All your Purchase and Refinance needs at one stop!
Each customer has specific and individual needs. Our goal is to meet those specific needs with quality service and individual attention.
I start with the “end in mind”.
What is your goal:
a) Purchase a Home
b) Refinance your mortgage: Owner Occupied, 2nd home, Investor
c) Add a 2nd mortgage
d) Home Improvement loan
e) “Break Your ARM” and finance with Fixed term rate
f) Cash out/Debt Consolidation
Or many other goals…
Your options are determined at the initial stage in order to start your mortgage process so we all understand your goal and stay on track to achieve them. Your credit and income documentation determine the options available to you keeping your goal in mind. Together, it is decided how to meet your goals regardless if this is an immediate action or a longer term action with additional steps involved to reach your goals. Your immediate and long term goals are both factors in your financing decision for today and your future. All options will be presented and you decide when and how we do business.
Educating you on your mortgage options for both immediate and long term financing are always a priority. We want you to understand the mortgage you are currently financing as well as know how to properly prepare yourself for the future transactions that may take place whether it may be a future refinance or planning the finance for your ultimate dream home.
You will have access to over 300 Lenders with thousands of loan programs for your individual loan need. You will also have a huge variety of loan programs from full documentation to No employment, no asset verification necessary for Owner Occupied, 2nd home to Investment properties.
Click below to download a full copy of loan application (see click here to download)
You will need to insert password: loan
Please print, fill out and fax to my direct private fax (directly to my email) to 602-445-9953. You can call or email me with any questions. I look forward to doing business with you.
When calculating a normal principle and interest payment for a mortgage payment, use the 1st calculator.
When calculating Interest Only payment, you will need to use a separate calculator and formula:
Example:
Loan Amount: 500,000
Interest Rate: 6.75%
500,000 X 0.675 (remember to move the decimal on the rate) /12 months= $2812.50 monthly interest only payment on 500,000 mortgage
**When considering the mortgage payment against your income you earn, you want to be sure you have enough income to cover the mortgage payment, your other revolving debt obligations, other financial obligation as well as other expenses for the home, car, food, etc. It is important you consider all your financial obligations when determining what monthly mortgage payment you are comfortable committing to your monthly obligation. Many times, when I ask a client what he/she is comfortable committing to, it comes out lower than their qualifications. However, there are some situations where the comfort level may be higher than their qualifications. In general, you want to be sure your mortgage obligations does not exceed more than 33% of your total gross income. However, when considering all your financial obligations, you want to be sure these total financial obligations do not exceed 44% of your total gross income. Of course, exceptions are made on a regular basis with some strong compensating factors. Compensating factors are other factors that will compensate for a higher risk area of the loan. For example, if you have a excellent credit, you may be able to qualify for a larger mortgage due to your track record of meeting your credit obligations and paying bills on time.
There are the factors that will determine your ability to qualify for a mortgage:
(these are also referred to Layers of Risk in which no more than 2 are acdeptable)
1. Credit – we will look at past credit history, debts, payment history, credit limits, etc.
*poor or shakey credit (below 620 credit is considered shakey)
2. Reserves (savings, 401K, mutual fundsother liquid reserves)
*Unable to verify liquid assets
*unsufficient reserves
3. Payment Shock
*dramatic payment increase with new mortgage or adjusting interest rate
*symptom or shortened term
4. Debt to income ratios
*High Ratios (the difference between what is earned with income and the financial obligations you owe)
5. Property
*Low appraisal value
*Appraisal under estimated value, stretched appraisal
*Appraisal is higher than the lender willing to risk
6. LTV Ratio: Loan to Value (new mortgage loan mortgage calculated against the value of the property)
*at 90% or higher
7. Term
*the length of the loan (30, 20, 15 year term)
**Please keep in mind the Hazard insurance, property taxes and possible mortgage insurance or Home Owner’s Association fee is not factored into monthly payment.
I can also provide further education regarding Real Estate Investing. Please do not hestitate to ask me how I can further your education and resources to secure real estate and your long term financial freedom.
Call or email me today! Contact me for a free no obligation pre-qualification application.