Tips & Resources

THE AMERICAN DREAM

For most people, buying a house is not only an indication of a major commitment, it is more often than not the most expensive single purchase you will ever make as an individual or as a couple.

Use my website as your source for uncomplicated, straight-forward information about the mortgage process and how I can guide you through that process. Throughout this website you will find the latest information on rates, loan programs, and the real estate market.

Tip 1

Contact me and get pre-qualified before you begin shopping for your home.

When you decide to buy a home, there is a certain amount of preliminary work that you should do before you speak to a real estate agent. The first thing to do is to get pre-qualified for a mortgage.

What does that mean? It means being informed with the knowledge of what you can afford. The pre-qualification process takes about 10 minutes, but it a very powerful piece of information.

We will sit down and figure out your monthly gross income (before taxes), figure out all your monthly payments for auto loans, personal loans, and any credit card debts. We will also verify that you have no judgements against you or any previous bankruptcy filings.

This will be done by ordering your credit report, and together we will review your credit report.

Lastly, we will figure all of your other payments such as expenses for utility bills, auto insurance, gasoline, childcare, and any other expenses not tied to your credit report.

The end result of this is that you will know exactly how much you can afford and how this relates to a monthly payment. With this knowledge in hand, you can then begin shopping.

Tip 2

Why and when should you refinance?

Before you begin, consider why you want to refinance your home loan. Your goal will guide the mortgage refinance process from the beginning.

Reduce the monthly payment. When your goal is to pay less every month, you can refinance into a loan with a lower interest rate.

Tap into equity. When you refinance to borrow more than you owe on your current loan, the lender gives you a check for the difference. This is called a cash-out refinance, and here’s how it works.

Pay off the loan faster. When you refinance from a 30-year mortgage into a 15-year loan, you pay off the loan in half the time. As a result, you pay less interest over the life of the loan.

Switch from an adjustable to a fixed-rate loan. Interest rates on adjustable-rate mortgages can go up over time. Fixed-rate loans stay the same. Refinancing from an ARM to a fixed-rate loan provides financial stability when you prefer steady payments.

Tip 3

ARE YOU AN INVESTOR?

As a fellow investor, I know that qualifying your tenant buyers and other potential buyers can be daunting. Finding a financing person who understands the loan process from an investor’s perspective is critical.

If you want to work with someone who can get your deals qualified and closed quickly, give me a call. I will let you know if that person you're talking to is a “GO”.

A hard-money loan is also an avenue investors have for the purchase of real estate that needs repairs. This will allow you to purchase and rehab a home all in one transaction. You'll have to sell or refinance the home before a certain period however, as these are short-term loans designed for quick profits when you sell the home after the repairs are done.

Contact me today to know more on the latest guidelines affecting investors.

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