This page provides information in several categories.  First, the most common questions are addressed in detail so you fully understand an issue in which you're interested.  Second, several calculators are included.  The calculators are designed to allow you to enter specific information and instantly see the results.  You can play "what if" by inputting various scenarios.  For instance, you can determine the size loan you can afford, or what your monthly payment will be.  Lastly, there is a glossary of terms for both residential and commercial mortgage loan lending.  If you don't see what you're looking for just give us a call at (215) 661-9570 and we'll try to assist you. 

How can I reduce my monthly payment?

The obvious way to save on your monthly payment is to obtain a lower interest rate than what you currently have.  However, there are other ways.  Some lenders have interest only programs with a long fixed interest rate.  Other lenders provide the option of making one of four different payments each month.  These programs provide more cash flow.  They also work well if you are self employed or commissioned, or have inconsistent monthly income.   

What will my interest rate be?

Your interest rate is based on many factors with your credit score being the most important.  No one can provide you an accurate interest rate until your exact financing scenario is determined.  Once you are asked those questions you can accurately compare rates and terms.  To obtain a true interest rate comparison you must make your comparison on the same day as rates change daily.  Some of the factors that go into the pricing of your rate other than credit score is the loan to value, documentation type, number of units, owner occupied or investment property and whether the property is a high rise condo        

How long does it take to close a residential loan? 

The loan process takes approximately four weeks. If you need to close your loan sooner, let us know and we'll put a special emphasis on meeting your target date.  We'll put a rush on the appraisal and title work which are the proceeses that can hold the closing up. 

What options are available to my company other than a business loan?

Many businesses find that leasing equipment and machinery, or factoring accounts receivable, is a good alternative to borrowing.  Leasing transactions are completed quickly and afford certain tax advantages.  Factoring, while generally expensive, is a typical method of raising capital for some industries.