Chand Mortgage

• The company focuses on helping customers afford the home of their dreams and guiding them through the entire mortgage process.
• Clients are given clear explanations of their mortgage options so they can make informed decisions.
• Chand Mortgage offers a variety of mortgage programs and works to match each client with the loan that fits their individual financial goals while providing competitive rates.

Experience and Leadership

• Chand Mortgage's broker has over 25 years of experience in the mortgage industry.
• Broker/Owner: Krzysztof Strzepek.

Licensing and Regulatory Information

• Chand Mortgage is a licensed mortgage broker in New Jersey and Florida.
• Company NMLS ID: 271599.
• Personal NMLS ID (Broker/Owner): 300184.
• Customers can verify licensing details through NMLS Consumer Access.

Who Chand Mortgage Serves

• Homebuyers looking to purchase a property.
• Homeowners seeking to refinance or otherwise restructure their existing mortgage.
• Borrowers who want guidance comparing different mortgage programs and understanding the loan process from start to finish.

The Saddle Brook office is Chand Mortgage's primary location for serving clients in New Jersey and Florida.

How to Get in Touch

• Phone: Call (201) 843-0090 to speak with a licensed loan advisor.
• Email: Send general questions or document requests to cm@chandmtg.com.
• Online Contact Form: A "Contact Us" form is available on the website for general inquiries.
• Quick Quote Forms: "Get a Quick Quote" forms appear on several pages (such as About Us, Loan Process, and FAQ) to request a preliminary quote by providing basic contact and loan information.
• Online Application: An "Apply Now" option on the website lets borrowers start a secure online loan application.

Chand Mortgage notes that licensed loan advisors are available 7 days a week to help clients get started and to discuss loan options.

Marketing and Communication Consent (Website Forms)

When you submit your phone number and/or email through the website's forms and click "Submit":

• You agree to the site's Terms of Service and Privacy Policy.
• You consent to receive marketing communications from Chand Mortgage via text, call, or email, including automated messages.
• You can opt out by replying "STOP" to any text message.
• Standard message and data rates may apply, depending on your mobile carrier and plan.

Names Florida and New Jersey as a service area. Areas beyond these are not published.

• Determine how much home you can afford before you start looking for a property.
• Chand Mortgage can calculate your approximate buying power based on standard lender guidelines.
• You may:
• Get pre-qualified by answering basic questions, or
• Get pre-approved, which requires verification of income, credit, assets, and liabilities.

Benefits of getting pre-approved:

• You can focus on properties within your price range.
• Your offer may be stronger because the seller knows your loan has already been reviewed.
• It can help you close your loan faster once you are under contract.

Key Underwriting Concepts

• Loan-to-Value (LTV) Ratio: The percentage of the property's value that the lender is willing to finance. Some lenders may lend a high percentage (even up to 100%) to qualified borrowers.
• Debt-to-Income (DTI) Ratio: Compares your monthly debt payments to your gross monthly income. As a rule of thumb noted on the site, monthly mortgage payments should generally not exceed about one-third of gross monthly income.
• FICO Credit Score: A numerical measure of creditworthiness, based on payment history, total debt, length of credit history, new credit inquiries, and types of credit used.
• Self-Employed Borrowers: Often document income using full tax returns (typically the last two years) and, in some cases, year-to-date profit and loss statements.
• Source of Down Payment: Lenders typically expect documented funds saved by the borrower. Gift funds from acceptable donors may be allowed when accompanied by required documentation stating the funds do not have to be repaid.

Step 2: Select the Right Loan Program

Home loans fall broadly into two categories on the site:

Fixed-Rate Mortgages

You might choose a fixed-rate mortgage if you:

• Plan to live in the home more than about 7 years.
• Want the stability of a fixed principal and interest payment.
• Prefer to avoid the risk of future payment increases.

Adjustable-Rate Mortgages (ARMs)

You might choose an ARM if you:

• Expect to stay in the home less than about 5 years.
• Are comfortable with monthly payments that may change.
• Are prepared for possible payment increases in the future.
• Expect your income to increase over time.

Chand Mortgage helps borrowers weigh these options against their financial goals and time horizon.

Step 3: Apply for a Loan

• Borrowers complete a loan application, which can be started online via the "Apply Now" option on the website.
• The application collects information about income, employment, assets, debts, property details, and more.

Step 4: Loan Processing and Underwriting

Once the application is submitted, Chand Mortgage begins processing and reviewing the file. Typical steps include:

• Income and Employment Verification: Confirming that your income is sufficient based on industry guidelines and your existing debts.
• Credit Check: Reviewing your credit history, types of credit, and any late payments or collections.
• Asset Evaluation: Confirming you have sufficient funds for the down payment and closing costs.
• Property Appraisal: Ordering an appraisal to confirm the property's market value and suitability for the loan.
• Additional Documentation: Requesting any extra documents needed to make a final decision.

Tips from the website to help your loan get approved smoothly:

• Fill out the loan application completely; using the online forms can speed things up.
• Respond promptly to any requests for more documentation, especially if your rate is locked or you have a target closing date.
• Avoid moving money between accounts without documentation; provide a paper trail and gift letters if receiving funds from others.
• Avoid major purchases (such as cars or new credit cards) before closing, as they can change your debt and affect approval.
• Avoid being out of town around your closing date unless you have arranged a power of attorney.

Step 5: Closing Your Loan

• After approval, you review and sign the final loan documents, typically in the presence of a notary.
• Check that the interest rate, loan terms, name(s), and property address match what you agreed to.
• Be prepared to pay any required down payment and closing costs, usually by cashier's check rather than personal check.
• Provide proof of homeowners insurance and, when required, other coverages such as flood insurance.

For owner-occupied refinance loans, federal law generally provides a three-day review period (right of rescission) after signing before the transaction funds.

The website organizes mortgage education into several areas:

• Application Checklist: Items and information borrowers typically gather before and during a mortgage application.
• Credit: How credit history and credit scores work, and their impact on mortgage approval and pricing.
• Closing Costs: What closing costs are, why they are required, and different ways they can be paid.
• Appraisals: What an appraisal is, how fair market value is determined, and why lenders require appraisals.
• Private Mortgage Insurance (PMI): Insurance that protects the lender when a borrower puts less than 20% down.
• Refinance: How refinancing works and reasons borrowers may refinance.
• Glossary of Terms: Definitions of common mortgage and real-estate terms.
• Foreclosure: What foreclosure is and general information about avoiding it.

Selected Frequently Asked Topics

The FAQ section on the website expands on many of these basics.

When might refinancing make sense?

• Refinancing is often considered when interest rates are about 2% lower than the rate on a borrower's existing mortgage.
• It can still be worthwhile with a smaller rate reduction (for example, about 1%), depending on loan size, income, budget, and how long the borrower plans to keep the loan.
• Lowering the rate can reduce monthly payments; the exact savings depend on multiple factors.

What are points?

• One point equals 1% of the loan amount (for example, $1,000 on a $100,000 loan).
• Points are fees paid to the lender in connection with mortgage financing.
• Discount points are paid up front to reduce the loan's interest rate.

Should a borrower pay points to lower the interest rate?

• Paying points can make sense for borrowers who expect to stay in the property for at least a few years, because it can lower the monthly payment.
• For short-term stays (for example, one to two years), the savings may not offset the upfront cost of the points.

What is APR?

• The Annual Percentage Rate (APR) reflects the yearly cost of a mortgage, including certain fees such as points, prepaid interest, and some lender charges.
• APR is often higher than the note rate because it factors in those costs.
• It is designed to help borrowers compare the overall cost of different loan offers.

What does it mean to lock the interest rate?

• An interest rate lock holds a specified rate for a set time period (often 30–60 days), protecting the borrower from rate increases while the loan is in process.

What documents are commonly requested for a mortgage application?

Examples from the website include (not an exhaustive list and may vary by borrower):

• Signed sales contract and any riders.
• Proof of earnest money/deposit.
• Recent pay stubs (typically covering the most recent 30 days).
• W‑2s for the last two years.
• Employer information for the last two years and explanations for any gaps in employment.
• Two years of complete tax returns and K‑1s for self‑employed or certain income types.
• Bank and investment account statements for recent months.
• Information on existing debts and obligations.

How is credit judged, and how can it be improved?

• Lenders typically review payment history, total debt relative to limits, length of credit history, recent credit inquiries, and types of accounts.
• The site notes that FICO scores generally range from about 350 (higher risk) to 850 (lower risk).
• Good practices mentioned include paying bills on time, reducing outstanding balances, and being cautious about opening new accounts.

What is PMI and what is 80‑10‑10 financing?

• PMI (Private Mortgage Insurance): Often required on conventional loans when the down payment is less than 20% of the purchase price.
• 80‑10‑10 and similar structures (such as 80‑15‑5): Financing arrangements using a first mortgage, a second mortgage, and a smaller cash down payment to help some borrowers avoid PMI, typically in exchange for higher loan fees or rates.

What happens at closing?

• Closing (or funding) is when ownership of the property is officially transferred to the buyer.
• Documents are signed, funds are disbursed, and the buyer typically receives the keys.
• Borrowers usually perform a final walk‑through to confirm the property's condition and that agreed‑upon items remain.

This educational content is general in nature and is provided on the Chand Mortgage website to help borrowers better understand the mortgage process and terminology.

Fixed-Rate Mortgages

• The interest rate remains the same for the entire term of the loan.
• Monthly principal and interest payments do not change over the life of the loan.
• Common for borrowers who prefer long-term payment stability.

Adjustable-Rate Mortgages (ARMs)

• The interest rate can change during the term of the loan based on market conditions.
• Monthly payments may increase or decrease over time.
• May suit borrowers who are comfortable with payment changes or who expect to sell or refinance within a certain timeframe.

Interest-Only Mortgages

• For a specified initial period, monthly payments cover interest only, not principal.
• After the interest-only period ends, payments typically increase to start repaying principal as well.

Graduated Payment Mortgages

• Mortgage payments start lower and increase annually for a predetermined period (for example, five or ten years).
• Designed for borrowers who expect their income to rise over time.

Loan Program Types

Conventional Loans

• Not insured by a government agency.
• Offer flexibility and fewer restrictions, especially for borrowers with good credit and steady income.

FHA Home Loans

• Insured by the Federal Housing Administration (FHA).
• Allow qualified borrowers to obtain low mortgage rates with a relatively low minimum down payment, subject to FHA rules and limits.

Jumbo Loans

• Used to finance properties with loan amounts above the conforming loan limit.
• As an example from the website, the conforming limit referenced is $766,550; loans above this threshold may fall into the jumbo category, depending on current guidelines.

Choosing a Program

Chand Mortgage helps borrowers compare these rate options and loan types, and works to match each client with a program that fits their goals, budget, credit profile, and property type.

Ask anyway — the agent will say plainly that it is not published rather than guess.