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Want instant access to home financing tools and information? We have a mobile app with several features designed to help make the home loan process simpler and more convenient for our clients. From the moment you submit your home loan application to the moment you reach settlement, this app is on your time!

To download our app, you can ask your mortgage consultant to share it with you directly, or you can find it on the Apple App Store and on the Android App Store.  You can also search for “FM Lending Services App” on your mobile device, choose your local mortgage consultant from the list presented to you, and download for instant access to our home financing tools:

  • Securely pre-qualify for mortgage financing right on their mobile device.
  • Utilize mortgage calculators to instantly calculate monthly mortgage payments, affordability, and refinance options.
  • Scan and upload documents to Encompass, our loan originating system, using your smartphone camera feature.
  • Track a loan from start to finish in real time and receive loan milestone notifications.
  • Get contact information for your local mortgage consultant with the touch of a button.
  • Access our blog, helpful articles, and a glossary of real estate/mortgage terms.

 

Need to find a local mortgage consultant?  Click here to find a location near you!

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC dba FM Lending Services. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


Renting Vs. Owning

Sep 14
5:33
PM
Category | FM Lending News

With interest rates near historic lows, opportunity may be knocking.

We understand the option to rent or buy a home depends on your unique situation, and your decision requires careful consideration.  While renting may make more sense for some, buying a home can be less expensive on average than renting long-term.¹

When deciding which option is right for you, we recommend asking some basic questions:

  • Is it important that your home can be used as an investment?
  • How long do you plan to stay in your home?
  • How fast do rent and home prices rise in your area?

Buying may be the right option if you:

  • Want the opportunity to build equity in your home as a long-term investment and take advantage of homeowner tax credits and incentives.
  • Are planning to stay in your home long-term (typically 4 years or more).
  • Would like to create a home that is unique to your own style.
  • Are experiencing rising rent payments.

Renting may be the right option if you:

  • Prefer a monthly budget that does not include costs for home maintenance or improvements.
  • Plan to move again within the next few years (typically less than 4 years)
  • Enjoy the amenities that are often available within rental communities.
  • Have financial obstacles or credit issues that may preclude homeownership.

 

Buying or renting can be different for everyone based on your individual situation.  Contact a local mortgage consultant to answer any questions you may have about buying a home!

 

BY THE NUMBERS:
Rent vs. Buy calculations often differ by real estate market. Use our rent vs. buy calculator tool to help you decide if renting or buying is right for you!

 

 

 

1. Contact a mortgage consultant to compare the cost of renting versus buying to determine the right option for you.
All first mortgage products are provided by Prosperity Home Mortgage, LLC dba FM Lending Services. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


For many people, buying a home may be the biggest purchase they will make in their lifetime, and the right time to buy is different for everyone.  Before making the decision to buy a home, consider the following questions:

How do lenders determine who qualifies for a mortgage?

Lenders take many things into consideration: credit score, the cash you have available for a down payment and closing costs, your income, and your existing debt and financial obligations are just a few.  Two housing ratios are used:

  • The housing expense-to-income ratio compares your anticipated monthly mortgage payment (principal, interest, taxes and insurance), to the total gross monthly income (pre-tax) for your household.
  • The debt-to-income ratio compares total monthly expense, including the anticipated monthly mortgage payment to the total gross (pre-tax) monthly income for your household. 

How do I know how much money I can borrow to buy a home?

Your mortgage consultant will help you get a preliminary approval that lets you know the maximum loan amount you might be able to borrow.1  With that information in hand, you can then determine a price range with which you are comfortable.

What is a credit score?

The three credit reporting agencies — Experian, TransUnion and Equifax — serve as a clearinghouse for credit information.  “Credit score” is a term often used to refer to credit bureau risk scores. It broadly refers to a number generated by a statistical model which is used to objectively evaluate information that pertains to making a credit decision (i.e. credit cards, car loans, student loans, etc) that includes:

  • Your payment history
  • The total amount you owe
  • The amount of time you’ve had available credit
  • Whether you have any judgments entered against you
  • Whether you filed bankruptcy
  • The number of times potential lenders have reviewed your credit

Information in the agencies’ reports is evaluated and interpreted into a “credit score,” which help lenders make loan decisions. Credit scores range from 300 to 850, and yours may determine whether you are approved for a loan, the terms of the loan, and the interest rate.

Note: Making large purchases with a consumer loan or credit card just before applying for a mortgage may impact your ability to qualify. So consider your needs and priorities carefully.

If you still have questions about the home buying process, don't worry.  We are committed to providing information that will help you make well-informed decisions about the financing process.  Our mortgage consultants will pay attention to your goals, help you understand your options, and clearly explain how different loan programs work.  So, you can take an informed, hands-on approach to achieving your goal of owning a home.

Contact your local mortgage consultant for today!

 

 

 

 

1. A preliminary approval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preliminary approvals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preliminary approvals are not available on all products. See a mortgage consultant for details.

All first mortgage products are provided by Prosperity Home Mortgage, LLC dba FM Lending Services. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


The VA Home Loan Advantage

Aug 10
2:42
PM
Category | FM Lending News

A Foundation of Service

At FM Lending Services, we proudly salute the commitment and sacrifice of servicemembers, veterans, and military families who have supported and defended our nation.  That is why on Veterans Day 2014, our company began extending incentive offers—in addition to the beneficial features of a VA home loan—to help lower the cost of purchasing a home for veterans in need of housing within the communities we serve.

Since its inception on November 11, 2014, the program has been a tremendous success thanks to the many outstanding clients who have chosen to work with us to obtain home financing.

Our Commitment to Service

FM Lending Services continues to place our men and women in uniform at the forefront of our new ideas and promotions. Since the program’s inception, our exclusive VA loan program has accomplished the following:

  • Over $1.2 million in appraisal savings
  • Over $3.1 million in origination savings
  • Total borrower savings of over $4.3 million
  • Over 2,900 military families served with a customer satisfaction survey rating of 94.6%

We want your help spreading the word that our VA home loan incentives continue to be available!  In fact, our goal is to give back over $6 million in savings to service members and veterans.  Here is an overview of the exclusive incentives we offer:

  • No loan origination fee (up to $695 value) through FM Lending Services
  • Complimentary appraisal (up to $500 value)1

“With many veterans and military families in need of affordable housing, we have an opportunity to give back to our military service men and women. Not only can we offer veterans all the benefits of a VA home loan, but also we can provide them with additional incentives to help lower the cost of purchasing a home or even refinancing their existing home,” said Tim Wilson, CEO of Prosperity Home Mortgage, parent company of FM Lending Services. “It’s just one of the many ways that our company gives back to the communities in which we live and work.”

Contact your local mortgage consultant to learn more about the Veterans Affairs (VA) home loan.

 

 

 

 

Prosperity Home Mortgage, LLC dba FM Lending Services is not affiliated with any government agencies.

1. Borrowers are eligible for a lender credit toward closing costs on the Closing Disclosure on a new purchase, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing with FM Lending Services. Loan must close within 90 days from the date of loan application. Lender credit may not exceed $500.00 for appraisal. Credit coupon must be presented at time of application and all eligibility requirements met no later than 2 days prior to the New Loan closing date. This lender credit is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 09/30/2017.

All Incentive offers valid on complete VA home loan applications received between 07/01/2017 and 09/30/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

All first mortgage products are provided by Prosperity Home Mortgage, LLC dba FM Lending Services. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


Whether you’re buying or selling a home, understanding the role of an appraisal in the home buying process is important.  An appraisal can have a significant impact on your real estate transaction, so here are some common questions about the process:

What is a property appraisal?

A property appraisal is a professional assessment of a home’s value conducted by a licensed appraiser.

What does an appraiser do?

An appraiser evaluates a home’s value by considering various factors such as the home’s features and location, current housing market conditions, and comparison to the sale of similar homes in the area.

How do appraisers provide an unbiased assessment of a home’s value?

An appraiser is a licensed, independent service provider who has no affiliation with a home’s buyer or seller.  Appraisers are paid a flat fee for their service rather than a commission so they are unprejudiced when determining a home’s fair market value.  There are also federal laws that require the appraiser to be unbiased in the performance of the appraisal. 

When does an appraisal take place?

Once a buyer and seller both sign a purchase agreement for a home, the buyer can complete their loan application and continue with the home financing process.  During that time, the buyer’s mortgage lender will order the home’s appraisal.  An appraiser is assigned to assess the home’s value and will submit an appraisal report back to the lender once the appraisal is complete.

What if the appraisal of a home’s value is lower than expected?

If a home’s value is determined to be different than the contract price, and the buyer feels that the estimate is inaccurate, then the buyer may authorize an appraisal reconsideration process.  The buyer, real estate agent or lender may ask an appraiser to:

  • consider additional, appropriate property information,
  • provide further detail, substantiation or explanation for the appraiser’s value conclusion, and/or
  • correct any errors within the appraisal report.

What can be included in the appraisal reconsideration?

To reexamine a home’s value, appraisers may consider:

  • a list of major home improvements or upgrades completed after the original appraisal, such as renovations, landscaping, or replacement of major systems or utilities.
  • a copy of the plat or site plan showing unique or contextual characteristics such as a lot’s size compared to those around it, a desirable view, or even a quiet property away from busy areas.
  • overlooked sales and listings that were used to help determine the home’s price.
  • elements of the appraisal’s comparable properties that were reported incorrectly.
  • the home’s specific circumstances, such as multiple offers, special concessions, or repairs outlined in the contract that would raise the home’s value.

More questions about property appraisals?

Your mortgage consultant or real estate professional will be happy to speak with you directly to help make sure you understand the entire process.

 

 

 

 

This list is only to be used as a guide and is not all-inclusive.

All first mortgage products are provided by Prosperity Home Mortgage, LLC dba FM Lending Services. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


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