The Most Competitive Home Loan Company
So much of what we do here at Fellowship Home Loans is focused on helping. We see our role in the world as mission to help people live a better life. We see the home as being the central point for making that happen. When people receive a raw deal from big banks who mislead or misinform
Mortgage Rates Drop!
We all know that the Lord works in mysterious ways. The Fed increased the prime rate back in December which in most cases, would have increased mortgage rates. However, due to many economic factors including a falling stock market, low oil prices and economic uncertainty in China, interest rates on most types of loans have actually DROPPED!
Letter to Mike and Brian
As most of you know, we announced our latest Mortgage Sweepstakes winner recently. It’s truly a blessing to help our neighbors with a promotion like our mortgage payment sweepstakes. Terry wrote one of the nicest letters to us, we felt we HAD to share it with you.
Mortgage Sweepstakes Winner!
The winners of the sweepstakes are Linda and Therese Decarlo of Westwood NJ. Linda submitted a sweepstakes entry for her mother. Here is the Audio below of when we called Linda and then when we called her mother Therese after. It seems that Therese is a Blessing to everyone she comes in contact with and plans to help others with the money she is saving with us paying her mortgage for year. It was a Blessing for us to be able to help the Decarlo family and pay their mortgage for a year!
Our Lending Approach
The broad answer is that the approach we take on each and every loan is different from that of a regular lending institution. Other banks look at your application and will immediately put you to the test of the three C’s: credit, collateral, and capacity. Credit is simply your credit score and what may show up on your credit report.
FHA or Conventional loan….which suits you?
Whether you are refinancing your existing mortgage or purchasing a new home, the 2 most popular mortgages are your FHA and Conventional loans. You may get two proposals to choose from…, but which one fits your needs the most and which can you qualify for? Conventional Loans: For the most part, conventional loans are backed
For the most part, conventional loans are backed by two of the government agencies, Freddie Mac and Fannie Mae. The general rule of thumb with these loans is that your LTV (loan to value) does not exceed 80 pct and is more of a “cookie cutter” loan, meaning that credit is strong and your debt to income ratio (DTI) is below 45pct. Other factors that will be looked at will be your mortgage history, past bankruptcies, foreclosures, and length of time at your current job or current profession.
