The mortgage process has become incredibly complicated over the last few years due to new regulations and laws that seek to protect consumers and the secondary market. The most important step to take when considering a home purchase or refinance is to find an ethical, experienced NJ mortgage lender to help you meet your needs.

All mortgage lenders and their loan officers must register with the NMLS or Nationwide Mortgage Licensing System. You can look on the NMLS website to see if the lender or loan officer you have considered working with has had any complaints or other negative information filed against them. National banks or depository institutions and their employees are not required to register. Many loan officers that work for banks had left mortgage lenders because they could not meet minimum NMLS standards.

Most of the unscrupulous individuals that worked in mortgage lending have left the industry. Avoid headaches during the process by doing your homework.

At SunQuest Funding, our reputation has been built upon the quality of the relationships we develop with our clientele. We insure that every borrower understands why we recommend a financing package for them.

New regulations have required changes to the most important disclosures a lender provides to a borrower, the Good Faith Estimate and the Truth-in-Lending form. These disclosures, in particular the Good Faith Estimate, have become confusing because they don't give detailed enough information to help the borrower make an informed decision regarding the cost of their loan. Once again, working with an experienced mortgage professional can help analyze the numbers to determine the most advantageous loan for you.

Can I Get a Mortgage:

A conversation with an experienced mortgage professional can help you determine if you qualify for a mortgage loan. The general qualifications are as follows:

Steady employment history, you have worked at the same job or in the same industry for at least two years. College or vocational school count towards employment history for mortgage purposes.

Cash reserves, you must have enough money for down payment and closing costs in a verifiable depository account for 60 days. Some programs allow a gift from a family member.

Credit history, you must generally pay your bills on time. You should not have unpaid collection accounts or consistent delinquencies on your credit report.