Understanding Private Mortgage Insurance (PMI)

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Many private lenders require proof that their investment will be protected if the borrower defaults. This is largely accomplished through private mortgage insurance (PMI). PMI may need to be factored in to your ultimate costs if you finance a home. It is not the same thing as homeowners insurance and it protects the lender’s funds… [Read More]

Understanding Debt-to-Income Ratios

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Understanding Debt-to-Income Ratios Your debt-to-income (DTI) ratio is your total debt owed compared to your income. When you go to apply for a home mortgage, your DTI will be one of the primary factors reviewed. This is why Professional Mortgage Solutions in Rego Park, NY has put together this week’s blog. If you are looking… [Read More]

Tips and Checklist for Relocating to New York

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Are you looking to buy a home in Rego Park, NY? Are you feeling overwhelmed by the move and in needs of tips and a short relocation checklist? The process can seem daunting; luckily, there are local specialists to help you with your needs. Professional Mortgage Solutions is here to support people looking to relocate… [Read More]

Portfolio Loans

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A portfolio loan is a type of loan that a lender will keep in their portfolio instead of selling on the market. This way, the company benefits from all the interest payments made as the loan is repaid. Lenders making a portfolio loan can sometimes also create their own loan programs and terms. For this… [Read More]

Comparing Fixed-Rate vs Adjustable-Rate Mortgages

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When you are going to buy a home and seek a mortgage, you will have many options and ways to finance the home. You must think carefully and look at various terms, percentages, and payment plans. You can also choose between a fixed-rate mortgage (FRM) or an adjustable-rate mortgage (ARM). Each type of loan comes… [Read More]

Down Payment Assistance Programs

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Many residents in the United States struggle to save enough money to afford a home. Some strive to put aside fund every paycheck to support the costs. Offering a bigger down payment for a home may help you qualify for financing programs and obtain better mortgage rates. However, some cannot seem to save enough to… [Read More]

VA Loans

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Created during World War II to help Veterans and their family achieve the American Dream, VA loans can offer 100% financing for those who served our country. This is a government-backed mortgage program, under the oversight of the Department of Veterans Affairs (VA). There are wonderful benefits with this loan program, and Professional Mortgage Solutions… [Read More]

More About Conventional Loans

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Conventional loans are a type of mortgage used in the private lending market. This kind of loan is not backed by public government agencies. A company may be more flexible in the terms and approval process for a conventional loan. For this reason, you may be able to get a more competitive rate. Professional Mortgage… [Read More]

Jumbo Loans

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Professional Mortgage Solutions in Rego Park, NY supports many clients in buying their dream home. If you seek to take out a larger mortgage through a jumbo loan, then contact our offices for more information. If you want to buy a larger home, then the rising cost of homes may mean you will need to… [Read More]

What Are FHA Loans?

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Professional Mortgage Solutions in Rego Park, NY supports many clients in buying their first home with an FHA Loan. Also known as an “FHA-Insured Loan,” these mortgages are insured by the Federal Housing Administration. The insurance protects lenders in case the borrower defaults. The FHA loan is designed with new homeowners in mind, and features low… [Read More]