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The closing costs for each Poli Mortgage loan are tied to many factors. These include property, state, loan amount, and optional coverage’s like home owners title insurance. Rest assured, Poli Mortgage Group is a known mortgage leader and offers some of the most competitive rates and closing costs for first time home buyers in the industry.
Yes. Your Poli Loan Officer will need you to supply two full years of tax returns to verify your self-income. For more information about mortgages for self-employed borrowers, call 781-232-8000 to speak to our experienced team about these guidelines further.
Generally, a two-year employment history is required to qualify for a first time home buyer loan program through Poli Mortgage. However, if you have changed jobs, we can often use income and tenure information from your previous employer. We will also recognize college as work history if you are currently working in the same field you were studying.
Yes. The FHA allows the purchase of a 1-4 family property, and as long as the home is also your primary residence, the FHA will recognize a portion of your rental income in your qualification process.
Yes. Private Mortgage Insurance is not necessary in some circumstances. For instance, Private Mortgage Insurance would not be needed if you were to initiate two mortgage loans for the purchase of the home. The first mortgage would fund 80% of the purchase price, the second mortgage would fund 10% of the purchase price and the borrower would fund the remaining 10% of the purchase price with their down payment. Speak to a Poli Mortgage Loan Officer for more details.
Yes. Private Mortgage Insurance is always required if the mortgage loan is above 80% of the purchase price.
Poli Mortgage does have programs which may assist home owners to refinance, even if the value of their home has dropped significantly. One such program is called the HARP program. Contact us at 781-232-8000 for more information on this program.
A traditional refinance typically requires an appraisal.
To get started, Poli Mortgage asks for your most recent pay stubs, W2s, bank statements, home owners insurance, along with a copy of your current mortgage statements. Underwriting may require additional documentation and your Poli Loan Officer will let you know of any additional requirements.
We are a direct lender, and move quickly to close your financing. As soon as we obtain all the required documentation and appraisal, we enter the application and supporting documentation into our system. If all items are in order, we can approve and close in a number of days. Generally, from start to finish, refinances will take about 25 days.
Poli Mortgage has direct access to the secondary mortgage market, which gives us full control over the process and pricing we can offer our customers. Also, mortgages represent 100% of our business. This exclusivity enables us to offer the most competitive mortgage loan rates within the industry at large.
Poli Mortgage will run your completed application package through our underwriting system right away. Pending the appraisal results, we will have an approval status back to you within 24 hours.