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 or FHA mortgage, you’re going to want to work with the best mortgage company possible.
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Purchasing a property in Queens is an excellent real estate investment whether you are looking to buy it as your primary residence, or rent it out long-term.
With a median home sale price of $705,137 and a median rent clocking in at $3,427 per month – the fastest annual rental growth of all NYC boroughs, there is no doubt that Queens holds a huge potential if you are ready to venture into the real estate market.
However, before you begin your journey of homebuying – which can be incredibly exciting, but also challenging if you haven’t done your due diligence – it’s important to find the right Queens mortgage banker to meet your needs.
So, let’s dive deeper into the details:
What Is a Mortgage Banker?
In order to find the Queens mortgage banker that will meet your needs the best, there is one important question that needs to be answered – what exactly is a mortgage banker, and why is this role so key in your home buying journey?
The answer is pretty simple.
A mortgage banker is a professional or an institution that works for a bank, credit union, or a mortgage company, and uses the funds of the financial entity to lend money to borrowers. They provide guidance through the home financing process, offering tailored loan options, managing paperwork, and ensuring compliance.
In other words, a Queens mortgage banker will be your key partner when purchasing or refinancing your home. They will carefully assess your financial situation, and ensure that you meet the lending criteria so you can have a successful application process.
Now that this question is out of the way, let’s take a look at the responsibilities of a mortgage banker:
What Are The Responsibilities of a Mortgage Banker?
The main role of a Queens mortgage banker is to provide you with personalized guidance so you can purchase the home of your dreams in one of the most attractive NYC boroughs. In most cases, this includes:
Helping You Find The Right Loan
From conventional home loans to FHA loans and Jumbo mortgages, there is a variety of loans that you can choose from, which can often be confusing – especially if you don’t know the key differences between them.
A mortgage banker will help you choose the loan that fits your needs the best. This includes accompanying you through the whole loan origination process, assessing your financial profile to ensure that you meet the lending criteria.
Guiding You Through The Loan Application Process
If you are looking to purchase a home in Queens, a Queens mortgage banker will also be your ally during both the loan application process and the pre-approval phase.
They will help you verify your ability to repay the loan, as well as collect all the necessary documents, such as:
Income Verification Proof – Pay stubs, W-2 forms and tax returns
Asset Documentation – Including bank statements, investment accounts, etc.
Employment Verification – A letter of employment, and employer contacts
Once you’ve collected all the necessary documents, the mortgage banker will also be the one who will issue a pre-approval letter. It indicates the loan amount that you’ve been pre-approved for, which typically lasts from 60 to 90 days.
Having a pre-approval letter is key for succeeding in the real estate market, especially in Queens – it shows sellers that you are a serious buyer, and you have a verified financial backing. This gives you a competitive edge in Queens’ high demand market.
Coordinating The Underwriting Process
Another key responsibility of a Queens mortgage banker is underwriting coordination – it ensures that your mortgage application is moving smoothly through the underwriting process, and it will reach the much-desired approval.
Put simply, the mortgage banker streamlines the communication between you and the underwriter, addressing questions, resolving issues promptly, and collecting any additional documentation or information that might be needed.
This includes ensuring that you meet all conditions of the loan, verifying your documents, and confirming that the terms (such as loan amount and interest rates) match your agreement.
In addition, a Queens mortgage banker uses the funds of their institution to disburse the loan amount according to the deadline outlined in the agreement.
Coordinating The Closing Of The Loan
And last but not least, one of the main roles of a Queens mortgage banker is to coordinate the loan closing. This includes payment of escrow fees, taxes, and other closing costs, ensuring that all expenses are covered as part of the transaction.
It also involves the confirmation of the closing date, the preparation of all documents required for the loan closing package, and everything else in between.
Why Is It Important to Find a Good Queens Mortgage Banker?
Looking at all the responsibilities of a Queens mortgage banker, there is no doubt they play an important role in making sure that your application process goes smoothly from start to finish. But why is it so important to find a good mortgage banker?
Well, purchasing a home in Queens can often be a complex and daunting process if you don’t know what you are doing. A mortgage banker, on another hand:
Brings Expertise To The Table – With experience in the Queens’ real estate market, a mortgage banker can guide you in choosing the best loan product.
Provides Personalized Guidance – Purchasing real estate is not a one-size-fits-all – a good Queens mortgage banker will provide tailored advice to meet your goals.
Speeds Up The Approval Process – Since mortgage bankers often work directly for lenders, they can speed up the approval process, giving you a competitive edge in the real estate market.
Ensures Effective Communication – With a mortgage banker, you can rest assured that you will be informed about everything during every step of the process.
Saves You Time & Money – Looking for the most optimal real estate transaction? A Queens mortgage banker can help you save time and reduce costs.
Helps With Problem Resolution – You might not have the experience to resolve credit concerns or appraisal discrepancies, but a mortgage banker does! This can make the difference between securing the home or losing the deal.
Navigates Complex Transactions – Purchasing real estate in Queens often involves unique challenges, such as co-op board approvals or high property taxes. A knowledgeable mortgage banker can anticipate and address these issues.
Helps Build Trust With Sellers – If you are working closely with a reputable Queens mortgage banker, this can enhance your credibility as a buyer. This is a must in competitive markets like Queens where you might experience intense bidding situations.
What Is The Difference Between a Mortgage Broker and a Banker?
So, you might be wondering – is a mortgage broker and a mortgage banker the same? Well, not exactly.
A mortgage broker typically acts as an intermediary between borrowers and multiple lenders, while a mortgage banker works directly for a bank or a mortgage lending institution. Mortgage brokers don’t fund loans directly, while mortgage bankers do.
Feature
Mortgage Broker
Mortgage Banker
Works For
Independent or brokerage firm
Single institution (e.g., bank, lender)
Loan Options
Access to multiple lenders’ products
Limited to the institution’s offerings
Funds Loans
No
Yes
Loan Process
Facilitates but doesn’t underwrite or fund loans
Manages loan origination, underwriting, and funding
Flexibility
High, with a variety of options
Low, limited to in-house products
Compensation
Paid through fees or commissions
Paid by the institution
Who They Serve
Borrowers seeking variety and comparison
Borrowers seeking direct funding
Should I Choose a Mortgage Broker or a Mortgage Banker?
So, when should you choose a Queens mortgage banker, and when is a mortgage broker the right choice? Here’s what we recommend.
Choose a mortgage broker if:
You want to explore multiple lenders to find the best rates and terms
You are looking for very specialized products beyond traditional offerings
You are looking for convenience by having someone do the work of comparing offers
Choose a mortgage banker if:
You prioritize speed, as bankers can approve and fund loans much faster
You prefer a straightforward process with a single institution
You have a strong relationship with a specific bank or lender
Can a mortgage banker help me get pre-approved for a loan?
Yes, a mortgage banker can help you get pre-approved for a loan. They assess your financial situation by reviewing your income, credit history, assets, and debt-to-income ratio.
Based on this evaluation, they determine how much you can borrow and issue a pre-approval letter, which strengthens your position as a serious buyer. Pre-approval provides clarity on your budget and helps you act quickly in competitive markets.
How long does the mortgage process take with a mortgage banker?
The mortgage process with a mortgage banker typically takes up to 30 days, though it can vary based on factors like loan complexity, documentation completeness, and property appraisals.
A streamlined process with in-house underwriting can speed up approvals, but delays may occur if additional documents are required or issues arise. Working closely with your banker helps ensure timely progress and closing.
Do mortgage bankers handle refinancing?
Yes, mortgage bankers handle refinancing. They guide borrowers through the process of replacing an existing mortgage with a new one, often to secure a lower interest rate, adjust loan terms, or access home equity.
Mortgage bankers evaluate your financial situation, recommend suitable options, and manage the application, underwriting, and funding to ensure a smooth refinancing experience.
How do mortgage bankers determine how much I can borrow?
Mortgage bankers determine how much you can borrow by evaluating your financial profile, including your income, credit score, assets, and existing debts. They calculate your debt-to-income (DTI) ratio to ensure you can comfortably manage loan payments.
They also consider the loan type, down payment, and property value. These factors collectively help them establish a loan amount that aligns with your financial capacity.
Although most lenders recommend a 20% down payment, it’s not necessarily required. There are options for home buyers to put down much less, but it may not necessarily be the best decision for you. So, how much cash should you be putting down? Read more>>
If you’re planning to purchase a home, it’s recommended that you get a pre-approval before you actually start looking. Essentially, a pre-approval is a backing from a lender that proves you are qualified to borrow X amount of money at a specified interest rate. Read more>>
If you’re new to the home buying process, chances are you’re confused about the difference between private mortgage insurance (PMI) and mortgage insurance premium (MIP). Well we’re here to set the record straight for you! Read more>>
Experienced Chief Operating Officer with a 26 + year demonstrated history of working in the banking industry. Skilled in all aspects of the residential mortgage market . Strong business development professional with a Bachelor of Science (BS) focused in Business Administration and Management, from St. Joseph College. A direct endorsement underwriter and a licensed Mortgage Loan Originator.
