we want to make sure you have all the information you need to understand the loan process. We are here to help and guide you through every step of the way. Today, we are going to review the nine steps during the course of the loan so you understand how it works, and you will always know exactly where you are in the process.
The first step is to speak with a loan officer for a pre-approval consultation to assess your credit and figure out how much of a mortgage you can qualify for. This is a great time to check with your loan officer and evaluate what purchase price and monthly payment you are comfortable paying. Don’t forget to take into account your other monthly expenses such as food, utilities, and entertainment. After your loan officer reviews your application and credit, he or she will send you a pre-approval letter. Now you’re off to the fun part, house hunting! What is a Pre-Qualification?
After finding your dream home and having your offer accepted, now it’s time to complete the application process. Here is where your loan officer will ask for your income and asset documentation (W-2s, pay stubs, bank statements, etc.). The loan can only move forward once we have all the documents needed. Next, you sign your initial disclosure package and head to processing!
You will be assigned a processor who will work with you throughout the loan process and prepare your file for underwriting. A processor will review your loan application to confirm and verify all of the information you've provided is correct. He or she may also request extra documentation from you, if needed, in order to get your file submitted to underwriting. The processor keeps everything together, and communication with your processor is critical for a smooth experience.
During the processing phase, your appraisal is ordered. An independent, licensed appraiser will come out and inspect the home. The value of the home will be calculated by examining the current local housing market and the comparable properties that have recently sold. It will also factor in the features of the home, square footage, and number of bedrooms and bathrooms. Once the appraiser uploads his or her report, you will receive a copy automatically via email.
After processing comes one of the biggest steps in the life of your loan, underwriting! The underwriter will review your loan application and confirm it meets all the current guidelines based on the loan program you’ve applied for. They will review your credit report, all of your documentation, and evaluate your debt-to-income ratio. If the underwriter has determined that your file meets all of the necessary requirements, they will approve your loan and issue what’s called a conditional mortgage loan approval, sometimes referred to as a “commitment”.
Congratulations, your loan has been approved! Typically, when an underwriter approves a loan, it will be provisional pending a few outstanding items, called conditions. Conditions could be something like an updated pay stub or bank statements, or needing your employer to answer an extra question on your verification of employment. Once we have this final documentation, the underwriter will review to confirm the conditions have been met, and they will clear the file for closing! Now you can take a deep breath…the hard part is over! Off to closing!
Clear to close are the best three words to hear during this process! After the underwriter issues your clear to close, the closing department will send you an initial closing disclosure (CD) at least three days prior to your closing date. It is important that this is reviewed and signed as soon as possible. Any delays to signing the initial CD could delay your closing. The initial CD is an updated breakdown of all fees included in your transaction. Once your CD is signed, the closing department will work with your attorney or title company to finalize your closing date and time. Now you’re ready for the fun part – closing on your home! Don’t forget your photo ID! You’re almost at the finish line!
Closing day is the best day! You will go to your attorney or title company’s office, sign the documents, and leave with keys in your hand! Congratulations! You are now a homeowner!
Now that you have closed on your home, your monthly payments will start kicking in. Typically, your first payment is due on the first day of the second month after closing, but be sure to consult your closing documents to confirm. From this point forward, you will make your monthly payments to your loan servicer, but your loan officer is always available to help with any questions that you have.
At Advisors we are happy to help at any time. We know you have questions, and we have the answers.
Maintain Your Credit: Keep paying your bills on time, and don't open new credit accounts during the mortgage process.
Stay Organized: Keep all your financial documents readily accessible and in order.
Communicate: Stay in touch with your lender and real estate agent. Prompt responses to their requests for information can help avoid delays.
Understanding each step of the mortgage loan process can make the experience less stressful and more transparent, putting you on the path to owning your dream home with clarity and confidence
Connect with our dedicated team of mortgage advisors to explore your options.
Advisors is a multi-state mortgage banker that believes in delivering a seamless, stress-free mortgage experience to all of our customers.
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