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What is the Difference Between FHA loans and Conventional Mortgages?

If you are just getting started in the home buying process, you have probably come across several different types of mortgage loans as you have researched your options. Two of the most common home loan types are conventional and FHA mortgages. What are the differences between them and when does each make the most sense? FHA Loans FHA, or Federal Housing Administration, loans are a government-insurance program that makes it easier for Americans without great credit or large down payments to become homeowners. When a borrower is approved for an FHA loan with an approved lender, the federal...

July 11th, 2018 | FHA Loans, Government Loans, Conventional Loans, Purchasing a Home, What is the Difference Between FHA loans and Conventional Mortgages?

Happy Independence Day 2018!

We wish you a Happy Independence Day and hope that your day is filled with great food, fun, friends, family and fireworks. Let us all remember the founding of our great nation and the freedoms we enjoy and all those that have sacrificed so much for us and our country. May we all come together to strengthen and protect freedom, liberty and independence for all. If you know of anyone looking for a mortgage in New York? Please let them know that they can contact Jet Direct Mortgage at 855-553-4732 today and we can go over the best mortgage options for them.

July 3rd, 2018 Happy Independence Day 2018!

What is the Difference Between Pre-approval and Pre-qualification?

When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in some ways, their purposes are different. If you are looking to get a mortgage, here’s what you need to know about pre-qualification and pre-approval. Pre-qualification A home loan pre-qualification is an informal estimate of how much you can afford and how much a bank would be willing to lend you. It can take place on the phone, in person or even online. The lender will ask for relevant mortgage information, ...

June 27th, 2018 | First-time Homebuyers, Purchasing a Home, What is the Difference Between Pre-approval and Pre-qualification?

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in New York, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a home purchase is the right decision for you right now. Can you Afford It? If the cost to own a home – mortgage, homeowners insurance and property taxes included – if less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances or paying for a plu...

June 14th, 2018 | Purchasing a Home, Should I Rent or Buy?

4 Reasons You Don’t Want to Pay PMI

Years ago, a 20% down payment was a requirement for obtaining a mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of foreclosure. However, in more recent years, lenders have gotten much more creative in financing to help more Americans become homeowners. There are now mortgage loans that require as little as 3% down up front. In order to compensate for that added risk of loss, lenders require and borrowers with a down payment of less than 20% to pay for pri...

June 7th, 2018 | First-time Homebuyers, 4 Reasons You Don’t Want to Pay PMI

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