Joe Bydzovsky
Branch Manager
As an experienced loan officer, my goal is to provide you with individual solutions tailored to your specific needs. I review all the details and objectives with you to ensure that everyone is on the same page. I want my customers to remember the smooth process long after the closing is completed. I have access to a large variety of financing options designed to meet the needs of the first-time homebuyer as well as the experienced owner. By providing in-house origination, processing, underwriting and funding services, I can ensure that your loan will be completed accurately, smoothly and in the loan that best meets your needs. This positive experience is why past customers, real estate and financial professionals continue to refer me to friends, family, clients and co-workers. I believe you will too!
Marketplace Approved
There’s a difference between getting pre-approved & getting Marketplace Approved. Our pre-approvals go through certified underwriting up front to give all parties the certainty of closing and closing ON TIME.
5 Day Loan Commitment
Want to make your offer more attractive? Get a complete commitment from underwriting in 5 days with or without a house with our UFirst 5 Day Loan Commitment!
On-Time Closing Guarantee
If we are unable to close your purchase on or before your scheduled closing date, we will pay for your first mortgage payment up to $1,500 P & I AND the seller of the property will also be paid $5,000. *See terms and conditions.
Interest Rates Vs. Affordability
Rising interest rates can make the difference between locking in the home of your dreams today or being locked out tomorrow!
THE MARKETPLACE HOME MORTGAGE BLOG
VA Loans & What They Mean for America’s Heroes
Marketplace Home Mortgage is proud to offer Veterans Affairs mortgages, better known as VA Loans, to America’s heroes. VA loans make it easier for veterans to become homeowners. They offer a zero percent down mortgage option, and rates are typically .25% lower than most conventional loans. VA home loans also do not require mortgage insurance.
Once you have earned eligibility for a VA loan it never expires and can be used as many times as you want. Even if you served 30 years ago, you can still take advantage of this mortgage option today. A surviving spouse may also qualify for a VA loan. If you have purchased a home with a VA Loan, and then sold the home and paid off the VA loan completely, you can re-use your benefit to buy another house.
Did you already purchase a home without knowing about the VA Loan option? Don’t stress – you can refinance with Marketplace Home Mortgage into a VA Loan! Homeowners can refinance up to 100% of the home’s value and get rid of their mortgage insurance, which is a very nice option in the current lending environment.
At Marketplace Home Mortgage, we love working with veterans and active military personnel. We have helped many veterans use this loan program to buy their dream home. To find out if you are eligible, or to get started, contact a Marketplace Home Mortgage Loan Officer today.
Source: https://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp
Overcoming Your Home Ownership Fears
If you’ve rented for your entire adult life, the idea of buying a home can seem like a lofty, complex, maybe someday, goal. Listen up: it doesn’t have to be!
If you dream of owning a space all your own, don’t let fear get in the way. Whether it’s fear of not being prepared, fear of the mortgage process, or fear of commitment, many would-be homebuyers have a mental block that is holding them back from pursuing their goal. What is it for you?
Yes, the housing market is competitive. Yes, owning a home is a big investment. Yes, it will take work and planning…but just like anything in life, it all starts with a single step. Take a look at some of the common fears outlined below. Identifying the reality behind these fears may help you move past them. Before you know it, you could be well on your way to owning your own little corner of the world.
Fear: “I’m Not Ready”
This may or may not be true. However, the only way to be ready is to get ready. This is where your Loan Officer comes in. If your goal is homeownership, consider a Loan Officer the coach who will help you get to the finish line. When you meet with a Marketplace Home Mortgage Loan Officer, they will review your financial situation and help you make a plan.
Many people believe they are not ready to become a homeowner because they don’t have perfect credit or 20% down payment saved. The reality is you may not need either of those things to buy a home. There are many different loan options available, including programs designed specifically for buyers with less than perfect credit or limited down payment resources. You might be surprised to find you are more prepared than you thought.
Fear: “I Don’t Understand the Mortgage Process”
Honestly, this is an easy one. At Marketplace Home Mortgage we take this very seriously. Our Loan Officers are committed to making sure you understand the home buying process and all your mortgage options. They will be with you every step of the way to answer questions you might have. You can think of them as your home-buying spirit guides.
Of course, it helps to educate yourself ahead of time. If you want to get a jump start, take a look at some of our other blog posts like (Understanding Mortgage Terminology, Low-Down Payment Mortgage Options, or anything in our First Time Homebuyer Category). If fear of the mortgage process is the only fear keeping you from taking the first step, you’re in luck. When you work with Marketplace Home Mortgage, you can rest assured — we’ve got you covered.
Fear: “I Don’t Want to Be Tied Down”
If fear of commitment is part of what’s keeping you from buying, you are not alone. According to a recent study by NerdWallet about 20% of people between the ages of 18 and 34 are likely to be afraid of the long-term obligation associated with a mortgage*. This fear is worthy of some consideration. If you are unsure about buying a home because you don’t want to be tied down, think about what that means to you. If you don’t want to buy because you think you may move soon, that is important.
Over the long-term, buying a home is often smarter than renting. However, if you plan to move in the next year or two you may not have enough time to build equity and to break even with the purchase and moving costs. However, if you are planning to stay in the same area for the foreseeable future, take a deep breath. Buying a home doesn’t mean you will be tied to the same piece of property for the rest of your life. You may be ready to move up in a few years (maybe using equity you built on your first home). You also might find that you prefer to continue to invest in and improve your purchase, which can be just as enjoyable. Committing to a mortgage can be nerve-wracking, but just like any other kind of commitment, it can be equally as exciting.
Fears can hold you back, but the best way to combat them is with information and action. If you are ready to overcome your fears and take the first step toward home ownership. Contact a Marketplace Home Mortgage Loan Officer.
Not connected with a Loan Officer yet? Visit www.MarketplaceApproved.com and we will get you connected with an expert in your area.
*NerdWallet Statistic Source: https://www.realtor.com/news/trends/millennials-and-down-payments
Understanding Mortgage Terminology Guide
Buying a home can be a confusing process, especially for the first time you do it. There are many terms and acronyms used throughout the transaction that you may not be immediately familiar with. Luckily, when you work with the Marketplace Home Mortgage terminology guide you can always count on your Loan Officer to help you through the process and answer any questions that you may have about the mortgage terminology guide.
To get a head start on understanding the mortgage process, take a look at the mortgage terminology guide below. By learning more about these words and phrases, you will be better prepared to navigate a mortgage transaction. If you have any questions, never hesitate to reach out to your Marketplace Home Mortgage Loan Officer. Not connected with an MHM Loan Officer yet? Find one in your area and reach out today.
Understanding Mortgage Terminology Guide
1003 Form
A commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application.
Adjustable Rate Mortgage (ARM)
A type of mortgage loan characterized by interest rates that automatically adjust or fluctuate in concert with certain market indexes. Generally, an ARM begins with an introductory or initial interest rate, which then may rise or fall, but monthly payments may not exceed the ARM loan cap.
Borrower
The individual or individuals extended a loan and mortgage for the purchase of a house and/or property. The borrower is responsible for making all payments and fees associated with the loan over the life of the loan.
Closing
The formally documented sale of a home and/or property that includes signing all documents associated with the exchange and payment of required closing fees. A closing agent usually oversees this process.
Conventional mortgage
A mortgage offered by any one of the Government sponsored entities, different from an FHA or VA loan. These are typically 30-year fixed-rate loans.
Earnest money
A sum of money usually put up by the buyer when an offer on a home or property is made. The purpose of earnest money is as a token of good faith, a symbol that the buyer is seriously pursuing the purchase.
Equity
The measurable value of a home or property above and beyond that owed on a loan. A value upon which many homeowners often borrow.
Escrow
At the closing of the mortgage, the borrowers are generally required to set aside a percentage of the yearly taxes to be held by the lender. Monthly, the lender will also collect additional money to be used to pay the taxes on the home. This escrow account is maintained by the lender who is responsible for sending the tax bills on a regular basis.
FHA Loan
Loans extended by FHA (Federal Housing Administration) approved lenders. These loans are typically are designed to assist borrowers who are unable to get approval for conventional home loans.
Fixed Rate Mortgage
A conventional mortgage that is outfitted with a fixed interest rate over the life of the loan. Monthly payments are the same from month to month.
HUD loan
A type of loan available to HUD homebuyers that goes toward fixing up a home. The loan is subsequently absorbed into the mortgage. The term “HUD loan” is often confused with “FHA loan.”
Jumbo Mortgage
A type of high-risk loan, or non-conforming loan, in which the “jumbo” loan amount is higher than that of a conventional loan limit.
Lender, Mortgage Lender
The bank or finance company that directly awards home loan or mortgage money to a borrower or homebuyer. Legal-mortgagee.
Marketplace Approved®
A pre-approval provided by Marketplace Home Mortgage. When a buyer is Marketplace Approved the underwriting process is completed up front to eliminate surprises at the end. Marketplace Approved offers are also enhanced by an On-Time Closing Guarantee*. If we are unable to close your purchase on or before your scheduled closing date, we will pay your first mortgage payment up to $1,500 P&I and the seller of the property will also be paid $5,000.
Mortgage Broker
The entity that acts as a go-between between a homebuyer and mortgage lender, handling paperwork and finally effecting a mortgage. A broker does not make direct loans to buyers but works to find the best deal and finally collects fees as part of the mortgage process.
Mortgage Insurance
When buyers take out a mortgage with less than a certain dollar percentage to put down on the loan, lenders sometimes require mortgage insurance, a monthly premium that is added to the mortgage. This protects the lender should a buyer default on the home loan.
Mortgage Insurance Premium, MIP
A required fee added into an FHA loan paid at closing.
Mortgage Terminology Guide
Preferred Lender
A lender that is closely affiliated with a brokerage based on reputation and other industry factors. A mortgage lender that is recommended by a broker. Marketplace Home Mortgage is the Preferred Lender of many brokerages across the US.
Pre-Approval & Pre-Qualification
Pre-qualification is the process by which a homebuyer may find out how much of a home loan he or she would be approved for with a lender. This is usually just an estimate based on preliminary information concerning income, debts, assets. A pre-approval, on the other hand, is a stronger, more reliable evaluation of necessary documentation. At Marketplace Home Mortgage our clients are pre-approved (Marketplace Approved®) by a certified underwriter to ensure that they know how much they can really afford, eliminating problems later on.
Private mortgage insurance, PMI
A type of insurance many homebuyers are required to purchase, particularly when they are unable to put down a certain dollar amount on the loan; protects the lender in the event of borrower default.
Property appraisal
A fair market value of property performed by a licensed appraiser; takes into account not only condition, but also the value of similar local properties or comparable sales.
Rate Lock
A short-term agreement by a lender to “hold” a certain interest rate on a home loan while the buyer negotiates a sale transaction. Also, Rate commitment option.
Real Estate Settlement Procedures Act (RESPA)
This act passed in 1974 reeled in hidden costs, fees and kickbacks that had become widespread among real estate entities. Per this act, all fees and costs must be disclosed to both buyers and sellers.
Refinance
The process by which a borrower/homeowner may negotiate a lower interest rate on a mortgage, thereby lowering monthly payments. They may choose to work with their current lender or refinance with another lender.
Reverse Mortgage
A type of mortgage designed for homeowners over 62 years of age; gives them access to home’s equity in cash payments. Frees up money they may use for other important costs or to make needed home repairs. Since reverse mortgages are typically structured as loans, these payments are not typically considered income.
Sub-Prime Loan
a high-risk loan packaged with non-conforming loan limits and interest rates that make it possible for homebuyers with poor credit to qualify for a mortgage.
Title Company
A title company typically handles all tasks associated with the property title, including insurance and search.
Title Insurance
Insurance taken out on the property title that protects both borrower and lender in the event of a title dispute.
Underwriter
The company or service that evaluates a borrower’s creditworthiness prior to loan and mortgage approval.
VA Loans
Special, often discounted, home loans designed exclusively for military veterans.
This mortgage terminology guide and definitions were compiled from Mortgage terminology guide Calculator.
“Glossary of Mortgage Terms.” Mortgage Calculator, www.mortgagecalculator.org/helpful-advice/glossary.php.