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Cashout Refinance Information
A cashout can add much needed financial relief. Let's talk about if it's right for you. Call me at 314.250.0212
DSCR – What is it and what do I need?
A Debt Service Ratio Loan, or DSCR, very simply is a loan that uses the mortgage payment vs. rent payment to qualify instead of income. It is a portfolio product that is not traditionally underwritten. Watch the short video above for a quick breakdown on what to expect!
Brokers vs. Bankers
Welcome to our YouTube video entitled "Brokers vs. Bankers: Understanding the Difference in Mortgage Industry." In this video, we'll explore the key distinctions between mortgage brokers and mortgage bankers. By the end, you'll have a better understanding of their roles, advantages, and considerations, helping you make informed decisions when seeking a mortgage. Segment 1: Mortgage Brokers Definition: A mortgage broker is an intermediary between borrowers and multiple lenders. Role: Brokers work on behalf of the borrower, searching the market for the best mortgage rates and terms. Network: They have access to a variety of lenders, including banks, credit unions, and private lenders. Product Range: Brokers can offer a wide range of mortgage products, including those not available to the general public. Customization: Brokers can tailor mortgage solutions to individual needs, comparing options from various lenders to find the best fit. Expertise: They are knowledgeable about different mortgage options and can guide borrowers through the application and approval process. Segment 2: Mortgage Bankers Definition: Mortgage bankers are employees of specific banks or lending institutions. Role: They work directly for the lender, handling loan processing, underwriting, and loan servicing. Product Range: Mortgage bankers typically offer mortgage products available from their own institution. Convenience: Working with a mortgage banker can provide the convenience of having all your banking needs in one place. Efficiency: Bankers work for the lending institution, they have direct access to the decision-making process; however this does not mean they are necessarily more efficient. Advantage: Sometimes, Banks can have access to specific community/state programs Brokers do not. Segment 3: Choosing the Right Option Consider your needs: Determine whether you prioritize having access to multiple lenders (broker) or prefer the convenience of a single institution (banker). Comparison shopping: Brokers allow you to compare rates and terms from different lenders, while bankers may provide exclusive products or discounts. Special circumstances: If you have unique financial situations or credit challenges, brokers may be more adept at finding suitable options. Transparency: Ensure you understand how brokers and bankers are compensated, as their fee structures may differ. Conclusion: Both mortgage brokers and mortgage bankers play important roles in the mortgage industry, but they have distinct differences. Brokers provide access to multiple lenders and offer a wide range of products, prioritizing the borrower's best interests. On the other hand, mortgage bankers work for specific institutions, offering convenience and potentially streamlined processes. Ultimately, understanding your needs and priorities will guide you in choosing the right option for your mortgage requirements. Remember to conduct thorough research, compare options, and seek professional advice when making decisions regarding mortgages. We hope this video has helped clarify the differences between mortgage brokers and mortgage bankers. Please reach out with any questions or if we can help in any way.
Credit Reports
Paying for your credit report upfront, saves you money and gets it AT COST.Credit reports are used by mortgage lenders to evaluate an applicant's creditworthiness and ability to repay a mortgage loan. When you apply for a mortgage, the lender will obtain a copy of your credit report from one or more of the major credit reporting agencies, such as Equifax, Experian, or TransUnion.Banks and retail lenders often pay for the report upfront, and then are able to collect more than that report cost at closing. At Gateway, we have our clients pay for the report AT COST, and then credit their closing costs the $77. Due to anti-discrimination laws, we either have to pay for everyone's upfront, or have every client pay for their own. It doesn't take a mathematician to see how that quickly could put our small business in the red. So, you'll take care of it upfront and no one profits from your report (except for the credit reporting agencies, of course).The lender will review your credit report to assess your credit history, including your payment history, outstanding debts, and length of credit history. They will also look at your credit score, which is a numerical representation of your creditworthiness based on your credit history.To qualify for a mortgage, you typically need a good credit score and a strong credit history. The specific requirements can vary depending on the lender and the type of mortgage you are applying for.If you have a high credit score and a solid credit history, you are more likely to be approved for a mortgage and qualify for lower interest rates and better terms. If your credit score is low or you have negative items on your credit report, such as missed payments or high levels of debt, you may still be able to qualify for a mortgage, but you may have to pay a higher interest rate or put down a larger down payment.In summary, credit reports are an important factor that mortgage lenders use to evaluate your creditworthiness and ability to repay a mortgage loan. It's important to review your credit report regularly and address any errors or negative items to improve your chances of qualifying for a mortgage with favorable terms.Pull your credit - https://dylanjestes.startmyapplication.com/smaweb/index.jspOpt out of trigger lead lenders bothering you - https://www.optoutprescreen.com/
Homeowner’s Insurance
Here are five benefits of collaborating with an insurance broker: Expertise and Knowledge: Insurance brokers are professionals who possess in-depth knowledge about various insurance products and the insurance market. They stay updated with the latest industry trends, policies, and regulations. Their expertise allows them to analyze your unique needs and recommend suitable insurance options tailored to your requirements. They can explain complex insurance terms, coverage details, and help you make informed decisions. Access to Multiple Insurance Options: Insurance brokers work with a wide range of insurance providers and have access to multiple insurance products. Rather than approaching individual insurance companies, a broker can present you with various options from different insurers. This saves you time and effort by providing a one-stop solution for comparing coverage, prices, and terms across multiple policies. Personalized Recommendations: By understanding your specific needs, an insurance broker can provide personalized recommendations. They take the time to assess your situation, evaluate risks, and identify the most appropriate insurance solutions for your circumstances. Brokers prioritize your best interests and strive to find policies that offer adequate coverage at competitive prices. Advocacy and Claims Assistance: One significant advantage of working with an insurance broker is their role as your advocate during the claims process. In the event of a claim, brokers assist you in navigating the complexities of filing and managing your claim. They liaise with the insurance company on your behalf, ensuring a smoother and more efficient claims experience. Their expertise helps maximize the chances of a successful claim settlement. Ongoing Support and Risk Management: Insurance brokers provide continuous support throughout your insurance journey. They can review your insurance needs periodically and make necessary adjustments as your circumstances change. This ensures that your coverage remains up to date and relevant. Additionally, brokers can offer risk management advice, helping you identify potential risks and implement strategies to mitigate them effectively. Overall, working with an insurance broker offers the benefits of expertise, access to multiple options, personalized recommendations, advocacy during claims, and ongoing support. Their role is to simplify the insurance process, provide tailored solutions, and ensure you have the right coverage to protect your interests. Joseph is one I endorse to take care of you
Gift Funds
When you want to buy a house, you usually need to get a mortgage. A mortgage is like a loan from a bank that helps you pay for the house over time. Now, sometimes people need some extra money to help pay for the house, and that's where gift funds come in. Gift funds are like a special kind of money that someone gives you as a gift to help you buy the house. It's a bit like when you receive money on your birthday or during the holidays, but instead of buying toys or games, you use it for the house. The person giving the gift could be a family member, like your parents or grandparents, or maybe a close friend. They want to help you with your new home, so they give you the money as a gift. This money can be used as part of the down payment or to cover some of the other costs associated with buying a house, like closing costs. Now, when you apply for a mortgage and want to use gift funds, you need to follow some rules. The bank wants to make sure that the gift money is a real gift and not a secret loan that you have to pay back. So, they may ask for a letter from the person giving the gift, explaining that it is indeed a gift and that you don't have to pay it back. The bank may also want to see some proof that the person giving the gift has the money to give. They may ask for bank statements or other documents to show that the gift money is coming from a legitimate source. Using gift funds can be helpful because it allows you to have some extra money to put towards your new home. It's important to remember that using gift funds is a serious decision, and you should talk to your parents or a trusted adult to understand the process fully. So, in simple terms, gift funds are like a special gift of money that someone gives you to help you buy a house, and you have to follow some rules to show that it's a real gift and not a loan.
What do I need to get Approved?
Things to know about getting approved for a mortgage. In this video, I will talk about the 3 main factors - Credit, Job History, and Closing Costs/Downpayment.