May 30, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Mortgage Bankers: Why Do We Ask So Many Questions?

Home buyers usually start their “homeownership experience” with a 20% down payment and 80% mortgage. What a great deal! I mean, what other investment provides so much good for you and your family over the years?! Can any other asset give you years of birthday parties, family and friends get-togethers, Friday night dinners, movie nights, backyard BBQs, extra closet space, basements for kids to run around and so much more? To top that off, as the homeowner you get to keep 100% of the house value appreciation over the years. All for 20% down and 80% OPM, or “other people’s money” (often even less of a down payment than that). You have to love this!

Our job as mortgage bankers is to review, together with home buyers, finances as we make sure they have monthly incomes that can comfortably carry all their living expenses and housing expenses – mortgage, taxes and insurance – so they can buy-in and get to hold on to the treasure that homeownership is. It’s not in anyone’s best interest, especially the home buyers and their families, to write unsustainable mortgage loans. Has anyone forgotten the home foreclosure disaster of the 2008 Great Recession?

Home buyers seeking “approved mortgage” status come to us from varied financial backgrounds. For example, real estate agents love to work with first-time buyers as they don’t have a house to sell, limiting the risk of a deal falling through. From a mortgage perspective, first-time buyers usually lack credit history and may carry high student loans. At Approved Funding, we have financed thousands of first-time home buyers’ mortgages. Our consultative approach enables us to update the borrower’s credit history to account for on-time monthly rent payments, income-based monthly student loan payments, plus payment of living expenses.

We verify buyers’ credit and income, and deliver a mortgage pre-approval letter stating approved mortgage amount/purchase price, and interest rate and term, effectively setting the buyers’ “mortgage approved” green light for initiating their home search with their realtors. Sellers know that your “mortgage approved” offer should be taken very seriously. You and your real estate agent are in a better negotiating position, especially if any other bidders are not as prepared as you. With your Approved Funding mortgage pre-approval letter, you’re in the best position to get the deal done!

Approved Funding has provided billions in mortgage financing over the last 30 years, enabling first-time and repeat home buyers to actualize their homeownership dreams. For your Approved Funding mortgage pre-approval letter and current mortgage promotions, please call or text directly: (201) 254-4312, or email [email protected].

By Sholom Silvestri


 Sholom is a licensed mortgage banker in New Jersey and New York, NMLS ID: 1730931, and holds a New Jersey real estate license. Sholom has owned and operated his own business for 30 years, has lived in Bergen County most of his adult life, and has been a member of the Fair Lawn Orthodox Jewish community for most of that time.

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