Leader Mortgage Company
Sushil Tuli founded Leader Mortgage after working in the banking industry for ten years. A friend needed help with a mortgage, and Mr. Tuli guided him through the process. Soon he was deluged with referrals. He decided to start his own mortgage company and opened an office in Chinatown where his clients were mainly Chinese, Greek and Italian immigrants. He established a relationship with a real estate firm and expanded his cliental. He moved his office to Arlington, Massachusetts, where Leader Mortgage is currently headquartered, in 1991. Leader has grown from a one man operation to 32 full-time employees and $368 million in loans. It is ranked 85th in the top 100 Indian owned American businesses. Leader Mortgage is currently licensed in New Hampshire and Massachusetts.
Loans Funded by Leader Mortgage Co.
The employees at leader mortgage are most satisfied when they are helping a first time buyer achieve the dream of home ownership. They have many programs with just those types of customers in mind and of course programs for every type of situation. Some of them are:
- Conventional Fixed Rate Loans (Conforming and Jumbo)
- Adjustable Rate Mortgages
- FNMA and FHLMC Affordable Housing Programs
- Balloon Mortgages
- Jumbo Loans
- Refinance Loans
- Construction Loans
- Condo and Townhome Loans
- Home Equity Loans
- Second Mortgages
At Leader Mortgage the customer may apply online or call, email or stop by the office for information. The Leader website includes the requisite calculators and glossary for the education of their potential clients. The prospective borrower will also find a handy list of required documents. Many of Leader’s clients are immigrants, and Leader funds loans to those with H1-Visas (work visa). A closing cost calculator helps eliminate any surprises at the signing of the loan documents.
Leader Mortgage Company in the News
In 2003, Leader Mortgage was chosen by Fannie Mae to pilot a program to help make the purchase of two- to four-unit homes more affordable for first-time home buyers. Fannie Mae (FNM/NYSE) is the nation's largest source of financing for home mortgages. The program is called the Enhanced Community 2-4 Family Pilot and addresses the need for financing in areas of Massachusetts where much of the housing stock is comprised of 2-4 unit buildings. "Leader has worked with Fannie Mae on several initiatives to create more affordable homeownership opportunities in Massachusetts," said Sushil Tuli, chief executive officer of Leader Mortgage Company; "We have supported the affordable housing efforts through consumer education programs and cooperative housing efforts with the MHFA in the greater Malden area. We're proud to be a part of this Fannie Mae pilot, and hope to help more Massachusetts families buy and renovate homes of their own in the future." The Enhanced Community 2-4 Family Pilot is part of Fannie Mae's $2 trillion American Dream Commitment to increase homeownership rates nationwide to serve 18 million targeted American families by the end of the decade.
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