An in-depth analysis of the lender Funding Resources Mortgage Corp

If you’re in the market for a new home loan, you’ve probably come across Funding Resources Mortgage Corp. This lender offers a couple of mortgage products, including fixed-rate and adjustable-rate loans. But is this company really good and reliable? Is this lender worth your time?

In this article, we’ll take an in-depth look at Funding Resources Mortgage Corp. We’ll discuss the company’s products, customer service, and much more. By the end, you’ll have all the information you need to make an informed decision about whether or not this is the right lender for you.

How much money can you borrow from Funding Resources Mortgage Corp?

If you’re considering borrowing money from Funding Resources Mortgage Corp, it’s important to understand how much you can borrow. Keep in mind that the numbers we mention here are just an estimate or the maximum amount allowed. The actual sum will greatly depend on a number of factors, including your credit history, income, and your employment status.

So the maximum amount you can borrow from this lender is set at $1 million. And if you have a high income and good credit history, you will be able to qualify for a larger loan amount than someone with a lower income or less favorable credit history.

It’s always best to speak with a loan officer at Funding Resources Mortgage Corp to get an idea of how much you’ll be able to borrow based on your specific circumstances.

Funding Resources Mortgage Corp Pros & Cons

When considering whether or not to work with a specific company it’s essential to take into consideration both pros and cons.

The benefits of a Funding Resources Mortgage Loan are that you will be able to borrow a good amount of money and have competitive interest rates. They are also a mortgage banker that doesn’t have prepayment fees, which is a great benefit for a lot of people.

On the other hand, this lender does not have BBB accreditation and offers only one mortgage type for a home purchase. Another big downside is that they are not a HUD accredited company either. All of this raises a suspicion they are not a very reputable lender.

Here is also a list of some additional pros and cons of a Funding Resources Mortgage:

Pros:

• They offer competitive rates
• Long loan terms
• There are no prepayment fees

Cons:

• No BBB accreditation
• No HUD accreditation
• There are origination fees
• A website that lacks much information
• Reports of delays in processing loan applications

What is the longest loan term you may obtain from Funding Resources Mortgage Corp?

The longest loan term you may obtain from Funding Resources Mortgage Corp is 30 years. This is available for both purchase and refinance transactions and is the most popular option among borrowers. By choosing this option, you can ensure the lowest possible monthly payment.

But in case you are a borrower who doesn’t want to commit to such a long term, the company also offers 15 and 20-year terms. These will help you save money on interest payments and be out of debt sooner.

What mortgage rates do Funding Resources Mortgage Corp offer?

As we already mentioned the company offers conventional loans for home purchases and home refinance.

The interest rates on these products will vary depending on the purpose of the loan, the length, and the borrower’s credit score.

We found that a 30-year fixed-rate mortgage for purchase is 6,45%, and for a 15-year term is 5,85%. As for refinancing the interest is 6,19% for a 30-year term and 5,79% for a 15-year term. Adjustable-rate mortgages typically have lower interest rates than fixed-rate mortgages, but they can increase over time.

In conclusion, we can say that Funding Resources Mortgage Corp rates are average.

What is the estimated funding time?

Knowing the estimated funding time of a potential mortgage company before making a decision is really important. And according to the Funding Resources Mortgage Corp website, the estimated funding time for a loan is 10-15 days.

This is of course after the application form was both submitted and approved. But we still advise you to ask them about the estimated funding time it will take them to process your application.

Do they charge mortgage origination fees?

Whenever you are on the market for a mortgage it’s crucial to ask about any origination fees that may be charged. While some lenders do not charge origination fees, others may charge up to 1% of the loan amount. Be sure to get all the information before making a decision on your mortgage.

Funding Resources Mortgage Corp does charge origination fees to its customers. These are meant to cover the costs of issuing the loan to the borrower but can be rolled into the mortgage if that is something you prefer.

Does Funding Resources Mortgage Corp charge prepayment fees?

Prepayment fees are charges that some lenders impose if you pay off your loan ahead of schedule. Funding Resources Mortgage Corp does not charge prepayment fees. This is a huge benefit for all borrowers that can afford to make extra payments toward their mortgage.

But don’t overlook that Funding Resources Mortgage Corp does charge closing costs on its loans.

What mortgage programs are available?

The only loan option available through Funding Resources Mortgage Corp. is a conventional mortgage.

You can choose between fixed-rate or adjustable-rate mortgages and with each type having its own set of pros and cons it’s important to research it thoroughly before making a final decision.

As we mentioned, you can get this loan for the purpose of buying a house or refinancing a loan.

What property usage types does Funding Resources Mortgage Corp allow?

Funding Resources Mortgage Corp. loan programs meet the needs of borrowers in different situations. The company offers loans for:

• Primary residences
• Secondary homes
• Vacation homes
• Townhouses or condos

We would say this is a good variety of property types, but in case you are an investor, these options will likely not be suitable for you.

How do people rate the customer service and user experience?

Customer service and user experience are important factors to look into when choosing a mortgage company. Unfortunately, Funding Resources Mortgage Corp is a small company that doesn’t have many online reviews.

All we could find regarding Funding Resources Mortgage Corp reviews is that they are a good lending option although some customers experienced delays in processing loan applications.

Overall, there just aren’t a lot of reviews in order for us to form a good picture of customer satisfaction with Funding Resources Mortgage Corp.

In case you want to find a more reliable lender near you, feel free to reach us. We can find a suitable option for you.

Contacts of Funding Resources Mortgage Corp

Funding Resources Mortgage Corp. can be contacted in many ways. They have branches in New Jersey and New York and many offices in the mentioned states.

You can reach them via their website, email, or phone number. We will list them below.

Funding Resources Mortgage Corp phone number is (888) 376-3762, and as for FAX: (973) 777-9111.

Address: 777 Passaic Ave; Suite 220, Clifton, NJ 07012-1804

Email: [email protected]

Their working hours are from Monday to Friday from 9:00 am to 5 pm.

Availability of Funding Resources Mortgage Corp

Funding Resources Mortgage Corp is a mortgage lender from Clifton, New Jersey. Besides NJ, these are the places they offer their services in:

• New York
• Scranton
• Baltimore
• Miami
• Orlando

And in case you don’t live in one of these cities, we recommend you contact their customer service department.

Funding Resources Mortgage Corp Summary

• Funding Resources Mortgage Corp is a mortgage lender based in Clifton, New Jersey.
• The company does not have BBB accreditation or do they have a HUD accreditation for providing mortgage services.
• Funding Resources Mortgage Corp. offers only conventional loans for either purchasing or refinancing.
• Their website lacks a lot of information so in case you want to work with them, we suggest you contact the customer service representative.

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