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Insider Mortgage Tips

By Tom Naughton

Tell us a little bit about your company and its foundation

  • Pike Creek Mortgage is locally owned & operated for the past 22 years
  • We are licensed in DE, MD, NJ, PA & FL.
  • We offer in-house processing, underwriting and closing
  • Pre-approval completed in the same day received
  • We offer Conventional, FHA/VA & USDA financing
  • We also offer Renovation Loan programs for Owner Occupant and Investors
  • We participate in Government Assistance programs to offset down payment and closing cost

How important is it to document finances for mortgage needs?

Gathering all of the client's income, cash to close and credit is of the utmost importance in order to qualify a buyer.

Presently, do you believe it's a good time to refinance?

There are many reasons for a client to refinance such as life changes or needing Cash out for college or for Home Renovations. Presently most clients have a low interest rate, so unless they are refinancing to shorten their terms or take cash out I would see no additional benefit to refinance.

How can someone tell when it's a good time to refinance?

All borrower's are treated equally which means we will need to verify income via personal tax returns & corporate (if self employed), W 2's, pay stubs, two months of current bank statements and driver's license, green card and/or passport

What are the rights of a homeowner and how can they use these to their advantage when negotiating a mortgage

Borrowers are considering FHA loans due to their lower credit score requirements and the low 3.5% down payment. FHA also allows for all of your funds to be gifted or come from an accumulation of government assisted programs and seller assistance. FHA allows 6% seller assistance to cover closing cost and prepaid.

Why are many people reconsidering FHA loans? What programs do you believe homeowners should consider instead?

If borrowers can come up with 5% down then we can offer Conventional financing which eliminates the Upfront FHA mortgage Premium of 1.75% of the loan amount and also offers a lower monthly premium that can be paid upfront or paid by the lender.

What mortgage options are available (private or public) for homeowners with bad credit?

Presently some lenders go as low as a 580 credit score. Pike Creek Mortgage goes as low as a 620 score. The score is not the only indicator as we look at the last year of credit to determine if there are any late payments. As for private or public financing this is not something that I've investigated as I lend via the normal lending avenues.

What is the best way for people to contact you?

The best way to contact me is via my cell (302)-293-1273 or email Also my website is

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