A clear example of what a strong, well-prepared mortgage file looks like and how it leads to a smooth, stress-free approval. 🏠 The Property & Purchase Snapshot 📍 Location:  East Meadow, Nassau County 💰 Purchase Price:  $815,000 🔻 Down payment:  30% ($244,500) 🏦 Loan Amount:  $570,500 📄 Loan Type:   Conventional Elite 30-Year Fixed This buyer came in strong with a substantial down payment, excellent credit, and clean financials giving them access to a competitive intere

Buying a home in Queens? You’re going to hear a lot  of new terms at closing—and two of the most confusing are Title Insurance  and Homeowners Insurance . Even though both are essential parts of a smooth purchase, they protect you from totally different  risks. Here’s the breakdown every first-time buyer should know. 👇 ✅ What Is Title Insurance? Title insurance protects you from past problems  with the property’s ownership—issues that happened before  you b

If you’re thinking about buying a home, understanding your credit score is key. Different loans have different requirements: FHA Loans:  580+ Conventional Loans:  620+ No Income Check / Jumbo Loans:  700+ The good news? There are actionable steps you can take to help your score climb ⬆️ and improve your chances of mortgage approval. 5 Ways to Grow Your Credit Score Cut Utilization Keep each credit card’s balance between 10–30% of your limit. Pay down balances b

When exploring mortgage or loan options, you may come across something called a balloon payment   and it’s important to understand exactly what that means before you commit. A balloon payment  is a large lump sum due at the end of a short loan term , typically 5–10 years , after making lower monthly payments  that are calculated as if the loan were stretched over a longer amortization (like 30 years). This setup can make your payments more affordable upfront , which is great

Buying a home is exciting—but figuring out the best loan option  can feel overwhelming. Two of the most popular low down payment programs are the FHA Loan  and the Conventional (HomeReady/Home Possible) Loan . Both are designed to help first-time homebuyers, but they have key differences. Let’s break it down. 💰 FHA Loan (3.5% Down) ✅ Credit score as low as 580 ✅ Only 3.5% down ✅ Flexible debt-to-income ratio (up to 54% ) ⚠️ Mortgage insurance require

At LJ Mortgage Team , we know that every borrower’s situation is unique. Whether you’re a W-2 employee, self-employed, contractor, or investor , your path to homeownership shouldn’t be one-size-fits-all. That’s why we offer a wide range of mortgage options designed to fit your lifestyle, profession, and financial goals. 💼 Loan Programs We Offer: ✅ FHA Loans  – Great for first-time buyers or those with lower credit scores. ✅ Conventional Loans  

When applying for a mortgage, one of the most important numbers lenders review is your Debt-to-Income Ratio (DTI) . Simply put, DTI measures how much of your monthly income goes toward paying debts. The lower your DTI, the stronger your application and the better your chances of securing a great interest rate. Here’s what you should know: ✅ Conventional Loans  – Most lenders allow up to 43% DTI  (some may stretch to 49% ). ✅ FHA L

Buying a home in Brooklyn doesn’t have to feel like an impossible dream and here’s proof! This buyer just locked in an $830,000 property in Kings County  with only 5% down . Here’s how the numbers came together : Credit Score:  740 ✅ Income:  $213K (Union Worker) 💼 Loan Type:  Conforming Conventional 30-Year Fixed Interest Rate:  7.375% Monthly Payment (CD):  $6,515.42 Total Monthly Liabilities:  $662.19 Property Taxes:  $8,142.24 H