There are many ways to prepare to buy a home, but a major one is to ensure your finances are completely sound. A lender is going to request many financial documents, one of which will be your bank statements. While it might seem like an insignificant request compared to your taxes or paystubs, your bank statements are vital to get your loan approved. So, what do mortgage lenders review on bank statements?
The simple explanation is that a mortgage lender needs to ensure you have sufficient funds to cover the down payment, closing costs, and some might even want to see if you have enough reserves to cover the first few mortgage payments. It is paramount these funds belong to you and they have been in your account for a while. Underwriters are thoroughly trained to pinpoint all unacceptable sources of funds, hidden debts and other red flags by analyzing your bank statements. Before you begin the homebuying process, it is best to ensure you don’t have anything questionable on your statements that will raise a red flag.
Here are 3 of the most common red flags:
Applying for a loan is not something to take lightly. Your lender is going to inspect your finances to ensure you have the money you say you do, and that the money is really yours. It is best to analyze your finances from the perspective of a lender a few months before applying for a loan to ensure you reduce the risk of having any red flags. This will also give you time to gather the documentation or explanations you might need in case you think something will catch the lender’s eye. Keep it simple both before and during the application process by not adding or taking out any unnecessary funds, and to help ensure you have a smooth experience.
If you have any questions about the home buying process or documentation requirements, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!
LINTHICUM, MD, July 28, 2017 — NFM Lending, a mortgage lending company, is pleased to announce the new location of their corporate headquarters at 1190 Winterson Road, Suite 300, Linthicum, MD 21090. All branch locations across the United States will remain unchanged.
The move comes as the result of rapid growth in recent years. Since 2015, NFM Lending has nearly doubled in size, and has expanded into the Midwest and western United States, adding branches in Ohio, Colorado, and Arizona.
“This is another big milestone for NFM,” said David Silverman, CEO. “As we enter our 20th year in business, our corporate headquarters is moving into a brand new, state-of-the-art space in Maryland. Less than a half a mile from our former headquarters, we are excited to begin the next chapter of the NFM story and look forward to helping as many of our clients realize ownership of the home of their dreams.”
NFM Lending opened its doors in 1998 in Baltimore, MD, with just four Loan Originators, and has since grown to have over 400 employees and more than 35 branches nationwide. The corporate office houses all NFM Lending’s operations.
“I am very excited about our move,” said Bob Tyson, COO/CAO. “We have come a long way from a small office in the heart of Baltimore City to now proudly displaying our logo on the front of a 4-story building in Linthicum. Throughout our growth, we have always focused on taking care of our number one asset: our employees. Our new space is full of upgrades and amenities to further enhance our employees’ experience while they provide our customers with exceptional service. It is truly an exciting time to be part of the NFM family.”
NFM Lending looks forward to this opportunity to better serve its employees, business partners, and clients.
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.
If you are a homeowner, you may have considered refinancing your current mortgage. Refinancing can offer many advantages to help you meet your financial goals. If you are just starting to look into refinancing, or have been thinking about it for a while, here are three benefits that you should consider.
Lower Interest Rate
It may be possible to obtain a lower interest rate by refinancing your current mortgage loan.* A lower interest rate means that your monthly mortgage payments would be lower. This could save you money monthly or you could make payments directly to the principal of your loan, allowing you to build your home equity quicker and reducing your interest. A lower interest rate is the most popular reason that homeowners choose to refinance.
Cash Out Your Home Equity
You can take advantage of the equity you have built in your home with a cash-out refinance. To take advantage of this, you would refinance your current mortgage for more than the amount you owe, and keep the extra money. For example, if you owe $150,000 on a home worth $250,000, you have $100,000 worth of equity in your home. You could refinance your home for $175,000, and receive a check for the $25,000 difference. You could use this money for home improvements and remodeling, or any other household needs you may have.
Change Your Loan Type or Term
Another refinancing option is to shorten your loan term, so you pay your home off in less time. For example, you might switch from a 30-year loan to a 20-year loan. This would allow you to build equity faster, and pay off your loan in less time, with the same (or marginally higher) monthly payments. If you have an adjustable-rate or interest-only loan, you may be able to refinance to a fixed-rate loan product that may save you money over the life of your loan, and may allow you to build equity.
Whether you want to lower your monthly payment, build equity, or get cash for projects, refinancing can be a step towards meeting your financial goals. To find out if refinancing is right for you, talk to one of our licensed Mortgage Loan Originators today!
*Refinancing an existing loan may result in the total finance charges being higher over the life of the loan.
LINTHICUM, MD, January 6, 2015—NFM Lending is excited to announce that Robert (Bob) Tyson III has re-joined the NFM Lending Executive Team as the Chief Operating Officer/Chief Administrative Officer (COO/CAO).
Bob has held many senior executive roles throughout his extensive mortgage industry experience. He re-joined NFM Lending on January 1, 2016, assuming the role of COO/CAO. Prior to joining NFM Lending, Bob was the Chief Operating Officer at CMG Financial, and sat on two Freddie Mac Advisory Boards.
“I am thrilled to re-join the NFM Lending team and I am looking forward to being part of NFM’s next chapter,” said Tyson. “With its strong balance sheet and top-tier strategic partners and employees, NFM is well-positioned to continue to grow its market share in the residential mortgage industry.”
In 2008, Bob joined NFM Lending as the Executive Vice President of Lending, a position he held for three and a half years before being named Chief Operating Officer. In his new role, Bob will be responsible for managing all operational aspects, capital markets, and administrative functions of the company. He will provide the vision, leadership, and strategic direction necessary to ensure financial strength and operating efficiency.
“I am extremely excited to have Bob back home at NFM,” said David Silverman, CEO. “His responsibilities and accomplishments at CMG will help guide NFM to a whole new level in the Industry. Bob’s knowledge of the GSEs, experience in servicing and operations, and strong leadership abilities will no doubt be a crucial piece in the company’s growth.”
For more information please contact:
Toll Free: 1-888-233-0092
About NFM Lending
NFM Lending is a residential mortgage lending company currently licensed in 27 states across the U.S. The company was founded in Baltimore, Maryland in 1998. Since then NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender™.” They attribute their success in the mortgage industry to their steadfast commitment to customers and the community.
For the online press release, click here. Also published here.
LINTHICUM, MD, November 3, 2014 — NFM Lending is proud to announce that it has been ranked 73 out of 100 Private Companies in the greater Baltimore area by the Baltimore Business Journal. The ranking is based on 2013 revenue.
David Silverman, founder and CEO of NFM Lending stated, “We are honored that NFM Lending has earned this ranking among so many accomplished companies in the Baltimore Area. Our unique culture, passionate employees, and loyal borrowers will always be the driving force behind our continued success.”
NFM Lending started as a small brokerage shop in Baltimore, Maryland, with 4 loan officers, and it is now a multi-state lender with more than 250 employees, and 36 operating branches. NFM Lending has been listed as one of the “Top 100 Mortgage Companies in America” and one of “The 50 Best Companies to Work for in America 2013” by Mortgage Executive Magazine. It also ranked one of the “Top Mortgage Lenders” by The Scotsman Guide for 2012 and 2013; ranked as one of the “Fastest-Growing” and one of the “Largest Private Companies” by the Baltimore Business Journal for 2012; named a “Top Workplace in Baltimore” by The Baltimore Sun in 2012 and 2013; and numerous other awards.
For more information please contact:
Toll Free: 1-888-233-0092
About NFM Lending
NFM Lending (formerly NFM, Inc.) is a mortgage lending company currently licensed in 30 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Lender.”
Click here to view original press release
LINTHICUM, M.D., May 12th, 2014—NFM, Inc., a multi-state residential mortgage lender based out of Baltimore, Maryland, officially rebranded to NFM Lending on May 1st, 2014. The new name and image for the company not only includes a new and brighter color scheme, but also a new and modern logo. The new name and logo better reflects NFM Lending’s vision for future expansion while defining what the company offers.
In addition to the new name and image, NFM Lending released a new and improved website, www.nfmlending.com. The website’s navigation, design, and overall user experience has been revamped and refreshed, while adding new features for potential consumers. The main focus of the rebranded website is to inform and assist home buyers on the home search and loan process; on the details and benefits of loan programs; and how to make an informed decision when they are ready to apply for a loan.
“This is a very exciting time for the company and we are thankful to all of our employees for their hard work and efforts,” said David Silverman, CEO and founder of NFM Lending. “NFM’s unique culture, passionate employees, and loyal borrowers will always be the driving force behind our success. Our focus has always been and will continue to be on residential mortgages and assisting our borrowers in achieving their dream of home ownership.”
NFM Lending (formerly NFM, Inc.) was founded in March 3, 1998 by David Silverman and his wife Sandy. The company started as a small brokerage shop with 4 loan officers, and it is now a multi-state lender with more than 200 employees, over 30 operating branches, and is licensed in 29 states.
NFM Lending has prospered under David Silverman’s leadership and continues to be recognized across the country. The company has been listed as one of the “Top 100 Mortgage Companies in America” and one of “The 50 Best Companies to Work for in America 2013” by Mortgage Executive Magazine. It ranked as one of the “Fastest-Growing and Largest Private Companies” by the Baltimore Business Journal for 2012; named a “Top Workplace in Baltimore” by The Baltimore Sun in 2012 and 2013; ranked one of the “Top Mortgage Lenders” by The Scotsman Guide for 2012; and has also received numerous other awards. Silverman himself also ranked as one of the “Most Influential Mortgage Executives in America 2013” by Mortgage Executive Magazine, and one of the “Top 100 CEOs in Baltimore” by SmartCEO magazine in 2009.
For information on NFM Lending, please email email@example.com.
Link to online press release: http://m.prnewswire.com/news-releases/nfm-inc-rebrands-to-nfm-lending-259034221.html