Most delays happen because something surfaces late. Purchase files and refinance files follow different steps. Both start with a complete application.
01
Inquiry
Tell us purchase vs refinance, ZIP, and credit band so we route the file correctly.
02
Application
About 12 minutes online, or on the phone if you would rather talk it through.
03
Pre-approval
Income, assets, and credit verified so the letter means something to a listing agent.
04
Under contract
Appraisal, title, and disclosures on a written timeline the same day.
05
Closing
Final numbers three days before signing, as TRID requires.
01
Goal
Lower the rate, shorten the term, drop MI, or take cash out. We price the option that matches the goal.
02
Application
Current balance, rate, occupancy, and credit. Same 12-minute application.
03
Break-even
You see estimated costs against monthly savings before you spend appraisal money.
04
Underwriting
Conditions cleared as they arrive. Streamline options used when the current loan allows it.
05
Closing
Sign, pay off the old loan, start the new one. No listing agent in the middle.
Start with a few details
No Social Security number and no income needed here. A licensed officer calls you back, usually the same business day.
The basics
Details
Contact
First-time buyers
State down payment assistance you may not know you qualify for.
Both states we lend in most run forgivable assistance programs. They carry paperwork most lenders would rather avoid, which is part of why they stay underused.
First-time buyers, Bucks County
You do not need 20 percent down.
Conventional starts at 3 percent and FHA at 3.5. PHFA and NJHMFA both run forgivable assistance on top of that. The question is usually closing costs, not the down payment.
Forgivable second mortgage, forgiven 10% per year over ten years
First mortgage
Paired with a PHFA Keystone first mortgage
Income and purchase price limits are set by county, and are checked against the county where the property sits, not where you live now.
HOMEstead offers up to $10,000 as a no-interest second forgiven over five years, where available by county.
Older housing stock matters here: lead paint rules apply to pre-1978 homes, and knob-and-tube wiring is common in Philadelphia rowhomes.
New Jersey
NJHMFA
New Jersey Housing and Mortgage Finance Agency
Assistance
$17,000 to $22,000 total, per NJHMFA
Structure
Interest-free forgivable second mortgage, no monthly payment, forgiven after five years in the home
First mortgage
Requires an NJHMFA first mortgage, typically the First-Time Homebuyer Mortgage Program
The base assistance amount varies by county. The First Generation program adds $7,000 for buyers whose parents have not owned a home.
First-time buyer means no ownership interest in a primary residence in the previous three years.
Income and purchase price limits are set by county and household size. A HUD-approved homebuyer education course is required.
New Jersey is an attorney state with an attorney review period after contract signing, and property taxes are among the highest in the country.
Amounts and limits change. Both agencies revise assistance amounts, income caps, and purchase price limits periodically, and eligibility is checked against the county where the property sits. Confirm current figures with us before relying on any number here.
Refinancing is a math problem, not a sales pitch.
Lower the rate, shorten the term, drop mortgage insurance, or take cash out. We show you the break-even before you spend a dollar on an appraisal.
The right loan depends on credit, down payment, occupancy, and where the property sits. Not on which product is easiest to pitch. Compare all programs.
Switch between Conventional, FHA and VA and watch the payment move. That difference is exactly what most quotes leave out, and it is usually worth more than the rate you were shopping.
01 PMI on a conventional loan cancels at 20% equity.
02 FHA insurance stays for the life of the loan under 10% down.
03 VA has none at all, and the funding fee is financed.
What is the difference between a pre-qualification and a pre-approval?
A pre-qualification is an estimate based on what you tell us. A pre-approval means we have pulled credit and verified your income and assets, so the letter is built on documents rather than a conversation. Listing agents know the difference, which is why a pre-approval carries weight with an offer. More on this
How fast can I get a mortgage pre-approval?
Once we have your application, credit, and the documents on our checklist, most buyers have a letter within one to two business days. If you have already found a home and are writing an offer, tell us on the form and we prioritize the file. Call (267) 241-9900. More on this
Do you work with my realtor?
Yes. Send your agent to this page or have them call (267) 241-9900. You can request a pre-approval here with no Social Security number on the first form. Agents who want a standing partnership can use the Partners form. More on this
How much do I need for a down payment?
Less than most people expect. Conventional loans allow 3% down for qualifying first-time buyers, FHA allows 3.5%, and VA and USDA allow $0 down for eligible borrowers and properties. Pennsylvania's PHFA and New Jersey's NJHMFA add down payment and closing cost assistance for buyers who meet their limits. More on this
When does refinancing make sense?
When the closing costs pay for themselves before you expect to sell or refinance again. Divide the costs by the monthly savings to get a break-even month, then compare that to how long you plan to stay. Refinancing also makes sense when the goal is not savings but structure: a shorter term, removing mortgage insurance, or converting an adjustable rate to fixed. More on this
Is the calculator a pre-approval?
No. The calculator is an illustration built on the assumptions you type in. A pre-approval requires an application and verification of income, assets, and credit, and it is the only number an agent or seller will rely on. More on this
Where is Stellar Mortgage licensed?
Stellar Mortgage Corporation, company NMLS #2190975, is licensed in 19 states, with offices in Southampton, Pennsylvania and Hamilton, New Jersey. Every loan officer is individually licensed. The current list is on our licensing page and can be verified at NMLS Consumer Access. More on this
