“As a first time home buyer I was very nervous about the whole home buying process. Peter Pescatore and his team were very helpful, polite, and extremely professional throughout the entire process. And, best of all, they got me a better rate then I was hoping for! They made buying my first home completely stress free. I highly recommend using Jet Direct for any of your home buying needs!”
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Bronx Conventional Home Loan
Welcome to Jet Direct Mortgage! We are home loan experts dedicated to making sure you find the right loan program with low interest rates for your home purchase or refinance.
Whether you’re looking to buy your first home, you want to refinance your existing home, or you’re thinking about exploring a Conventional home loan, you’re going to want to work with the best mortgage company possible.
Why Jet Direct Mortgage
Simple Application & Approval Process
We simplify the home financing process through our intuitive online platform, allowing you to quickly apply and secure pre-qualification for a home loan. With our dedicated mortgage experts providing timely responses and assistance, your journey to home financing is both smooth and efficient.
Conventional Loans, FHA, VA Loans are some of the most common loan programs. They’re great for buyers regardless of credit history or income! If you need help with your mortgage but don’t know where to start – Jet Direct Mortgage can help and and find out what’s best suited fit within each program designed specifically for homeowners like yourself.
Our mortgage lenders have successfully helped hundreds of borrowers in Bronx, NY secure the financing that they need.
Our expertise is finding the right home loan for you and your family, so you can build your dreams and your future together comfortably. We deliver unmatched customer service to make the home-buying or home refinancing process as stress-free as possible!
What’s the difference between a Mortgage Banker and a Mortgage Broker?
Mortgage Bankers and Mortgage Brokers play different roles in the home loan process. Here’s a breakdown of the primary differences between the two:
- Nature of Operation:
- Mortgage Banker: These are lenders that provide the funds for a mortgage. They typically work for a specific financial institution and offer loan products provided by their employer.
- Mortgage Broker: This is an individual or firm that acts as an intermediary between borrowers and lenders. Brokers work with multiple lenders to find the best loan options and rates for their clients.
- Loan Origination:
- Mortgage Banker: Mortgage bankers originate, process, underwrite, and fund loans in their own names. After funding, they may sell the loan to other institutions or service it themselves.
- Mortgage Broker: Brokers do not lend their own money. Instead, they gather the necessary documentation from the borrower and work with various lenders to secure the loan.
- Loan Options:
- Mortgage Banker: Typically, they offer only the loan products of the financial institution they represent. Their options might be limited compared to brokers.
- Mortgage Broker: Brokers have access to a variety of lenders and loan products, which can provide borrowers with a broader range of options.
- Relationship with Borrower:
- Mortgage Banker: The banker has a direct lender-borrower relationship. The borrower gets the loan directly from the bank or institution the banker represents.
- Mortgage Broker: The broker serves as a go-between for the borrower and potential lenders, helping the borrower navigate the lending process.
- Mortgage Banker: Their employer, the bank or lending institution, compensates them. It might be a combination of salary, incentives, or bonuses.
- Mortgage Broker: They often earn a commission for each loan they close, which is usually paid by the lender, though sometimes it can be paid by the borrower. This commission is typically a percentage of the loan amount.
- Licensing and Regulation:
- Both mortgage bankers and brokers are subject to licensing and regulatory oversight, but the specific requirements can vary depending on the jurisdiction and specific role. Brokers often have distinct licensing processes since they handle client funds differently than bankers.
In summary, while both mortgage bankers and brokers are integral parts of the home loan process, they serve different functions. Bankers work directly for lending institutions and offer loans from that institution, whereas brokers act as intermediaries to help borrowers find the best loan products across multiple lenders. When seeking a mortgage, understanding these differences can help borrowers choose the path that’s right for them.
What is a Mortgage Banker?
A Mortgage Banker is an individual, firm, or institution that originates, sells, and sometimes services mortgage loans. Mortgage bankers play a direct role in the lending process. Here’s a detailed description:
- Origination: Mortgage bankers have the authority to originate or provide loans to homebuyers and homeowners using their own funds or the funds drawn from a line of credit. This means they provide the actual money for the borrower’s loan.
- Loan Products: They typically offer mortgage products that are specific to the institution they represent. This could be a bank, credit union, or other financial institution.
- Underwriting and Processing: Mortgage bankers have in-house underwriters and processors. They review, approve, or deny loan applications based on the institution’s guidelines and regulatory standards.
- Servicing: After originating a loan, some mortgage bankers also service the loan, which involves collecting monthly payments, managing escrow accounts, and handling aspects like loan modifications or foreclosures. However, it’s also common for mortgage bankers to sell the servicing rights to other institutions.
- Selling Loans: After funding a mortgage, a mortgage banker might keep the loan in their portfolio, or more commonly, they’ll sell it to secondary market investors like Fannie Mae, Freddie Mac, or other financial institutions. By selling the loans, they free up capital to make more loans.
- Compensation: Mortgage bankers are compensated by their employer, which might be a combination of a base salary, incentives, or bonuses based on the volume or value of loans they originate.
- Licensing and Regulation: Mortgage bankers are subject to licensing and regulatory oversight. The specific requirements can vary depending on the jurisdiction and the nature of their activities.
In essence, a mortgage banker is directly involved in the lending process, providing funds to borrowers and often handling multiple stages of the loan process, from origination to servicing. When you obtain a mortgage directly from a bank or a similar lending institution, you’re typically working with a mortgage banker.
Benefits of using a Mortgage Banker
There are several benefits to using a Mortgage Banker when seeking a home loan:
- Direct Lending: Since mortgage bankers lend their own funds or those of their institution, borrowers often experience a more streamlined and potentially faster loan approval process.
- Consistency: Dealing with one institution can provide a consistent experience. The underwriting and processing are done in-house, so borrowers may find the process more unified compared to dealing with multiple entities.
- Simplified Communication: With the processing and underwriting often done in-house, it’s usually easier for borrowers to communicate and get updates about their loan application status.
- Loan Customization: Some large mortgage banking institutions may offer more tailored or specialized loan products that fit specific needs of their customer base.
- Potential for Better Rates: In some cases, mortgage bankers might offer competitive interest rates, especially if they are keen to add new loans to their portfolio.
- Integrated Services: Many banking institutions offer a suite of financial products, such as checking and savings accounts, home equity loans, and more. Borrowers might find convenience in managing all their financial products under one roof.
- Reputation and Trust: Established banking institutions have built a reputation over the years. Borrowers may feel more comfortable and trustful working with a well-known bank as opposed to lesser-known brokers or lenders.
- Relationship Building: For those who already have a banking relationship with the institution (like having a checking or savings account), there may be benefits such as reduced fees, better rates, or a smoother process because of the existing relationship.
- Potential for Discounts: Some banks offer discounts or promotional offers for existing customers or for bundling multiple financial products.
- Regulatory Oversight: Mortgage banking institutions are subject to strict regulatory oversight, ensuring that they adhere to all federal and state laws regarding lending practices.
- Integrated Technology: Large banking institutions often have online platforms or mobile apps that allow borrowers to apply for loans, upload documents, check loan status, and even make payments, all from the comfort of their home.
While there are many benefits to using a mortgage banker, it’s essential for borrowers to shop around and consider all options, including mortgage brokers, before deciding on a lender. The right choice will depend on individual preferences, needs, and circumstances.
What people are saying about Peter Pescatore
“Purchasing a home is not easy, let alone when life has thrown you a few curveballs and you have less than perfect credit. We reached out to Pete Pescatore at Jet Direct Mortgage who took the time to walk us through every step of the process. Once the process started and we had any questions he always made sure he picked up his phone, returned phone calls and returned emails. One of the biggest investments we have ever made and we felt educated and comfortable every step of the way. Thanks for everything Peter!”
“Peter Pescatore treated my husband and I like family. As a first time home buyer I was, of course nervous, and called him a lot. I mean aaaa lot, but he always made time for us and helped through the process. He was amazing and I am going to tell everyone I know to use him and Jet Direct!”
“From the initial contact to closing, Peter Pescatore and his team at Jet Direct where extremely helpful. They provided my clients with the assurance and security they needed as first time home buyers. Peter is very knowable in his field and always provided a timely, professional response throughout the entire process. Leaving the purchasers feeling secure and confident during this big financial decision.”
“They were recommended to me by a co-worker who purchased her house a few months ago. I called them to see if it was worth refinancing my home. They got me a great low rate and a little cash in my pocket as well! Peter and the staff were amazing. Such an easy process- and fast. From initial phone call to my mortgage closing was less than 45 days! Give them a call if you are looking to refinance or buy a new home.”
“I have worked with Pete Pescatore and his assistant, Jeff, for many years (personally and professionally) as I am a realtor. They have gone above and beyond for me and my clients. I won’t let my family or friends buys a home without consulting them. They always have the best rates, lowest fees and are always available to answer your questions. 5 star rating!”
Our success and foundation is built
around our Jet Direct Core Values:
We are dedicated to continually strive to surpass the expectations of our clients. We accomplish this by offering trusted advice, with a commitment to our client’s financial future.
For us, culture within our organization is achieved through a positive attitude and respect for one another. In turn, this gives our clients a better experience and provides better results.
The pursuit of excellence is the stepping stone to our success. We consistently seek to be better, more knowledgeable, and more effective for ourselves and our clients.