Monthly Archives: October 2013

Why you should use a local mortgage compan

As the financial crisis lead to the demise of many mortgage companies and banks, what remained has dramatically changed the landscape of our home mortgage market. The too big to fail large banks consolidated their position in the National markets, but their legacy mortgage portfolios and far flung customer service continue to tarnish their image. The large mortgage banks and independent servicers haven’t fared much better and the American consumer longs for simpler more personal mortgage process. The boutique mortgage banking firm can offer the real estate community and their borrowers innovation and creativity that the mega banks cannot. Staten Island, New York based Mortgage Banker Financial Equities, has been serving their local markets with distinction since 1989. While so many other companies have come and gone, Financial Equities has remained a constant presence on Staten Island and throughout the New York metropolitan area. “When our clients want something, we like to react quickly” says company President Walter Stashin. “We don’t have to wait to hear back from some committee somewhere else. We are the committee. We don’t outsource our service. We are part of the communities we serve and we provide jobs in our communities.”  History has shown that as banks and larger mortgage banks have grown bigger they create layers of bureaucracy, which in turn become inefficient. This tends to lead to a political and hierarchal environment, which take s the focus away from the customer experience.  “We never want to lose sight of what is important and that is our client” says Stashin. “We live in the communities we do business and can adapt quickly to the changing needs of our communities”. “We not listening to some hierarchy, we are listening  to those we serve” added Stashin. Bigger is not better. The Boutique Mortgage Banker delivers quality over quantity. Financial Equities is also looking to hire young people that are looking for a career in Mortgage Banking. Stashin says “We see great opportunities for young people with our company, and we are looking to build the next generation of Mortgage Bankers”. Another reason boutique is better. While the large banks slash jobs in the Mortgage business, Financial Equities is hiring. Written by Michael J. Wallace

Salvatore Criscuolo “The Mortgage Expert”

Financial Equities Mortgage Bankers, 1110 South avenue, Staten Island, N.Y. 10314

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How to get Approved for a Mortgage

 

In order to get approved for a mortgage on Staten Island and most area’s, have the following available:
Item’s you will need to provide for an approval

  • Your W2 from the past two years
  • Your paystubs for the past three months
  • Your tax returns from the past two years
  • Your checking or savings bank statements for the past three months (this will likely have your down payment funds in them as well)
  • Your statements for all your other assets (stocks, bonds, retirement accounts) for the last two months
  • The name and phone number of your landlord (if you are renting) or your current mortgage documents
  • Your divorcee decree, if applicable
  • If you are self-employed: Your business tax returns for the past two years in addition to your year-to-date profit and loss statement and year-to-date balance sheet
Credit Score and Credit Report

The lender will also pull your credit report and score for you and your co-borrower (if you have one.)
The lender will analyze your credit report for any red flags such as late or missed payments or charged off debt. Your credit score will affect your ability to qualify for a loan and determine how low of a rate you can get. Generally a score above 720 will get you the most favorable mortgage rates. Your overall debt (minimum credit card payments, student loan payments, car payments, etc.) will be analyzed to calculate your overall debt-to-income ratio. You will also need to provide any alimony or child support payments you are required to pay.

 

Sal Criscuolo
Financial Equities Mortgage Bankers
1110 South Avenue
Staten Island, NY 10314

NMLS# 65070

O: 718.869.4795

Staten Island Sanitation Mortgage Programs For DSNY Mmebers

NYC sanitation benefits, offered by the mortgage expert, serve the interests of today’s DSNY Employee’s. We promises value, quality service and cost-savings that you deserve.

We are committed to improving the quality of life of working families through our unique products and services. We achieve our mission through:

  • Using the strength of unions and referral partners to create a large client base at discount costs.
  • Savings & Unique Programs: Quality programs and services promote better lifestyles for working families – including low rates, lender discounts, no points, personalized one on one service.
  • Service: Our entire staff support consumers and advocate your rights and the best services with our bank and affiliates. Our resources help members make informed decisions for themselves and their families.
    Read more about the Union Plus commitment to the labor movement and social responsibility here.