What's the timefram on a personal loan for a home?
Feb. 13—Welcome to "REAL ESTATE RADAR with Sarah Jane". Take a moment to read the Q&A to learn helpful information regarding buying, selling or investing in real estate! Today we have interviewed Martin De La Garza with Motto Mortgage.
Sarah Jane: What is your timeframe to get a person loan qualified to be
able to purchase a home?
Martin: When I have a conversation with my clients, I ask
specifically gaged questions that will allow me to get them pre-
qualified in about 30 minutes. This is where we talk about their
financial profile, debts, and application details to get a dialed in
estimate of what they could qualify for. When it comes to getting
a pre- approval, typically I can get a one-day underwritten loan
from some of my elite lenders when we provide a full mortgage
application along with a satisfactory credit report. Ultimately, the
lender has the say on if we can do the loan. The pre-approval is
the best way to solidify financing because we get direct approval
from an underwriter as well as conditions ahead of time. In some
cases, we can get a pre-approval before we even have a property
selected.
Sarah Jane: What are some of the stumbling blocks buyers run into when
they are in the process of purchasing a home? What have you
seen gone wrong in the loan process?
Martin: One of the biggest blocks that come up more than they
should is the opening of a new credit line. Most people don't know
that lenders have a debt monitoring service that reviews your
credit profile before closing to ensure that you didn't gain any new
debts. If new debts are identified, then it will have to be added to
the client's debt-to-income which can increase the possibility of
not qualifying for the loan anymore. Another problem that tends
to come up is that the client is extremely excited and filled with
joy that they go on a shopping spree to fulfill the vision they have
for their home. This can lead to overspending and limiting their
funds that they had been saving for closing. Lastly, closing costs
seem to be one of the bigger blocks that prevent truly qualified
clients from purchasing because they may not have the complete
necessary funds. This is where I can lend a hand with my some of
my closing cost assistance programs and grant programs to
relieve some of those costs for these qualified first-time
homebuyers or repeat buyers.
Sarah Jane: What advice do you give home buyers after they qualify to
purchase a home?
Martin: First and foremost, I like to break down their Debt-To-
Income ratio, so they understand what factors are at play and why
it's important to stay below qualifying ratios. Secondly, I have an
honest conversation about the amount of home they are
approved for and the payment that goes with it. I want my clients
to be comfortable with the affordability of their monthly mortgage
payment. I never want my client to choose an option that puts
them in a position where becoming house poor is even a
consideration. I help my clients find the best loan options that will
fit their unique goals for generational wealth, future rental
properties, or building endeavors with complete certainty that
they will get the results they seek. Lastly, now that I've secured
your home financing it's time to shop for homes! Get with your
favorite realtor. Have trust in them and heed their every advice
about any property you are interested in. They are the experts in
their field and truly work hard to help you identify your ideal
property.
Sarah Jane: What makes your mortgage company different from a banking
institution?
Martin: I'm an independent mortgage broker! After taking my
client's mortgage application and with only one hard credit pull, I
have access to various qualified mortgages across all of my elite
wholesale lenders such as Conventional, USDA, FHA, and VA. As
well as non-qualified mortgages like Debt Service Coverage Ratio
loans for investors, Reverse Mortgages for individuals 65 years of
age or older with no required monthly payment, and many more.
These options are available across most of my lenders who
compete to offer the best rate/term to win my client's business. I
am partnered with United Wholesale Mortgage, the #1 wholesale
lender in the nation. While some lenders highlight their "In house
underwriting", UWM has over 3,000 underwriters that I am in
direct communication with. They have precise guidelines to
respond within a certain period of time to ensure maximum and
efficient client service. When I submit a loan to underwriting, I am
guaranteed a 1-day turnaround time to receive our initial loan
approval as well as when we're clearing conditions in the process.
The efficiency of technology is how I can create a streamlined
buying experience for all types of buyers and for everyone that's
involved in the transaction. At Motto Mortgage Best Life, we have
a proprietary loan origination system and loan processing system
that helps expedite the home buying process! Mortgages are all
we do, and we love it!
Sarah Jane Johnson is a local realtor associate at Gray Real Estate Elite. She lives in Ada with her husband, and their four children. Promoting the Ada area through community involvement and helping people buy or sell properties is her passion. Buying or selling? Call Sarah Jane at 918-541-5265, GrayRealEstateOK.com.
