Errol Santos - Mortgage Loan Originator

Errol Santos - Mortgage Loan Originator Errol Santos is a Mortgage Specialist in Queens, NY with 18+ years experience. Hartford Funding Ltd.

He helps buyers, homeowners, investors, and realtors secure financing.

“A personal referral is the best way to say you appreciate my services." Company NMLS #: 58160

Licensed Mortgage Banker, licensed by NYS Department of Financial Services. Registered New York Mortgage Loan

Errol Santos Mortgage Loan Originator NMLS #: 1115876
Licensing infohttp://www.nmlsconsumeraccess.org

Had a conversation recently with a homeowner who felt trapped financially even though they owned a property that had gai...
05/13/2026

Had a conversation recently with a homeowner who felt trapped financially even though they owned a property that had gained a significant amount of value over the last few years.

That situation is becoming more common than people realize.

A lot of homeowners are equity-rich but cash-flow tight.

They assume the only way to access that equity is by selling the home or going through a long stressful refinance process.

That’s not always the case anymore.

HELOC programs have evolved quite a bit, especially for self-employed borrowers and business owners.

Some programs now allow income verification through bank statements, no appraisal in many situations, and much faster turnaround times than people expect.

The important part though is how the money gets used.

The smartest homeowners I work with usually use equity to improve their financial position long term. Paying off expensive debt. Improving properties. Creating liquidity for business or investment opportunities.

Not just spending for the sake of spending.

Used correctly, home equity can become one of the most flexible financial tools a homeowner has access to.

Interest-only loans are one of the most misunderstood mortgage products out there.A lot of people hear the term and imme...
05/12/2026

Interest-only loans are one of the most misunderstood mortgage products out there.

A lot of people hear the term and immediately assume it’s dangerous or irresponsible. That’s not always true.

Like most financial tools, it depends on who’s using it and why.

For the right person, an interest-only loan can create flexibility during years where preserving cash flow matters more than aggressively paying down principal. I’ve seen investors use them strategically while renovating properties, business owners use them during growth phases, and high-income earners use them when they know their income trajectory is increasing over the next few years.

But this is the important part most people skip over:

These loans are not meant to “make a house affordable” if the payment already stretches your budget too thin.

That’s where people get into trouble.

The best borrowers for interest-only loans are usually disciplined financially, understand risk, and already have a clear long-term plan for the property and their finances.

The wrong borrower sees the lower payment and treats it like extra spending money.

Big difference.

Every mortgage product exists for a reason. Conventional. FHA. DSCR. Bank statement loans. Interest-only structures. They all solve different problems for different people.

The real question isn’t “Is this loan good or bad?”

The real question is whether the loan actually fits the borrower’s situation and future plans.

That’s the part that matters most.

Rent vs buy conversations right now are getting interesting again.In parts of New York, rent has continued to climb whil...
05/08/2026

Rent vs buy conversations right now are getting interesting again.

In parts of New York, rent has continued to climb while home prices have stayed relatively stable over the past few months.

At the same time, there are programs and structures that can lower a buyer’s initial monthly payment.

For example, a 2/1 buydown can reduce the rate by 2% in year one and 1% in year two.

That can mean a $3,200 payment dropping closer to $2,500 in the first year depending on the loan size.

That gap changes the math for a lot of people.

Not saying buying is right for everyone.

But a lot of renters are making decisions based on outdated assumptions about what ownership actually costs right now.

Had a conversation this week with a buyer who thought they were completely stuck.Self-employed. Good income. Strong savi...
05/08/2026

Had a conversation this week with a buyer who thought they were completely stuck.

Self-employed. Good income. Strong savings.

But they had already been turned down by two lenders.

Reason?

Their tax returns didn’t reflect what they actually earn.

They were about to give up on the idea of buying this year.

We looked at their bank statements instead.

24 months of deposits showed a completely different picture.

They ended up qualifying for a purchase price they didn’t think was possible.

Same person. Same financial situation.

Just evaluated correctly.

A lot of people walk away from homeownership because they assume one “no” means it’s not possible.

That’s usually not the case.

I want to explain something that most lenders never bother to explain and it costs buyers tens of thousands of dollars a...
04/27/2026

I want to explain something that most lenders never bother to explain and it costs buyers tens of thousands of dollars a year without them even knowing it.

It is called a 2/1 buydown and it is one of the most useful tools in a market like this one.

Here is how it actually works.

When rates are elevated and buyers are stretched, sellers have a choice. They can drop their price. Or they can pay a lump sum upfront to temporarily reduce the buyer's interest rate for the first two years of the loan. That lump sum sits in an escrow account and gets used to subsidize the difference between what the buyer pays and what the full rate would cost.

The math on a $400,000 loan at 6% looks like this. Year one the buyer pays at 4%, which is roughly $489 less per month than the full rate. Year two they pay at 5%, which is about $251 less per month. Year three and beyond they are at the full 6% note rate. The seller puts in about $8,800 upfront. The buyer saves almost $9,000 over two years and gets time to settle in before the full payment kicks in.

From the seller's side, this is almost always smarter than a straight price reduction. A $9,000 price reduction barely moves the needle on a monthly payment. The same money structured as a buydown delivers real, tangible savings the buyer can feel every month for two years. It makes the home accessible to a larger pool of buyers. In a market where sellers are starting to price more competitively, this is leverage most of them are leaving on the table.

It works on conventional, FHA, and VA loans. And in a rate environment where Fannie Mae is projecting rates could drop below 6% by the end of 2026, a buyer who locked in today with a buydown can potentially refinance into a lower permanent rate in 12 to 24 months anyway.

They bought at a payment they could handle. They saved money in the interim. And they refinanced when the market gave them the opportunity.

That is not luck. That is knowing the tools.



Here is something that does not get said enough about renting in New York right now.The average one-bedroom in New York ...
04/27/2026

Here is something that does not get said enough about renting in New York right now.

The average one-bedroom in New York City is running around $3,950 per month. That is $47,400 a year. Every dollar of that goes to someone else's equity, someone else's mortgage, someone else's retirement account. The renter gets a place to live. That is the full return on $47,400 a year.

Meanwhile the 30-year fixed rate in New York is currently sitting around 6.28%. That sounds high compared to what people remember from 2020 and 2021 but here is the context that matters. It is 70 basis points lower than it was one year ago. On a $500,000 loan that translates to roughly $220 less per month than buyers were paying last spring. Rates have been moving down steadily and Fannie Mae projects they could reach 5.7% by the end of 2026.

The Queens median home price sits around $700,000, which makes it the most accessible major borough in the city by a significant margin. The conventional loan limit in New York is $832,750 right now with 3% down available for first-time buyers. There are also down payment assistance programs through NYC Housing Preservation and Development that can provide up to $100,000 for qualifying first-time buyers.

There is a comparison worth running here. A buyer purchasing a $700,000 Queens home with 3% down at 6.28% has a principal and interest payment around $4,100 per month. They are building equity on a $700,000 asset every single month. New York home prices are forecast to appreciate 2 to 4% in 2026. On a $700,000 home, 3% appreciation is $21,000 in a year.

The renter paying $3,950 a month ends the year with nothing added to their net worth from housing costs.

This is not an argument that buying is right for everyone right now. Income, stability, life plans, credit, all of it matters. But the people who keep saying the math does not work have usually not actually run the math recently. The numbers shifted. Save this and look at them again.


Still saying next year?Before you wait again, run your numbers first. The biggest mistake buyers make is assuming they’r...
04/15/2026

Still saying next year?

Before you wait again, run your numbers first. The biggest mistake buyers make is assuming they’re not ready without actually checking what’s possible right now.

A smart plan starts with real numbers, real options, and a clear next step.

Know your numbers first.

One thing I've been talking to a lot of first-time buyers about lately is something called a 2/1 Buydown. I don't think ...
04/07/2026

One thing I've been talking to a lot of first-time buyers about lately is something called a 2/1 Buydown. I don't think it gets enough attention given where rates are right now.

Here's how it works. A 2/1 Buydown temporarily reduces your interest rate for the first two years of the loan. In year one your rate is 2 points below the note rate. Year two it's 1 point below. Year three through 30 you're at the full rate. The seller pays for it as a concession, so your out-of-pocket at closing doesn't change.

On a $400,000 loan at a 6% note rate, the monthly payment in year one works out to around $1,909. Year two around $2,147. Year three onward you're at $2,398.

For a buyer who is stretching a little to make the numbers work, those first two years can make a real difference. Your income usually grows in that time. By year three the full payment feels a lot more manageable than it does on paper today.

For the realtors reading this: sellers are more open to concessions right now than they've been in a few years. If you have a buyer who is close but nervous about affordability, this is worth knowing about.

Any questions on how it works in practice, drop them below.



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Here's something that genuinely frustrates me after 18 years in this business.A lot of self-employed people, freelancers...
04/06/2026

Here's something that genuinely frustrates me after 18 years in this business.

A lot of self-employed people, freelancers, and business owners assume they can't get a mortgage because their tax returns look bad. And they're not wrong that the tax returns look bad. They're just wrong that it's the only option.

Tax returns are designed to minimize taxable income. That's smart accounting. But it also means the document most lenders rely on shows the smallest possible version of what you actually earn. For a W-2 employee that's fine. For someone who runs their own business, it can make a completely qualified buyer look unqualifiable on paper.

Bank statement loans solve exactly that problem. Instead of tax returns, we use 12 to 24 months of your actual bank deposits to verify income. Business or personal statements both work. Loans go up to $3 million. Credit scores starting at 620. DTI ratios up to 50%.
I've helped a lot of people who walked away from a bank feeling like the door was closed. Usually the door was open, just in a different part of the building.

If this sounds like your situation, feel free to reach out or drop a comment. Happy to take a look at what might be possible.



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3601 Hempstead Turnpike, Suite 300
Levittown, NY
11756

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