Common Questions

How can New Start Home Loans get me a great loan?

New Start Home Loans has access to a wide selection of mortgage programs and products with preferred pricing that other lenders and brokers can't match. That's good news for you. You don't have to fit a mold to get a great new home loan from New Start. So whether your credit is spotless or you have a recently discharged bankruptcy, hard to prove income or some other challenge, chances are New Start Home Loans has a great new home loan for you at a rate you can truly afford.

Can I get cash or consolidate debt and refinance at the same time?

Yes. In fact, economists and financial planners around the country agree-- for most homeowners, refinancing is the single best way to get cash and consolidate high rate debt. Why? Because interest rates on first mortgages are generally the lowest rates available to consumers. Plus, first mortgage loans offer a greater selection of programs, products and terms than other forms of consumer borrowing. Need cash or want to consolidate high rate bills? A refinance is most likely the best financial option for you.

What if I am currently late on my mortgage payment?

At many mortgage companies, being late on your mortgage payment even once in the past 12 to 24 months would prevent you from getting a new home loan. Not at New Start Home Loans. We commonly assist homeowners who are 30, 60 even 90 days or more past due on their mortgage get a new home loan and a new start on their budget. We have testimonials from our satisfied customers to prove it. Let us prove it to you.

What if I am currently late on other obligations or have collections and judgments?

If you are currently late or have ever had late payments, collections or judgments you probably know firsthand the frustration of having creditors and collectors nagging you for payments while you're trying hard to get rid of those bills plus meet life's ongoing financial needs for you and your family. New Start Home Loans can end the frustration. With a new home loan from New Start, you can pay off your past due creditors and get a new start on your budget. Plus, stop the nagging calls and get some peace of mind again for you and your family. Call New Start and end the frustration now.

What is LTV (Loan to Value) and how will it affect my loan?

Most lenders limit the amount of money they will loan to a certain percentage of the value of your home. This is known as the loan to value (LTV.) For example, if a lender says "we can go to 85% LTV," then the maximum loan they could extend would be 85% of the current market value of your home. The maximum LTV can vary not only from homeowner to homeowner, but from lender to lender as well based on each homeowner's unique qualifications. At New Start, we specialize in helping homeowners with less than perfect credit. Our programs, with LTV's up to 100% of the value of your home, are designed to give you the maximum flexibility you need to get cash, consolidate debt and give you a new start on your finances.

Can I get a new loan even after bankruptcy or foreclosure?

Every day we hear from people who have been told that they can't get a new home loan after they file bankruptcy or have been through a foreclosure. That's simply not true. New Start Home Loans has the resources to give homeowners another chance, including loans to homeowners just discharged from bankruptcy. If you've heard "no" from other lenders then we encourage you to call New Start Home Loans. We have the loan programs and products that separate us from the competition and give us the flexibility to say "yes" to your new home loan.

What is the lowest credit score I can have and still get a new loan?

There are several qualifications that lenders consider when approving someone for a home loan including employment stability, debt to income ratio, past mortgage payment history, LTV and your credit score. These qualifications will affect your ability to qualify for a loan with any particular lender and the rate and terms you will qualify for. At New Start Home Loans, we specialize in helping homeowners with less than perfect credit. We have programs that can assist homeowners with credit scores as low as 350 get another chance to put their finances back on track. We don't expect you to fit a mold. We'll consider all your qualifications, including credit score, to help get you the new home loan you're looking for.

What's the difference between a refinance and a home equity loan?

Many homeowners incorrectly believe that a refinance and a home equity loan are the same thing. They are not. With a refinance, the old first mortgage is paid off and any cash out to consolidate bills or given to you at close is rolled together into one new loan. One rate. One loan. One payment. A home equity loan is synonymous with a second mortgage. If you take out a home equity loan (fixed amount or line of credit) you will have a second loan and a second mortgage payment with a usually much higher second mortgage rate. For most homeowners, refinancing is the single best way to get cash and consolidate high rate debt.

Will I need to verify all my income?

New Start Home Loans offers special "Stated Income" loans that do not require the same level of income verification and other documentation required of traditional mortgage loans. These loans are popular with self-employed individuals and other homeowners who do not have easy to verify income or assets. Discuss your documentation needs with a New Start loan professional today. We'll be glad to explain our loan programs and products in simple to understand terms and help you determine the right home loan for your needs.