The Funding Store is a mortgage brokerage that pre-qualifies homebuyers and shops rates across 100+ lenders for purchase and refinance loans.
Data compiled from public sources · Google rating shown when a stored review count is available
The Funding Store operates as a mortgage brokerage firm headquartered in the Albany, New York area (518 area code). Founded and led by President Gardner Cummings (NMLS 113857), the company has built its practice around matching borrowers with appropriate loan programs from a network of over 100 investors and lenders. The firm maintains a small, named team of licensed loan officers including Mary Lou Wait, Victoria Phillips, and Stephanie Stephen, each with individual NMLS credentials.
The company offers a broad spectrum of mortgage products and loan structures. These include standard fixed-rate mortgages (30-year, 20-year, 15-year, and 10-year terms), adjustable-rate mortgages (ARMs in 1-, 3-, and 5-year structures), jumbo loans, conventional and FHA/VA programs, home equity lines of credit, and commercial mortgages. They also explicitly serve non-standard borrowers, including those with full documentation, no documentation, non-owner-occupied (investor) properties, and multi-family acquisitions. The company offers pre-qualification services, rate shopping across their lender network, and buydown calculators to help borrowers understand monthly payment impacts.
The Funding Store differentiates itself on personalized service and network breadth. Their marketing emphasizes treating clients as individuals rather than applying formulaic banking industry profiles, and they claim to work with both traditional "A" rated lenders and listed "hardship" lenders. Their website includes educational blog content addressing homebuyer concerns (tax refund preparation, rate environment analysis, monthly payment versus purchase price considerations), suggesting a content-informed approach to customer education.
However, several limitations warrant consideration. The company's online presence is minimal beyond their website at paymentlower.com—no verified Google Business listing, social media presence, or third-party reviews are evident from the provided data. Their team size appears small (4 licensed individuals listed). The website lacks specific information about fees, closing costs, processing timelines, or regulatory compliance disclosures beyond individual NMLS numbers. No customer testimonials or case studies are provided despite claims of "satisfied clients." The "hardship lenders" reference suggests exposure to higher-risk lending products without clear disclosure of associated costs or risks.
This is state-level context for Mortgages & Home Loans consumers in New York, NY. It does not confirm that The Funding Store or this specific location is licensed.
State regulator
New York Department of Financial Services
Consumer protection
New York mortgages are subject to judicial foreclosure requirements. Mortgages must comply with the Truth in Lending Act (TILA) and Regulation Z at the federal level. The New York Department of Financial Services supervises mortgage lenders and servicers. Homeowners have strong protections under the Foreclosure Prevention Act and must be offered loss mitigation options before foreclosure. A court judgment is required before foreclosure sale.
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
The Funding Store offers 13 services including Online pre-qualification for home purchase mortgages, Rate shopping across network of 100+ lenders, 30-year, 20-year, 15-year, and 10-year fixed-rate mortgages, 1-year, 3-year, and 5-year adjustable-rate mortgages (ARMs), Conventional and jumbo loan programs, and 8 more.
The Funding Store has profile signals associated with Non-traditional borrowers seeking mortgages with limited or alternative documentation, Investors acquiring non-owner-occupied or multi-family properties outside standard lending profiles, Homebuyers wanting to compare rates across multiple lenders without shopping individually, Borrowers interested in ARM products or shorter-term fixed mortgages with buydown options.
Key strengths: Access to 100+ investors and lenders through broker network, enabling rate shopping across multiple programs; Handles non-standard borrower scenarios including no-documentation, non-owner-occupied, and multi-family loans; Licensed loan officers with individual NMLS credentials (Gardner Cummings, Mary Lou Wait, Victoria Phillips, Stephanie Stephen). Areas to consider: No online reviews, Google Business profile, or third-party verification of company legitimacy or customer satisfaction available; Website lacks transparency on fee structure, closing cost estimates, or APR disclosures.
In the Mortgages & Home Loans category, comparable providers include EG Home Loans, Jeff McGinnis at CrossCountry Mortgage, NorthPoint Lending Group Inc.. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
The Funding Store is best suited for non-traditional or complex borrowers (investors, self-employed, limited documentation) seeking access to diverse lender options through a broker network. The primary caveat is limited online verification—there are no third-party reviews or regulatory oversight information visible, so borrowers should independently verify NMLS credentials and request detailed fee disclosures before committing to an application.
The Evans Group Home Loans is a mortgage lender led by Tommy Evans, focused on simplifying the home buying process for first-time homebuyers and offering personalized loan products.
Google rating from 144 reviews
Profile signals: First-time homebuyers seeking personalized guidance and education through the mortgage process, Real estate investors looking for capital-efficient loan solutions and expert industry knowledge
Jeff McGinnis is a mortgage loan officer at CrossCountry Mortgage based in Seattle, WA, offering residential mortgage financing and refinancing services.
Google rating from 147 reviews
Profile signals: Washington-based borrowers seeking local mortgage loan officer relationships, Borrowers comfortable with phone/video consultation-based origination
Chicago-based mortgage broker established in 1995, offering conventional, jumbo, FHA, and non-QM loans through a network of lenders serving the Illinois area.
Google rating from 120 reviews
Profile signals: First-time homebuyers in the Chicago metropolitan area seeking personalized guidance, Self-employed individuals and those with non-traditional income seeking bank statement or non-QM loans
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders are required to show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the lower-cost loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
An interest rate that stays the same for the entire life of the loan. Your monthly payment never changes.
Fixed rates protect you from market changes. If rates go up, your payment stays the same. The tradeoff: fixed rates are usually slightly higher than starting variable rates.
Example
You get a 30-year mortgage at 6.5% fixed. Whether rates rise to 9% or drop to 4% over the next 30 years, your payment stays at $1,264/month on a $200,000 loan.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
An interest rate that can go up or down over time, usually tied to a benchmark like the prime rate. Your monthly payment changes when the rate changes.
Variable rates often start lower than fixed rates to attract borrowers, but they can increase significantly. Many people who got hurt in the 2008 crisis had adjustable-rate mortgages.
Example
You start with a 5/1 ARM mortgage at 5.5%. For the first 5 years you pay $1,136/month on $200,000. Then the rate adjusts to 7.5%, and your payment jumps to $1,398/month.
The process of paying off a loan through regular payments that cover both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Understanding amortization explains why paying extra early in a loan saves the most money — you're reducing the principal that interest is calculated on.
Example
Month 1 of a $200,000 mortgage at 6%: your $1,199 payment splits as $1,000 interest + $199 principal. By month 300: only $47 goes to interest and $1,152 goes to principal.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A fee some lenders charge if you pay off your loan early. The lender loses the interest they expected to earn, so they penalize you for leaving early.
Always ask about prepayment penalties before signing. They can trap you in a high-rate loan even if you find a better deal to refinance into.
Example
Your mortgage has a 2% prepayment penalty for the first 3 years. If you refinance after year 2 on a $200,000 balance, you'd owe a $4,000 penalty fee.
Replacing your current loan with a new one, usually at a lower interest rate or with different terms. The new loan pays off the old one.
Refinancing can save thousands if rates drop or your credit improves. But watch for fees — a $3,000 refinancing cost needs to be offset by monthly savings.
Example
You have a $180,000 mortgage at 7.5% ($1,259/month). You refinance to 6% ($1,079/month), saving $180/month. With $3,000 in closing costs, you break even in 17 months.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
The fees paid when finalizing a home purchase or refinance — typically 2-5% of the loan amount. They include appraisal, title insurance, attorney fees, and lender fees.
Closing costs can add $6,000-$15,000 to a home purchase that buyers don't always budget for. Some can be negotiated or rolled into the loan.
Example
You buy a $300,000 home. Closing costs at 3% = $9,000. That includes: appraisal $500, title insurance $1,500, attorney $800, origination fee $3,000, taxes/escrow $3,200.
Upfront fees you pay to the lender at closing to buy a lower interest rate. One point = 1% of the loan amount and typically reduces your rate by 0.25%.
Points make sense if you plan to stay in the home long enough for the monthly savings to exceed the upfront cost. That breakeven point is usually 4-6 years.
Example
On a $250,000 mortgage at 6.5%: you pay 1 point ($2,500) to get 6.25%. Monthly payment drops from $1,580 to $1,539 — saving $41/month. Breakeven in 61 months (5 years).
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example
You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
An account managed by your mortgage lender that holds money for property taxes and homeowners insurance. A portion of each mortgage payment goes into escrow, and the lender pays these bills for you.
Escrow ensures taxes and insurance are always paid on time (protecting the lender's investment). Your monthly payment may go up if taxes or insurance increase.
Example
Your mortgage payment is $1,400: $1,050 principal+interest + $250 property taxes + $100 insurance. The $350 for taxes/insurance goes into escrow. The lender pays your tax bill in December from escrow.
A government-insured mortgage that allows lower down payments (as low as 3.5%) and lower credit score requirements (580+). The FHA insures the loan, reducing risk for lenders.
FHA loans make homeownership accessible for first-time buyers and those with imperfect credit. The tradeoff: borrowers are required to pay Mortgage Insurance Premium (MIP) for the life of the loan.
Example
You have a 620 credit score and $10,500 saved. On a $300,000 home: FHA lets you put 3.5% down ($10,500) vs. conventional requiring 5-20% down ($15,000-$60,000).
The ratio of your loan amount to the property's appraised value, expressed as a percentage. It tells the lender how much of the home's value they're financing.
LTV above 80% usually requires Private Mortgage Insurance (PMI), which adds $100-300/month. Lower LTV can mean lower lender risk and different rate context.
Example
Home value: $300,000. Down payment: $60,000. Loan: $240,000. LTV = 80%. You avoid PMI. If you only put $30,000 down (90% LTV), you'd pay PMI until you reach 80%.
Replacing your current mortgage with a new one, usually to get a lower rate, change the loan term, or pull cash out of your home equity.
A 1% rate reduction on a $250,000 mortgage saves ~$150/month ($54,000 over 30 years). But closing costs of 2-5% mean it can be useful to stay long enough to break even.
Example
You have a $300,000 mortgage at 7.5% ($2,098/month). Rates drop to 6%. Refinancing costs $8,000 in closing. New payment: $1,799/month. Monthly savings: $299. Breakeven: 27 months.
Insurance that protects the LENDER (not you) if you default on a mortgage with less than 20% down payment. You pay the premium, but it only covers the lender's loss.
PMI typically costs 0.5-1.5% of the loan per year and adds nothing to your equity. Once you reach 20% equity, you can request it be removed.
Example
On a $250,000 loan with 10% down, PMI at 0.8% = $2,000/year ($167/month). After 5 years, your home's value rises and your equity reaches 20%. You request PMI removal and save $167/month.
A mortgage backed by the Department of Veterans Affairs for eligible military members, veterans, and surviving spouses. Key benefits: no down payment required and no PMI.
VA loans are among the mortgage options with notable listed benefits — 0% down, no PMI, and rate claims to verify. They're earned through military service and can be used multiple times.
Example
A veteran buys a $350,000 home with a VA loan: $0 down, no PMI, 5.8% rate ($2,054/month). A comparable conventional loan with 5% down would require $17,500 down plus $175/month PMI.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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