Finding the right home for you is your primary goal, but enjoying it with a lower payment and better mortgage terms is a very important secondary goal. I’ve researched and worked with many mortgage brokers and lenders in the Houston real estate market, and I’ll help you to contact those that are the best fit for you and your financial picture.
The normal mortgage for working families – Just because there’s your income stream is steady and you’re getting a regular paycheck, that doesn’t mean that there won’t be differences in mortgages and lenders for your needs. Every mortgage broker and most lenders tend to work within their own requirements and procedures, and these may or may not be the friendliest terms for a salaried or hourly wage earner. From having established relationships with different lenders I know which are going to give you the best terms, and I’ll guide you to them.
The self–employed borrower – Since the mortgage and housing crisis that began in 2007, it’s become a more difficult process for a business owner or self–employed person to get a mortgage. Documentation of income and expenses is much more detailed, and being one of them myself I'm up–to–date on criteria and requirements. I can offer you multiple sources for mortgage options for the self–employed including no bank statement mortgages (typically require a higher downpayment and other requirements) by private investors (if needed and if applicable).
Less than stellar credit – Lenders were really tough on credit scores but have started to relax some of their parameters just recently. It is easy to get a ding or two on your credit these days. It doesn’t even take a mistake or late payment, as credit scores are reduced for the amount and ratio of debt, as well as types of debt. Millions of people pay their bills on time and still don’t have those high end credit scores. I know of various lenders in the Houston real estate market ready to provide mortgages with good terms for less than high end credit scores, and when working with me I'll offer that assistance of referring you to them.
Financial Disclosure and Deal-To-Closing Considerations – After the mortgage and housing problems that began in 2007, lenders and their underwriters are scrutinizing financial, income and expense information much more closely than ever before. Be prepared to dig out a lot of documentation, and it’s best to be forthcoming with any financial information that impacts your ability to pay the mortgage payment. Even if it’s not asked for early in the process, be prepared for questions and requests for documents throughout the process. Also, it’s highly recommended that you not add any credit card or other debt between the purchase contract and the closing. Just before closing, most lenders will do another credit check and a check for any liens or encumbrances.
Watch the Fees and Question Them – There are a number of fees associated with getting a mortgage, and the total of origination and other fees is usually the highest closing cost aggregate item in the transaction. Never hesitate to ask about all fees to your lender, why they’re charged and why they’re a certain amount and how they’re calculated. You are the customer and your questions are important. Feel free to reach out to me as well and I will help troubleshoot any questions you may have to the best of my ability!