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Insider Secrets to Find the Best Home Loan Program: An Interview with Anthony DiLeo of Intercounty Mortgage Network Corp.

By Anthony DiLeo

Tell us a little bit about your company and the services you offer.

At Intercounty Mortgage Network, our goal is to offer the best service and extremely competitive mortgage rates in minutes. Our wide selection of loan products help us provide the perfect mortgage fit for your specific real estate finance needs. Our mission is to serve our clients with honesty, integrity, and competence while providing the lowest interest rates, lowest closing costs, and fastest closing times possible.

What is the first step that someone who's looking to buy a new home should take to find the best home loan for their financial needs?

The first step should be to get preapproved with a lender. It is easy to get swept up in the excitement of shopping for a new home, especially when it is your first. It is fun to tour open houses and get a feel for what is on the market that might feel like home. That being said, beginning to house hunt before you have gotten pre-approved with a mortgage lender may lead to disappointment. You may think you know what you can afford, but factors such as your income, credit scores and credit play a role in determining how much home you can qualify for and afford. You don't want to discover that after you have put in an offer on your "dream" home that you don't qualify for the size of loan you need or that there are other complications related to your credit or other credit worthiness factors.

What are a few of the most common mortgage programs that people in Pennsylvania apply for?

The most common mortgage program that we provide at Intercounty Mortgage Network are renovation loans, and specifically the FHA 203k Loan. The FHA 203k loan program enables you to purchase, modernize and remodel real estate in poor condition with the one loan. Such mortgage loans are mainly, but not exclusively, intended for foreclosed and distressed properties. They are designed to enable home buyers, who intend to occupy the property as their primary residence, to renovate properties in poor condition with just one finance application. You can use the mortgage to add extra rooms or family units, and can even use it to rebuild from existing foundations.

Do you have any tips to help people who are working directly with a mortgage consultant?

There are many things you should not do before purchasing a home, or you may compromise your chances of getting a mortgage at best, or even be refused a mortgage at worst.

Here are five things that you must definitely avoid when purchasing a home:

  • Do not change your job. You should have a record of stable employment, and if your new dream job becomes available at the same time as your dream home, you will have a choice to make. Your lender wants to see that you are in stable employment so changing employment while you are in the process of buying a home can create complications.
  • Do not overspend. You lender works from a ratio known as the debt to income ratio (DTI), based upon how much you owe as a percentage of how much you earn. If you purchase high ticket items using a credit card or loan, you increase your DTI. Hold off on that new flat screen TV until you actually have the mortgage and the keys, not before!
  • Do not apply for credit. If you open any new credit accounts shortly before your mortgage applications, you could be regarded as a bad risk. This is because you have little or no credit history of repayments for this line of credit. Also, credit searches on your records with Equifax, Experian and TransUnion can adversely affect your credit score.
  • Do not deposit large sums into your bank account. The mortgage underwriter will be suspicious of any large sums paid into your bank account shortly before or during your application. Anything over $500 will be queried. Your bank account will be scrutinized when you apply for a mortgage.
  • Keep your finances stable. Prospective lenders want stability in everything: employment, income, outgoings and bank accounts. Try to keep everything stable before purchasing a home, meaning no excessive outgoings for around three months prior to your application, no excessive deposits, no new credit cards and certainly no changes of bank account or banks. You have a better chance of being approved for a mortgage if your finances having been running smoothly.

If you ignore any one of these five when purchasing a home, then your application for a mortgage will be compromised. You may be asked to show evidence of financial stability for a period before reapplying. If you have big ideas for a new job, a new car or other major purchases, or applying for a new credit card or even a store card, leave it until you have the keys to your new home--then you can do what you like (within reason!).

Is there something that most home buyers don't pay attention to that they should?

I find that most mortgage borrowers sometimes overlook the yearly taxes on a property. Higher taxes on a property may mean less purchase power. Property taxes are usually escrowed into your monthly mortgage payment and the higher that number the higher your monthly debt will be.

When in the home buying process, do people need to decide which home loan to apply for? Is there any flexibility in this?

It's usually best to decide which home loan to apply for during the pre-approval process. Some things that will determine the loan program best available to you will be your credit score, debt to income ratio, and amount of down payment available. At Intercounty Mortgage Network, there is always flexibility due to our vast array of loan programs as we offer custom fit solutions for each borrower.

What's the best way for people to contact you and your company?

The best way to contact me is via cell at (908) 482-7603 or via email at anthony@intercountymortgage.com. Although I am at my desk at some point during the day I am generally on the road meeting with real estate agents, attending closings, and meeting with prospective buyers.

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About The Author

Anthony DiLeo functions as Mortgage Loan Originator in Intercounty Mortgage Network...

Phone: 800-498-6141

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