Most lenders consider 4 vital facts before accepting a loan:

Collateral – The value of the property you are borrowing against.

Credit – The way you have paid people in the past is considered a good indication of your willingness to pay money back in the future. 75% or more of loan originations involve the use of FICO credit scores. 

Commitment – How much of a cash down payment did you put down.

Capacity – Do you have the income to pay this loan and still eat! Job history, time on job. How much other debt do you have? Are you over extended? Conventional lenders use certain ratios to calculate your capacity to pay back the loan. 

-          The mortgage debt ratio. This is the percentage of the new mortgage payment to your income. 35% is a typical maximum ratio.

-          The total debt ratio. This is the percentage of your total monthly payments, Including the new mortgage, to your income. 40% is typical maximum ratio.

Purchase: Enjoy Home-ownership...

Even in today’s unpredictable market a new home can be obtained.  Home ownership will allow you to invest in yourself.  The equity that you build in your home will create tax advantages for yourself and improve your credit worthiness for future purchases.  It will help you establish the sense of community, stability, and security that comes with owning your own home.  Why pay someone else’s mortgage by renting?

With the help of our professional staff, we will work together to achieve the goal of putting you into the home of your dreams.

Refinance: Refinancing Your Home With Us…

When refinancing your home there are a few clear objectives that you should keep in mind.   

Considering your monthly expenditures, lowering your monthly payment by just decreasing a half a percent off your existing rate could be extremely helpful to most people.  Stepping to a 30 year mortgage from a 15 year mortgage term will save you hundreds of dollars a month in payments.  There are also other ways to save on monthly expenses, through debt consolidation or getting cash out to pay off other high interest debts.

Through refinancing you can reduce monthly payments, increase your cash flow, and pay off your home faster.

What investment insures a historical rate of an 18 to 20 percent return?  The simple answer is real estate.   

Mortgage rates are at their lowest rates in decades. Home sales are booming in different markets throughout the U.S. with some markets having homes appreciating at double digit rates.  While other investments tend to fluctuate dramatically going up and down, rent and capital value in property continually will rise.  A brick and mortar investment is a very sound investment compared to the volatility of other investments. 

If you would like more information on the steps necessary to invest in your own future please feel free to contact any of our qualified staff members.