New Jersey mortgage loans is committed to helping you find the right mortgage product for your needs in Asbury Park. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
2. We will search hundreds of mortgage lenders and thousands of loan programs in our database
3. You will then receive quotes from up to 4 competitive lenders in your state
4. You choose the mortgage lender with the best rate and loan terms and save money!
-->
Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
A lender looks at a loan request in three sections known as the
'three C’s'. They are:
·Credit. Did you pay previous lenders back as contracted?
·Capacity: Can you afford to pay back this loan? ·Collateral: If
you don’t pay back the loan from what asset can the lender
recover their principal?
Step one is:
1.Identify your strength and weaknesses in the '3 C’s'. Do this
as would a lender – with a very critical eye. Identify your loan
to value ratio and your debt service coverage ratio. If you have
reason to believe that your credit is less than sterling, get a
copy of your credit report including your credit score.
Each lender has different criteria with the cost of the loan
being higher as your strength in the '3 C’s' is lower. Step two
is:
2.Identify lenders who lend to your level of borrower and to
your industry type. Call lenders to get their criteria. Learn
about the SBA 504 program and 7A loan guarantees. Find who
others in your industry have used for financing.
If there is a gap (not a canyon, just a gap) between your
borrowing ability and lenders' criteria, a loan broker may be
able to help. They spend their working hours finding second and
third tier (more aggressive and more expensive) lenders and
establishing relationships with them. They can act as a
salesperson for your project in ways that you as a principal
cannot. Step three:
3.If you cannot find lenders on your own, consider hiring a
commercial mortgage broker. Be careful – in many areas there is
little or no protection under the law for commercial
transactions. While a small upfront fee for out of pocket
expenses is reasonable, shy away from any that want large
upfront payments. If they can do the deal they will be paid very
well at settlement. If they can’t do the deal they shouldn’t be
taking your business at all.
Once you identify a list of potential lenders or hire a broker,
get prepared. Do not think that the business loan process is
merely a matter or forms and paperwork. While there is more
paperwork than you’d ever want to see, it is more of an
inquisition. Step four:
4.Be an expert salesperson for your project. (Obviously), we
think that you should use FundablePlans.com to build a business
plan and use it as a written proposal. Whatever method you use,
know your numbers and be able to defend them. Understand your
market and be able to speak competently about it. Know your
competition. Most importantly, (from step one) know your
strengths and weaknesses as a borrower and be able to maximize
the strengths and minimize the weaknesses.
If you are successful with steps one through four, you will
expect to 'hit a home run'. You may, but most likely you won’t.
Step five:
5.Don’t give up. Where one lender might have too many loans of
your type in her portfolio, the next may need exactly your loan
to meet his goals (loan officers are paid to lend). This is not
to say that you should 'beat a dead horse', but if you have a
viable project, a good presentation and good “C’s”, you will be
able to get financing.
Good luck with your project, if you have questions about funding
feel free to use the e-mail address below.
About the author:
Dave Miller is a business consultant and the creator of
FundablePlans, an online business plan builder at
http://www.fundableplans.com . Dave can be reached at dave (at)
fundableplans.com .