What you will get is transparency, knowledge of current mortgage guidelines, and a loan originator dedicated to your file and ALL of your questions. If you're looking to purchase or refinance a home in Utah, you're dealing with an industry that inherently sees your questions as inconvenient. You hand over sensitive information like social security numbers, tax returns, and bank statements.
But what do you really get in return? No real explanation as to why you're getting a particular interest rate or loan program. No explanation on closing costs. Every now and then, a mortgage company will even try to charge you an up front application fee; just to make sure you're locked in, and won't be shopping them around. Let's face it, you're lucky to even get a loan officer to answer your phone calls or emails after your mortgage application is submitted.
Best of all, why you should support a local business in the process. And how using a mortgage broker for your home loan can be a game changer - at no cost to you.
But what do you really get in return? No real explanation as to why you're getting a particular interest rate or loan program. No explanation on closing costs. Every now and then, a mortgage company will even try to charge you an up front application fee; just to make sure you're locked in, and won't be shopping them around. Let's face it, you're lucky to even get a loan officer to answer your phone calls or emails after your mortgage application is submitted.
Best of all, why you should support a local business in the process. And how using a mortgage broker for your home loan can be a game changer - at no cost to you.
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Sometimes our career paths are incidental.
When we follow our natural abilities with an open mind, we might discover they fit perfectly in a field we never even dreamed of joining.
I moved to the U.S. from Romania in 2008 when I was 23 years old, and I have a Bachelor's Degree in Kinesiology.
My work experience outside of mortgages has all been related to customer service, and for a little while, I even toyed with the idea of going to law school (I can be a bit of a contracts nerd).
I followed a good friend's advice and moved to Utah in 2013 to get into the mortgage business.
When we follow our natural abilities with an open mind, we might discover they fit perfectly in a field we never even dreamed of joining.
I moved to the U.S. from Romania in 2008 when I was 23 years old, and I have a Bachelor's Degree in Kinesiology.
My work experience outside of mortgages has all been related to customer service, and for a little while, I even toyed with the idea of going to law school (I can be a bit of a contracts nerd).
I followed a good friend's advice and moved to Utah in 2013 to get into the mortgage business.
I'm writing this article for those of you that are either curious or unsure of your ability to qualify for a conventional home loan.
Lenders will sometimes impose additional requirements, making it harder to qualify.
If you need an exception that can be found below, but your current lender or mortgage broker isn't offering it, please contact me for help.
Conventional loans are not issued or guaranteed by the U.S. Government, but rather by private lenders.
They are loans that require private mortgage insurance unless you have a 20% down payment - the private mortgage insurance covers anything over the 80% that the lender is putting at risk by giving you the loan.
Lenders will sometimes impose additional requirements, making it harder to qualify.
If you need an exception that can be found below, but your current lender or mortgage broker isn't offering it, please contact me for help.
Conventional loans are not issued or guaranteed by the U.S. Government, but rather by private lenders.
They are loans that require private mortgage insurance unless you have a 20% down payment - the private mortgage insurance covers anything over the 80% that the lender is putting at risk by giving you the loan.
If you are looking at more expensive properties in Utah, you've probably heard the term jumbo loan.
For any home loan that exceeds the conforming limit of $453,100 throughout most of the U.S., approvals will be subject to different, tougher requirements.
You will be required to make a larger downpayment, typically of at least 20-25% of the loan amount;.
Your reserves/emergency funds should cover your mortgage payment for a minimum of 6 to 12 months.
You'll need a credit score of at least 720 (680 might be acceptable in the right circumstances).
For any home loan that exceeds the conforming limit of $453,100 throughout most of the U.S., approvals will be subject to different, tougher requirements.
You will be required to make a larger downpayment, typically of at least 20-25% of the loan amount;.
Your reserves/emergency funds should cover your mortgage payment for a minimum of 6 to 12 months.
You'll need a credit score of at least 720 (680 might be acceptable in the right circumstances).
The Home Affordable Refinance Program (HARP) is a government-sponsored program, designed to help refinance conventional loans only.
You must be current on your mortgage at the time of the refinance, with a good payment history for the past 12 months.
The above are the basic eligibility requirements.
Be aware that most lenders have added guidelines, such as requiring a minimum 620 credit score, or allowing a maximum loan-to-value of 125%.
A HARP Relief Refinance will not require you to pay mortgage insurance if you are not currently paying one.
You must be current on your mortgage at the time of the refinance, with a good payment history for the past 12 months.
The above are the basic eligibility requirements.
Be aware that most lenders have added guidelines, such as requiring a minimum 620 credit score, or allowing a maximum loan-to-value of 125%.
A HARP Relief Refinance will not require you to pay mortgage insurance if you are not currently paying one.
You don't have to take my word for it, this is my website after all.
But I encourage you to do your due diligence and to reach out to a local mortgage broker before agreeing to a VA home loan issued by the big names all over the internet.
The same VA guidelines that have made homeownership easier for veterans have also allowed unscrupulous lenders and mortgage companies to take advantage.
They will try to sell you higher interest rates that may still seem low compared to Conventional loans.
Some will do their best to eat up your equity by rolling ridiculous amounts of fees into your loan amount; or by pushing adjustable rate mortgages (ARM loans) that they will come back to refinance you out of, and collect more fees for.
But I encourage you to do your due diligence and to reach out to a local mortgage broker before agreeing to a VA home loan issued by the big names all over the internet.
The same VA guidelines that have made homeownership easier for veterans have also allowed unscrupulous lenders and mortgage companies to take advantage.
They will try to sell you higher interest rates that may still seem low compared to Conventional loans.
Some will do their best to eat up your equity by rolling ridiculous amounts of fees into your loan amount; or by pushing adjustable rate mortgages (ARM loans) that they will come back to refinance you out of, and collect more fees for.
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