I provide the "right" mortgage solution from asking questions about your short and long term objectives to homeownership so together we understand your big picture. With your feedback, I can best propose solutions which fit your objectives and to effectively deliver financing to successfully close your real estate transaction. Like your other trusted professional service providers (doctor, attorney and financial advisor), I provide the right solution once we can enough exchange information and developing a trusted relationship for me to successfully deliver to your goals.

The cost of borrowing money, or interest rate, depends on many factors which include the following:

• Credit score, or risk, reported by bureaus
• Property type (single family home, condo, townhome, multi-unit, cooperative)
• Property use (primary residence, second home or rental property)
• Documentation of income sources (full, stated or no documentation)
• Loan amount and loan to value (appraised value of real estate property)
• Rate lock period (30, 45, 60 or more days)

Like your unique, personal needs for your home, the interest rate of your mortgage loan depends on the above factors and your tolerance for risk of a fixed versus an adjustable rate mortgage.

Before deciding on what terms and conditions are associated with your mortgage, lenders want to know two things about you:

1. your ability to pay back the loan
2. your willingness to pay back the loan

For your ability to repay, they look at your total income-to-debt obligation ratio. For your willingness to pay back the loan, they consult your credit score for your credit risk. Credit FICO scores only consider the information contained in your credit history. Your FICO score does not consider your income, savings, down payment amount, or personal characteristics. Lenders use credit FICO scores as an efficient and unbiased means to provide a decision of your mortgage loan without discrimination of age, gender, race, ethnicity or marital status. Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or reestablishing a good track record of making payments on time will raise your score.

With purchase transactions, you can lock the interest rate on your mortgage loan once you have a fully executed purchase contract between buyers and sellers. Depending on your tolerance of risk, you can also elect float the interest rate while monitoring economic and market conditions from stocks, bonds and other index indicators before locking your interest rate. Rates can be locked on 15, 30, 45, 60 days and beyond.

With purchase transactions, mortgage financing can be successfully closed within 15 – 60 days depending on terms negotiated per contract between buyers and sellers. Refinance transactions require an average 30 days or less.

It starts with a phone conversation. From our conversation, we can determine what additional information is necessary to structure the right mortgage loan for your objectives. Some of the additional information includes the following:

• Credit history request and review
• Purchase contract, if applicable
• Documentation of income sources
• Documentation of assets (down payment funds, liquid assets, other monetary assets)

With purchase or refinance transactions, closing costs include fees to the lender, prepaid interest and title insurance. The latter two are determined by the loan amount, number of days between closing date and end of month date and the third party title agent to close the transaction.

Bankruptcy, judgments and collections are always reported on credit histories; undoubtedly, they signal a higher credit risk. Many consumers who have filed bankruptcy are able to secure a mortgage, although it is often at a higher interest rate. If you have file bankruptcy, you will need to provide documentation of the bankruptcy. Whether a bankruptcy, judgments or collections have blemished your credit history, you may need to provide a “letter of explanation” to explain with details an event or cause for the derogatory credit.

I can lend across the USA.