Loan Officer at FM Capital and FM Home Loans

As an experienced Loan Officer with a family background in the industry spanning over 35 years, I bring a wealth of knowledge and expertise to my role at FM Home Loans. Specializing in residential, commercial, and hard money loans, I am dedicated to helping clients achieve their financial goals by providing personalized and professional service.

With a strong work ethic and a commitment to delivering exceptional results, I take pride in building long-lasting relationships with my clients and ensuring that their needs are met throughout every step of the loan process. Whether you are a first-time homebuyer or a seasoned investor, I am here to guide you through the complexities of the mortgage industry and help you make informed decisions that align with your financial objectives.

If you are looking for a reliable and trustworthy mortgage lender who puts your needs first, please don't hesitate to get in touch. I would be honored to assist you with your financing needs and help you achieve your dreams of homeownership or real estate investment success.

NMLS 1886122

FM Home Loans – 2329 Nostrand Ave, 3rd Floor, Brooklyn, NY | 718-377-7900 | Licensed Mortgage Banker
NJ - Licensed Residential Mortgage Lender, New Jersey Department of Banking and Insurance | NY-
Licensed Mortgage Banker, NYS Department of Financial Services | Rates are Subject to change and may
not be available at the time of the commitment. All loans subjected to approved credit and income
requirements | NMLS ID # 2212

I spoke to a self employed borrower last night. I asked “how much do you earn?” He says about 500k annually.

I repy “net?”

He says “Oh my accountant does a great job, we expense a lot. Let me check….”

Turns out he at 45k once all is said and done.

So a conventional loan won’t work.

However at FM we have many other options.
That don’t use tax returns or W2’s to calculate income.

So he got preapproved.

End of story.

Yechiel Zeilingold

As an experienced mortgage broker with a family background in the industry spanning over 35 years, I bring a wealth of knowledge and expertise to my role at FM Home Loans. Specializing in residential, commercial, and hard money loans, I am dedicated to helping clients achieve their financial goals by providing personalized and professional service.

With a strong work ethic and a commitment to delivering exceptional results, I take pride in building long-lasting relationships with my clients and ensuring that their needs are met throughout every step of the loan process. Whether you are a first-time homebuyer or a seasoned investor, I am here to guide you through the complexities of the mortgage industry and help you make informed decisions that align with your financial objectives.

If you are looking for a reliable and trustworthy mortgage broker who puts your needs first, please don't hesitate to get in touch. I would be honored to assist you with your lending needs and help you achieve your dreams of homeownership or real estate investment success

Direct Lender | 1-4 Unit Financing expert | From the Construction loan to Refinance | First time homebuyer programs | Excellent Rates Unmatched Service | Loan Officer at FM Home Loans & Sterling Capital NMLS ID 1886122

Most of my clients have 9-5 “normal” jobs.
And they don’t have the luxury of a half hour meeting with their wife and mortgage broker at 2 pm.

So what does that mean for me?
I can play tennis at 2 pm (occasionally)
But at 11 pm I’m deep in a preapproval.

I love the fact that I have the freedom to come and go. The “office” is wherever I am.

I was “chained” to a desk for the first 15 years of my life and I’m never going back.

Ps: kids shouldn’t be forced to sit by desks from 9-5 either. Agree?

We were driving on the highway just as the snow started to fall.
The road became slippery and dangerous.

We realized quickly the only safe thing to do is follow in the tracks of the car before us.

The other vehicles else figured out the same thing (besides that one pickup in the left lane mocking us)

The the entire highway was one line of cars in single file order.

When it gets tough- you stick close to others.

Stay safe.

A client called me up for a refinance- he was looking for an extremely low rate, and I asked him what his credit score is- he said 815.

I told him where we would be and he said “lets move forward” (the rate was excellent)

I pull his credit- it’s 770.

He wasn’t upset.
In some circles 770 is better than 815 ;)

Ps: we gave him the same rate.

Yesterday I drove about two hours to meet with a client.
The guy was extremely appreciative and said “you didn’t have to” about 4 times.

But here’s what I believe. 
The best way to do business is in person.

Most of my job is over the phone so if I have the opportunity to meet someone- I’m in.

Also the whole drive I was on calls, so didn’t really lose any time.

Whats your take on in person meetings?

A client called me last week. They had a plan to buy a 3 unit property for 1.3 million,
Rent out two units and live in the third.

Seemed like a no brainer.
Their payment would probably be lower than their rent now- and they would own a home.

The few things that they didn’t account for- flood insurance, pmi, and property taxes.

Once those were all factored in, the numbers didn’t work.

They were unpleasantly surprised at how expensive owning a house is and resolved to find the extra income or down payment in the coming months.

Here’s my opinion- they are in a much better spot than had they not “thought” they could afford a home today.

Now they have real numbers. A plan. And hopefully they’ll get there sooner than later.

You’ll always do better seeing the actual numbers as early as possible.

If you want to go through what a home will cost you- even if you aren’t ready yet. Dm me.

I have a client who is buying his second house. The first one- 5% down payment and a full sellers concession (basically the seller paid for all the closing costs.)

His out of pocket cash was about 40k.

Now he is buying a house for a million dollars and he wants to put down 25%.

No major salary jump- just profit from his sale of his first home he bought 3 years ago.

The single family market sales is still strong.
Rental market on the other hand…..

A guy called me for a preapproval yesterday.
He has two kids and paying $1500 for rent.
We go through the numbers together- The the house he wants + down payment he has- Will cost about $3,500 monthly.

He says- I’m saving 2K a month by renting why don’t I just continue doing that?

He expected me to tell him about “house appreciation” or “your paying a mortgage already- just your landlords”

But I replied “That’s a great point. Maybe it’s a better idea for you to wait until you “need” to buy”

I’m not interested in convincing someone to take a mortgage.

I hope that when a family does decide to buy a home- they choose to use me for the financing.

Ps: in the Lakewood New Jersey area- We have crazy low first time homebuyer rates.

I have a client who has a few large businesseses and is always busy, even his “secretary” who answers his emails takes about 4 days to respond generally.

I usually would just send document requests directly to the relevant parties (cpa, insurance agent, attorney)

But this guy doesn’t want his personal information shared without him reviewing first (which I completely understand)

So instead we wait 4 days and then the borrower responds “looping in my insurance agent”

Does it make sense?
Probably not.

But that’s irrelevant.

I work for my clients, if they have a “thing” that they like or don’t like - we have “thing” together.

Either way today is day 4- 💪

Guy reaches out to me- he’s looking to refinance a home in New York.
The problem is it’s gonna cost him about 15k in mortgage tax.

The way to get around it is with a “cema”.

Basically, instead of lending money to pay off the old loan, we modify his current loan to the new terms- therefore, we can avoid mortgage tax because it’s not a new mortgage.

This takes money and time but a lot less than the tax would cost.

Interestingly there are other states which charge some sort of mortgage tax, but New York is the only one that allows you do a cema to avoid it.

If you are refinancing a property that has a loan on it in New York- Make sure you tell your lender that you want to do a cema.

Ps: you can technically do it on a purchase to but it usually doesn’t work out for other reasons.

When a client asks me if it makes sense to refinance I make an estimate with all the costs as well as savings. There’s nothing quite as powerful as a red number showing your monthly savings.

Recently it’s been “refi season” and my pipeline is about 80% refinances.

It’s definitely less stressful but also not as exciting.

I love being a part of somebody’s purchase of a piece of dirt. (With a structure on top)

So if you want to save a ton of money monthly, definitely reach out to me for a refinance and if you’re looking to buy a home, I’d love to help too!

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