What is your Rate Watch Program?
This program is for current borrowers or past borrowers that currently have a high interest rate and wish to be notified when it is financially beneficial for them to refinance. By just emailing or calling me, I will then place you on my watch program and you will be notified immediately when it is to your advantage to refinance. There is no cost to be put on this program!

What is your Personal Coach Program?
I have always taken a very personal approach when assisting my customers, whether they have credit issues or not, I have developed a specific plan of action for each customer if the need arises. For example; a customer that has severe credit issues but never received any educated direction on how to build a plan toward home ownership. I then assist and direct the customer with a plan of action that will get them in a home now or in the future. There is no cost to be put on this program!

How can I determine what Mortgage Company is good for me?
A Mortgage Company that has been around for a while, has a track record, and has experienced loan officers working for them, is the type of mortgage company you might want to call.  Just call us and save yourself the grief! We are the top  Mortgage Lender in the USA and we are known as the Specialist in Custom Construction Lendng and funded millions in loans .  We are Mortgage Bankers as well as Mortgage Brokers, and this gives you flexibility.  Many investors roll out the red carpet for Custm Lending Mortgage because of our efficiency and experience, which therefore gets you the best rates and programs available.  If we can't get you approved, no one can!  In many instances you may get bombarded with TV ads and newspaper ads that claim to give you the world.  Many times the online type Mortgage Companies that spend all their time with TV ads and telling you what they offer are not always what they seem.  If you read the fine print you will find that what they are offering does not apply to you or they no longer offer what they advertised in that state.  In addition to the TV type online Mortgage Companies they are mostly in house telemarketer type loan specialist that are not true experienced Loan Officers.  For the Newspaper ads that give you the lowest rate in the world, they are usually giving you a rate that has passed and gone or try the old bait and switch technique (not always but beware).  Other issues with lenders of this sort; bottom line you can never get a hold of them or the same loan person you talked to the first time is now a different person telling you something different. 

Which is better, a 15 or 30 year term?
Depending on your financial situation the 15-year note is better because you are saving interest over the 30-year term. Some people will set themselves up on a 30-year term but pay a 15-year payment. They do this to control their obligation should an emergency come up.

Can I negotiate fees with the seller?
Indeed you can, but it must be part of the overall negotiations for the purchase of the home. When you make an offer, there's nothing to prevent you from writing a clause into your contract (this is where one of my Buyers Realtors can help you) specifying that the seller will pay for all or a portion of your closing costs. Of course, the seller may not be eager to do this.

Should I ask for at least three bedrooms, two baths?
You'll find that a home with at least three bedrooms is always easier to sell. Besides, even if there are only two or one of you, you'll quickly fill up the extra room. It won't go to waste. At least two baths is a necessity, not an option. If you don't believe it, just happen to be in a one-bathroom house when two people need to use it.

Do I really need to see the property?
Remember that all real estate is unique. Every property is different from every other, from its location on the street to its layout and design to how it's decorated. You can't learn that on-line. Yes, you can narrow your search down to one or two homes. But then, it's obligatory that you visit them.

Should I walk the neighborhood before I buy?
It's a big mistake not to. By walking the neighborhood, you can check out the condition of neighboring homes, the street, the noisiness of the neighborhood, graffiti on the walls, and other detractions. And if you're uncomfortable walking around the neighborhood before you buy, just how comfortable will you be once you're living there?!

How big of a deposit should I offer?
You need to offer enough to show you are in earnest. But, that doesn't have to be half the down payment. Remember, whatever you offer as a deposit is at risk. If things go wrong, there is always the chance you could lose the money. The norm, in short, is anywhere from $500.00 to $3000.00.

Should I get pre-approved?
A commitment from me (your lender), on-line or otherwise, can be worth its weight in gold when you're in a competition to get a house. A seller who knows you've got the money to make the deal is far more likely to pick you, even at a slightly lower price, than another buyer who's got a big "maybe" in front of his or her name when it comes to financing.

What if the builder says that I must use their in house Mortgage Company?  Many builders today are trying to increase their profit by having their own small mortgage broker shop.  Many times this does not benefit you because their rates are usually higher and they do not have full access to all loan programs that might benefit you.  I would also be concerned if a sales person, at that builders office, tells you that you must use their mortgage company in order to get the home or to get any incentives they already offer to anyone walking in the door.  There is a strict law called RESPA, that protects you from this practice and this violates your right to choose what loan is best for you and where you get your financing.   

Why is a FHA loan so popular?
An FHA loan makes some of the guidelines a little easier for say, a first time home owner or someone that has little down payment or high debt qualifying ratios. This is a loan through HUD and requires a minimum down payment or contribution of 3%. You are also allowed a gift from a family member and the seller can pay all or part of your closing cost.

How can I avoid Mortgage Insurance?
Normally in order to avoid mortgage insurance on your Conventional loan you would have to have a down payment of 20% in order to avoid the required mortgage insurance.  But there are programs that will allow you to meet the 80% Loan To Value requirement in order to avoid mortgage insurance.  Fannie Mae and Freddie Mac have programs that will allow you to put 5% or 10% down with a second mortgage in order to avoid the said mortgage insurance.  Doing an 80-10-10 or 80-15-5 type loan could save you thousand every year and have more of your money going to your principle balance instead of to this insurance.  Plus the second lien will have a quicker pay off because the second will usually be on a 15 year note.  Many times when you compare a loan with mortgage insurance and one using this chosen route, the payment is usually lower even if the second lien is on a 15 year note.  Not to forget that you have also saved thousand over the life of the loan on interest by choosing this type of loan that helps you avoid mortgage insurance.

What is an ARM loan?
This is an adjustable rate mortgage, whose interest rate changes periodically based on the changes of a specified index. This could be a 3/1 ARM, which is fixed for a 3-year period then it will adjust with the current index at that time. Sometimes there are conversion options available for these loans so that you may convert to fixed rate for a fee with out going through a complete refinance to stabilize the rate. There are 3/1 ARM's, as noted, there are 5/1,7/1 and 10/1 ARM's available. These loans are not for everyone and should be used carefully. These loans are for those that may only be in their home for a couple of years and feel that the lower rate will save them money for that term rather than the fixed rate mortgage.

I heard that I could get a free credit report from the credit bureaus. Is this true?
It is true, but this credit report is not a full credit report that mortgage lenders will use to qualify someone. This report is general enough to let you know what your credit may look like. If you would like the letter format for requesting such a credit report just email me and I will forward it to you.

What is an APR?
APR stands for "Annual Percentage Rate." The APR is defined as the cost of credit to the borrower in relation to the amount borrowed expressed as a yearly rate. When you apply for a mortgage the Federal Truth in Lending Disclosure form will be sent. At the top of the page you will see lots of numbers. One of those numbers is the Note Rate (the actual rate used to calculate your monthly payments) and the second number is your Annual Percentage rate (APR). The Annual Percentage Rate will most always be slightly higher than that of the note rate because the APR includes other items associated with obtaining a mortgage. Those items included in an APR are origination fees, points; mortgage insurance premiums; inspections, prepaid interest and other items may also be required to obtain a mortgage.

If I have credit issues can I still get a loan?
Yes, but in most cases with a slightly higher interest rate. There are various programs that will allow you to get into a home no matter what your situation. Once you have resolved your credit issues it is possible, with time, that you can then refinance that high rate for a lower rate. Ask me to put you on my Rate Watch Program and also ask to be put on my Personal Coach Program.

Should I watch out for lawsuits against the HOA (Home Owners Association)?
A pending lawsuit can make mortgage financing in a condo/co-op very difficult, if not impossible. Also, if the HOA loses the suit, each owner could be assessed to pay for costs, including damages.

Should I assume the builder is okay if the house looks okay?
Check out the builder. It's his or her reputation that you're buying. Find out what else they have built, and then visit the current owners. You'll learn a lot; sometimes, it can be a real eye-opener.

Should I always make a lowball offer first when negotiating with a seller?
A lowball offer tests the waters. An eager seller might just accept it. But know your market. In a hot market, while you're playing games with a lowball offer, another buyer may come in with a more realistic offer and steal the property away from you.