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Insider Mortgage Tips: An Interview with Frank O'Brien of PFS, Inc.

By Frank O'Brien

Tell us a little bit about your company and its foundation.

PFS was founded in June of 1990 by Frank and Kathleen O'Brien. We first met working at a bank with Kathleen as an Underwriter and Frank as a Loan Originator. After working for two other lending institutions we began to notice flaws in those companies and thought we could do better on our own. We started PFS Inc.

The thought was, if we treated people the way we would want to be treated if we were going through the same process, the company should be a success and here we are 24 years later. We understand we are in a service industry. Yes, you have to have good low rates, but the most important thing is how the client feels when walking away from the closing whether it's a refinance or a purchase transaction. We strive for the client to have a good positive experience.

In 2013 our average loan amount was $701,000, with 85% selecting ARM products and 15% selecting fixed rates. 50% of the ARM products were a 6/1 Jumbo ARM at 2.75% with the APR at 2.89%.

What are some of the services your company provides?

PFS, Inc provides financing for 1-4 family properties, condo and co-ops, both owner occupied, second homes and investment properties, for both purchase and refinance transactions. We also offer lines of credit and construction financing.

How important is it to document my finances?

Its important to document your finances. With all the new lending regulations its all but impossible to get a loan without it. You need to document the last two years personal tax returns, current paystubs and bank statements along with verifying liquid assets. If self-employed, you will need the last two years business returns as well. Typically the liability information (credit info) is taken off the credit report.

How do I know if it is a good time to refinance? Is it a good time presently?

By contacting an experienced mortgage banker, like us, we can help you decide if its in your best interest to refinance. The reason could be many: lower rate, cash out, debt consolidation, home remodeling. Mortgage rates are still at historically low levels, and some refinances can be done with little to no out of pocket expenses.

What are some of my options if I have poor credit?

All people should do their best to pay their bills on time. Once payments are missed, it may take years to clean up a credit report. Credit scores at 740 and higher will be offered the best and lowest rates. These days some lenders will go as low as 580. Keep in mind, the lower the score the higher the rate.

What is the best way for people to get in contact with you?

The best way for people to contact PFS, Inc is by phone at 203-452-3590 or email fobrien@pfsmortgage.com.

Francis E. O'Brien, MLO, NMLS #119949
PFS, Inc. NMLS #118657
PFS, Inc. is licensed Correspondent Banker in the State of CT
PFS, Inc. is licensed Registered Mortgage Broker in the State of NY
Member of the CT Mortgage Association (CMA)
Member of the National Association of Mortgage Bankers (NAMB)

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Phone: 203.452.3590

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