PMA Spring Buyer’s Guide to Home Ownership (Sponsored Content)

With the official arrival of Spring each year, we at Philadelphia Mortgage Advisors typically see an increase in home purchase applications and requests for residential mortgage pre-qualifications. With a large number of first-time homebuyers expected to enter the market this year and interest rates near record lows, we should see an even larger increase than normal.

The first step in the home buying process is to sit down with a licensed mortgage advisor and go through a mortgage pre-qualification. This should take place well before you and your realtor start viewing listings on-line and attending open houses. The mortgage pre-qualification will determine the realistic sale price and loan amount range for each borrower, based on that individual’s credit, income, asset, and employment information.

While preparing for a mortgage pre-qualification, each borrower should gather several pieces of basic income and asset documentation (Ex. 2 year’s most recent Tax Returns/W-2s, 1 month’s paystubs, 2 month’s bank statements). Expect the Lender to run an updated credit report during this process, as credit scores are one of the most important factors from an Underwriting perspective. A borrower’s credit/payment history, credit types, and any outstanding debt are all taken into account by the credit bureau to determine these credit scores. The final step in the process is a full review of all documentation, and for the Lender to issue of a pre-qualification letter.

Philadelphia Mortgage Advisors’ processing and underwriting staff has an excellent knowledge of the numerous mortgage programs available and is the trusted local expert to assist you through this pre-qualification process. PMA is a preferred Pennsylvania Housing Finance Agency (PHFA) first-time homebuyer lender, has an in-house underwriting staff for all Conventional and Government (FHA, VA, PHFA) loan programs, and has a correspondent relationship with many of the major conforming and Jumbo loan investors in the market.

Whatever your home financing needs, feel confident that you can trust Jason DeLisi and Jessica DeLisi to find the right mortgage solution for you. Jason DeLisi (Senior Mortgage Advisor & Sales Operations Manager) has been recognized by Philadelphia Magazine as a Five Star Mortgage Professional with 14 years of experience in the industry. He has built an extensive network of local realtors and builders and works closely with each to find the perfect mortgage solution for every client. Jessica DeLisi (Mortgage Advisor) brings with her an invaluable background in mortgage operations, allowing her to apply her extensive understanding of the mortgage process to each of her clients’ unique situations. As a young professional licensed in PA, NJ and DE, Jessica has established herself as a reliable source for first-time homebuyers. Please contact either Jason or Jessica to discuss any and all residential mortgage needs.