Planet Home Lending, a national mortgage lender and servicer, reports that it has added a new team in Woodbury, N.Y., as part of its growing presence in the Tristate area and continued expansion across the U.S.
The new location is led by regional vice presidents Jason Morano and Chris Wubbenhorst, who have two decades of mortgage experience.
The team of more than 20 mortgage professionals speaks multiple languages as members of the diverse New York Metro community.
“A good number of first-time buyers fall outside the traditional credit box because they are self-employed or bolstering their income with a second job in the gig economy,” Morano says. “While their income streams may not be standard, they are excellent candidates for homeownership. Planet has the resources we need to help these borrowers purchase a home.”
The company also participates in down payment and closing costs assistance programs to make it easier to buy a home.
“Many of today’s homebuyers see real estate as an investment that can help build wealth,” Morano says. “That’s why we offer home loans for two-, three- or four-unit properties. You can live in one unit and apply the rent from the other units toward your mortgage payment.”
On the home seller side, Planet offers interest rate buydowns that temporarily lower the interest rate for a home’s buyers.
“It’s a seller concession that can make the property stand out from competing listings and it may cost less than reducing the selling price,” Morano says.
“The New York metro area is enriched by people from many different cultures and backgrounds,” says Michael Dubeck, CEO and president of Planet Financial Group, parent of Planet Home Lending. “The Woodbury team is impressive in the fact that together they speak a variety of languages, enabling them to better connect with borrowers, understand their goals, and deliver the solutions, resources and support they need.”
Woodbury is the second office Planet has opened in New York in recent months and just one of several that have opened this year.