Let us help you achieve your dreams
We’ve helped fund more than $250 Million in home loans
Whether you are buying a home, refinancing to a lower interest rate, refinancing to obtain cash or converting from an adjustable-rate mortgage (ARM) to a fixed-rate loan, we’ll help you choose the right loan. Reach out today for a simplified experience and find a home loan that help you achieve your dreams.
A FHA Loan is insured by the Federal Housing Administration. This is an attractive option for many first-time home buyers because it allows for lower down payment and easier credit qualifying.
- 3.5% down payment
- Program can be combined with additional down payment assistance programs to further reduce costs
- Monetary gifts from family can be accepted towards down payment
- The Seller can pay up to 6% towards closing cost / prepaids
- Fixed- or adjustable-rates available (ARM)
- Shorter waiting period after a derogatory credit event
A Conventional loan is one of the most popular types of loan programs and is ideal for home buyers with good credit scores. There are a variety of conventional loan programs with different minimum down payments. We lend both conforming and non-conforming (jumbo) loans.
- Minimum down payment requirement
- Advantages for higher down payments
- Ideal financing for properties commonly restricted by government loans
- Several Private Mortgage Insurance (PMI) options available for loans with less than 20% down, including:
- One-time, upfront PMI
- Monthly PMI, which could cancel at 78% equity
- Financed PMI
Lender paid PMI
Veterans Affairs (VA) loans are loans provided to active-duty military and veterans. These loans are guaranteed by the U.S. Department of Veteran Affairs. For those who qualify, VA loans are usually easier to obtain than conventional loans.
- 0% down payment (based on VA lending limits and VA eligibility)
- Seller can pay all closing costs and escrows
- Seller can pay debts in veteran’s name to help qualify
- VA funding fee may be financed
- Fixed- or adjustable-rates available
- No monthly PMI insurance premiums
Refinancing is the process of getting better terms on your current housing loan by taking out a completely new loan. This new-and-improved loan will leverage positive market conditions, and Bill Mervin Team can customize it to your financial goals, helping you to achieve:
- Lower monthly payments
- Shorter loan terms & greater financial stability
- Adjustable- to fixed-rate loan conversions
- Consolidated debt
- Home enhancements & renovations
- Removal of PMI insurance premiums
What is a Good Credit Score and How Do I Make it Even Better?
Common Myths About Home Loans and Credit Scores
There are a lot of myths floating around about credit scores when it comes to getting a mortgage. One of the most common myths is that you need to have a perfect score to qualify for a great interest rate. Credit scores can range anywhere from 300 to 850, and there are a lot of different factors that go into determining what your score is. Credit scores in the 700 – 759 range are considered “good”, while scores 760 or higher are considered “great”. When buying a home, mortgage companies will use the middle score from the three bureaus – TransUnion, Equifax, and Experian – as one factor in determining your interest rate. Credit scores of 760 or higher often result in an interest rate that is approximately 1/8 of a point higher than a credit score in the 700-759 range.
Simple ways to improve your credit score
If your credit score is not where you want it to be, don’t worry! There are a lot of different, and quite easy, things you can do to improve it. Here are four things to try:
- Use 50% or less of your available credit on each of your credit accounts – you can either pay down your debts or request an increase in your available credit.
- Don’t close old credit card accounts – in credit score terms, long-term accounts are better than newly opened accounts. Tip: even if you pay off a credit card, don’t close the account.
- Limit credit inquiries – avoid opening new credit accounts around the time that you plan to buy a home.
- Pay your bills on time – make sure all payments are made on time. Late payments, especially near the time you plan to buy a home, can have a negative impact on your credit score and, thus, your interest rate.
How is my credit score determined?
Credit scores are driving forces for nearly everything these days. A low credit score may mean having to put a deposit down when opening utilities or not being able to obtain new credit for an auto loan, credit cards or a new home. With a low credit score you can also count on higher rates on any new financing. Here’s a breakdown of how your credit score is derived.
- Payment History – 35% Impact – Paying debt on time and in full are positive marks on your credit report. Late payments, collections and judgments all have a negative impact on your credit score.
- Outstanding Credit Card Balances – 30% Impact – A high outstanding balance compared to the available credit can have a big impact on your score, especially if multiple accounts have balances that exceed 50% of the available credit.
- Credit History – 15% Impact – The longer you have credit the better your score.
- Type of Credit – 10% Impact – A mix of loans (auto, student, credit) is always better than having a high concentration of one type of loan, especially credit cards
- Inquiries – 10% Impact – This is based on how many people have pulled your credit in the last 12 months. If you pull your own credit there is not an impact to your score.
If you follow these tips to improve your credit score, and still don’t see an increase, there are still more options to try! Reach out to your trusted lender at Apex Home Loans to discuss other possible ways to improve your credit score.
For more information on our mortgage program, please contact Bill Mervin Team.
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BILL MERVIN TEAM - NJ Lenders Corp.
Why the Bill Mervin Team?
Our team is comprised of Certified Mortgage Planners who take a holistic approach to the home loan consultation and cash flow planning.
As opposed to just spitting out an interest rate and monthly payment, we believe building a relationship and understanding a client’s entire financial picture and long-term financial goals allow us to counsel, educate and build a custom mortgage planning strategy. Our goal is for every client to make confident and well-educated home buying decision.
A solo loan officer’s job ends when their clients are placed in debt.
Our team feels that our job continues well beyond the day of settlement. Through our “Mortgages Under Management” program, we proactively monitor your loan program for the entire time you’re in the home, and have quarterly and annual touch-points to keep you informed throughout entire process.
- Low Down Payment Programs
- Low Credit Score Programs
- Customized Marketing Support
- Strong Core Values
- 95 Net Promoter Score
- Consistently Close Clear & On-Time
- Firm Established in 1998
- Direct Lender
- Cutting-Edge Technology
- Consumer Connect Digital App
- Wide & Diverse Product Mix
- Heroes First Program
Client Success Story
Excellent Team, Excellent Service!
Bill and his team were fantastic to work with! Our family had been dreaming of purchasing a bigger home and we wanted to make sure that we went into the process with much care and diligence. Bill and his team answered all of our questions and concerns, and we especially appreciated how quick they were to respond and move to action. I would definitely recommend this team to anyone who is looking to purchase a home!
- World-Class, White Glove Service
- Chief Experience Officer (cXo)
- Holistic Advisory Approach
- 73-Step “Perfect Loan Process”
- Detailed Milestone Updates for All Parties
- Financial Market Technology & Rate Analysis
- In-house Underwriting & Processing
- Apex Approved Pre-Approval Process
- Milestone Gifting Programs
- Highly Personalized Marketing
- Segmented, Specialized Team Roles
- Speed, Accuracy & Results
Our team has created Mervin Missions to allow our staff to volunteer and support local charities in the community. Our Team has been fortunate to be involved with charity events since in 2013!