LendSelect Mortgage

LendSelect Mortgage LLC

A New Jersey & Pennsylvania Mortgage Banker offering the lowest rates

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LendSelect offers a wide variety of loan programs ranging from the standard Fixed Rate programs to a FHA governement insured loan with 3.5% down payment. Deciding which programs is the best fit for you and your family is important and Lendselect would like to help make that as easy as possible for you. Below is brief description of two of the most prominent programs available today and some of the advantages of each. Please feel free to use the mortgage calculators to calculate your prosposed mortgage payments while comparing the different programs. Please do hestitate to contact us should have any questions, require additional information, or simply want to speak to a mortgage professional.


Conventional FNMA and FHLMC Fixed Conventional mortgages are probably the most popular loan of all and are used to purchase or refinance signle family houses, 2 - 4 family houses, condominiums, planned unit developments and vacation homes. A conventional mortgage is a fixed-rate loan in which the monthly principal and interest payments remain the same throught the life of the loan. Generally they are available in 10 to 30 year terms, Conventional Mortgage Loan Highlights: Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down A conventional mortgage is not insured or guaranteeed by the federal government, and minimum down payments are generally 5%. Loans with 20% down payments don't require the additional expense of mortgage insurance. They usually adehere to an automated underwriting guidelines from DU & LP.

FHA mortgages
FHA loans are insured by the Federal Housing Admininistration, a federal agency within the U.S. department of housing and Urban development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan pograms are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. FHA loan programs are particulary beneficial to those buyers with less cash for downpayment. The rates on FHA loans are generally market rates, while down payments requirements are lower than conventional loans. FHA Financing Highlights: Only a 3.5% percent down payment is required. Closing costs can be financed. Lower monthly mortgage insurance premiums and, under certain conditions automatic cancelation of the premium. More flexible underwriting criteria than conventional loans FHA Loan limits, in certain areas, over $417,000 Loans are assumable to qualified buyers

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $11,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $25,000. Your actual APR may be different depending upon these factors.