|
|
Below is a list of questions from past GMHMS clients, just like you. Do you want GMHMS President John Lomanno to answer your question on our website? Submit your mortgage question today.
Questions asked to our president:
|
| Questions & Answers |
| How do I establish good credit and how important is credit to obtaining a home loan? |
| |
Good Credit can be established by obtaining credit with at least three creditors for a minimum of two years and making your payments on time, every time! You must also make sure to maintain a credit balance of at least 70% below your maximum credit limit per trade line. It is better to have 5 trade lines with low balances than to have 2 trade lines with maximum balances.
It is important to have established good credit when you are looking to obtain a mortgage because mortgage lenders are looking for your ability to pay the loan back. The lender will use your credit history to determine whether you have a proven record of paying on time. If you have good credit established, it gives you more buying power because you will be considered a lower risk to the lender and you will receive a better interest rate at a lower cost.
|
| Why should I buy a home versus renting an apartment or house? |
| |
There are many factors in deciding whether you should buy a house or rent an apartment/house. First and foremost to come to people’s mind is the money. Can you afford a home in the area you want to live? What is the difference in costs between renting and buying? Will my mortgage payment make sense with my income level? For insight to these questions, review our Calculators in the Resource Center above. Aside from costs, though, you need to think about several other items. A house is an investment in your future. As opposed to an apartment or house you rent, when you make improvement to your home, you’re increasing your return on investment (new stove, new paint, maintaining the floors, etc.). On top of this, you are the ultimate decision-maker. If you want a dog, you can have a dog. If you want to change the paint color, the choice is yours. You have the ability to turn the house you bought into your family’s home. And there is, of course, the American Dream and the sense of pride owning a home brings to most.
|
| What's the difference between a mortgage banker and a mortgage broker? |
| |
There are several differences between mortgage brokers and mortgage bankers. A mortgage broker serves as the middleman- he/she pairs a borrower with a lender who offers a product to meet their needs. Your broker may take your application, but typically the rest of the loan process occurs off-site at the office of the lender they are pairing you with. The end-lender funds your loan, and quite often the broker has no interest in the performance of your loan. In contrast, a mortgage banker is a vendor who can directly offer you a mortgage, and in many instances, as it is with GMH, the loan process from application to underwriting to closing occurs within the company’s walls. On top of this, a banker funds your loan with their own money, giving them an interest in the ultimate performance of your loan and the fit of the product to your needs. When you get a loan with GMH, our teams of professionals work diligently to ensure you are receiving the best deal for you.
|
| How long does the mortgage application process take? |
| |
The length of the mortgage application process varies from borrower to borrower, but typically takes 20-30 days, the length of a standard lock. This starts from the day you complete your application with your Loan Officer and continues to the day you close your new loan. After you complete you application, you'll receive your initial disclosures to sign and return. Then, you will be assigned a Processor who will work with you to gather the necessary documentation to submit your file to Underwriting, as well as order the title work and appraisal for your property. Underwriting will review your file and issue a conditional approval. Once everything is received, we'll decision your loan file and schedule it for closing!
|
| This could be your question! |
| |
Remember, you can ask your mortgage questions to GMH Mortgage Services LLC President, John Lomanno-- who knows, maybe your question will be the next one featured on the GMHMS Ask the President Website!
|
|
Below is a list of questions from past GMHMS clients, just like you. Do you want GMHMS President John Lomanno to answer your question on our website? Submit your mortgage question today.
Questions asked to our president:
|
| Questions & Answers |
| How do I establish good credit and how important is credit to obtaining a home loan? |
| |
Good Credit can be established by obtaining credit with at least three creditors for a minimum of two years and making your payments on time, every time! You must also make sure to maintain a credit balance of at least 70% below your maximum credit limit per trade line. It is better to have 5 trade lines with low balances than to have 2 trade lines with maximum balances.
It is important to have established good credit when you are looking to obtain a mortgage because mortgage lenders are looking for your ability to pay the loan back. The lender will use your credit history to determine whether you have a proven record of paying on time. If you have good credit established, it gives you more buying power because you will be considered a lower risk to the lender and you will receive a better interest rate at a lower cost.
|
| Why should I buy a home versus renting an apartment or house? |
| |
There are many factors in deciding whether you should buy a house or rent an apartment/house. First and foremost to come to people’s mind is the money. Can you afford a home in the area you want to live? What is the difference in costs between renting and buying? Will my mortgage payment make sense with my income level? For insight to these questions, review our Calculators in the Resource Center above. Aside from costs, though, you need to think about several other items. A house is an investment in your future. As opposed to an apartment or house you rent, when you make improvement to your home, you’re increasing your return on investment (new stove, new paint, maintaining the floors, etc.). On top of this, you are the ultimate decision-maker. If you want a dog, you can have a dog. If you want to change the paint color, the choice is yours. You have the ability to turn the house you bought into your family’s home. And there is, of course, the American Dream and the sense of pride owning a home brings to most.
|
| What's the difference between a mortgage banker and a mortgage broker? |
| |
There are several differences between mortgage brokers and mortgage bankers. A mortgage broker serves as the middleman- he/she pairs a borrower with a lender who offers a product to meet their needs. Your broker may take your application, but typically the rest of the loan process occurs off-site at the office of the lender they are pairing you with. The end-lender funds your loan, and quite often the broker has no interest in the performance of your loan. In contrast, a mortgage banker is a vendor who can directly offer you a mortgage, and in many instances, as it is with GMH, the loan process from application to underwriting to closing occurs within the company’s walls. On top of this, a banker funds your loan with their own money, giving them an interest in the ultimate performance of your loan and the fit of the product to your needs. When you get a loan with GMH, our teams of professionals work diligently to ensure you are receiving the best deal for you.
|
| How long does the mortgage application process take? |
| |
The length of the mortgage application process varies from borrower to borrower, but typically takes 20-30 days, the length of a standard lock. This starts from the day you complete your application with your Loan Officer and continues to the day you close your new loan. After you complete you application, you'll receive your initial disclosures to sign and return. Then, you will be assigned a Processor who will work with you to gather the necessary documentation to submit your file to Underwriting, as well as order the title work and appraisal for your property. Underwriting will review your file and issue a conditional approval. Once everything is received, we'll decision your loan file and schedule it for closing!
|
| This could be your question! |
| |
Remember, you can ask your mortgage questions to GMH Mortgage Services LLC President, John Lomanno-- who knows, maybe your question will be the next one featured on the GMHMS Ask the President Website!
|
|
|