Home Financing

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I want to finance/refinance my home

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When do you intend to apply for financing?


Being both a Real Estate and Mortgage Broker, my clients always benefit from single point of contact for all of their real estate needs.  If buying a home, I structure the real estate contract based on your financial constraints to present you as a strongest possible buyer when negotiating with the seller.  If you are a seller, when representing you I advice you on the strong buyer who will complete your sale on time using my many years of mortgage knowledge.

 

Buyer Prequalification:
Buyers always ask me, Amit, when should I buy a home? I answer, you buy when you qualify. Knowing how much you can afford is the first step in the home buying process. I analyze all your financial details in strict confidence and provide you with the maximum home value you can afford at prevailing market interest rates. Your home qualification is dependent on various factors, some in your control and some not in your control. These are:
  • Your household income
  • Your debts- car payments, credit card payments, student loans etc.
  • The PITI (Principal, Interest, Taxes and Insurance) payments on your home
  • Home Owner Association (HOA) dues, if any
  • Prevailing interest rate in the market.
  • Loan Program (Adjustable rate mortgages- ARMs, fixed rate loans, loan terms)
  • Your comfort level with the total debt payments.
Lenders like to see your monthly debts anywhere between 28% to 50% of your monthly income. During our meeting and also during the buyer presentation, we will analyze all your finances to provide you with a prequalification letter. The prequalification letter is better than preapproval since it involves detailed analysis of your finances and your credit scores. In some situations like multiple offers, we can also provide you with the lender approval subject to getting property in contract.

 

Qualification for Various Scenarios:
We provide you with detailed analysis of various loan scenarios and help you plan for a smooth loan approval process in any of the following scenarios:
  • Buying a home before selling existing home
  • Buying a home and planning to rent existing home
  • Adding an occupant coborrower on the loan
  • Adding a non-occupant borrower on the loan
  • Qualifying based on large assets and income on the assets
Loan Programs:
The current lending environment has loans ranging from 3.5% down payment with mortgage insurance to 20% of more down payment without mortgage insurance. Depending on your financial position, we can structure a loan program that is easy on your savings and uncertainty of the changing real estate markets. Typically FHA insured loans require minimum of 3.5% down payment to purchase a home. Conventional loans can go up to 90% loan to value ratios (LTV= ratio of loan to value of the property) depending on the availability of mortgage insurance in the market place. Most of the loans with 80% or less LTV do not require you to pay mortgage insurance. Loan programs have varying rates depending on the loan terms like the amortization periods, interest only payments, borrower credit score, loan to value ratio, number of units and owner occupancy vs an investment property.

 

Our expertise help you maneuver through the myriad of loan options and finalize on the right loan program that maximizes your ability to purchase and your ability to digest risk.