In this video at the conclusion of the section about different loan products and options, Jared McBride discusses how a loan consultation could benefit you, and save you time and money and reduce your stress in the home loan process.

What is a loan consultation?  And how can it benefit you?

In a loan consultation,  we find out 2 main things...

  • What you can qualify for NOW.

  • OR What you can DO now to qualify in the near Future.

We can do a Free Consultation in person, online or over the phone depending on your location and availability.  

We will discuss how Banks calculate your "Big 3" numbers, meaning your current DTI, LTV, & FICO.  These 3 numbers are the basis of qualifying for all Real-Estate loans.  This helps us to determine what you could qualify to borrow today.  We will also talk about the loan application, what documents the bank will ask for and what the banks are specifically looking for in those documents. 

Remember, DTI, LTV, and FICO are subject to change.  What a person can qualify for today he may not be able to qualify for tomorrow if he buys a truck with a $500 a month payment.  Or if you pay off your cars you may be able to qualify for $100,000 or more in a home loan.  

What we qualify for and the available loan products and rates in the lending industry change from day to day.  But if you understand what the banks are looking for you can put yourself in the best position to qualify for the best rates and the loan amount you want to buy your next home.  Which can save you lots of money, and time and STRESS.  

To determine what you qualify for, you need to know your: 

  • approximate monthly income

  • approximate credit score

  • approximate house price and loan amount and down payment

  • approximate monthly debts (such as car payment, minimum credit card payments, student loans, alimony, child support…)

There are simple things you can do now to put yourself in the best position to qualify for a home loan.  In a loan consultation, we may discuss how to improve your credit, or which loans, credit cards or cars you might want to pay off, or how much of a down payment you will need to qualify for the house you want to buy.  For example, in some situations it could be better to have a larger down payment than pay off certain debt.  That could not only help you qualify for a better rate, but also could save you hundreds a month, thousands a year and hundreds of thousands over the life of the loan if you don’t have to pay monthly mortgage insurance or an extra fee at funding.  The loan consultation can help you identify simple things to help save you lots of money in the long run.

Every situation is unique.  You are unique.  Remember, a loan consultation can help you identify: what the banks determine you would qualify for today, recognize things you could do to qualify for the loan you want, and ways you can save lots of time, money and stress.  People often discover they are better off than they think and feel more confident in applying for a home loan after they learn the “basic rules” of the lending industry.  I help my clients understand the rules of the game before they are actually applying for a home loan, so the process is easier to navigate and less stressful. 

I hope you will consider calling me when you would like help with getting a home loan, Whether you Want to buy a house Or refinance- I’d love to help you and the first step we can take is do a free loan consultation over the phone, web, or in person.  

 

Call Me At:

858.752.3461

-or-

(Loan Consultation can be done in person, online or over the phone- depending on your location and availability.)