James Jeter

Everyday, I have potential clients bombard me with that simple question. What's your Best Interest Rate? When I explain to them that I need a little more information, the first thing they say is that I have great credit. They fail to realize that's not the only factor. While the credit score is a very big part of getting a very competitive rate, keep in mind that this is not the only factor in determining the interest rate for your loan. All rates are based on a combination of several "Risk Factors". The lower the risk of the borrower, the lower the rate. Listed below are the factors that affect how low of a rate you will receive on your next loan.

• Credit Score/Credit
• The biggest determining factor of the rate you will get. Mortgage companies, such as FinanceMyHome.com, use the middle score (the 2nd highest score from the 3 main credit repositories: Equifax, Experian, and TransUnion) and not the average.
• Rates are generally graded in several different tiers. They are:
• 740 and above - EXCELLENT
• 700 - 739 - Very Good
• 680 - 699 - Good
• 660 - 679 - Acceptable
• 640 - 659 - Fair
• 620 - 639 - Poor
• 619 & below - Very Poor
• The lower the tier, the higher the risk. If your score's too low, certain programs and loans are unavailable or are offered only if your other risk factors are low.
• Judgments, late payments, disputed accounts, and other recent derogatory accounts can disqualify you from obtaining a loan even if your score is high. Depending on the program and lender you select, if a certain amount of time has passed, many lenders will ignore the past issues you may have had.
• Loan Amount/Equity
• The more equity you have (be it existing equity in your home or your down payment) the lower your risk.
• In some cases, if you do not have enough equity or down payment, certain programs are unavailable to you or you will have to pay Mortgage Insurance.
• Income and Debt Ratios
• Your Debt to Income Ratio (how much your monthly debts are compared to your monthly income) makes a huge difference in the ability for a lender to lend. If your debt load exceeds certain thresholds, you may not qualify for a loan.
• Term and Program
• Depending on the loan you select (FHA, VA, Conventional, etc.) your limitations will vary. Government loans generally have less stringent requirements and offer more flexibility when it comes to risk factors. Conventional loans are very specific on what you can and cannot do and rarely deviate from the standard guidelines. Furthermore, depending on the lender, Government loans offer higher tolerances when it comes to higher ratios and lower credit scores and equity.
• Since shorter terms reduce the overall risk of a loan, many 15 year and 10 year loan programs come with lower rates. However, the higher monthly payment deters borrowers from going with this option.
• Closing Costs
• Origination, discount points, and lender fees can determine how low you can get your rate. If you prefer to buy down your rate by purchasing points, make sure that the money you are spending equates to a substantial savings over the course of your loan.

I hope this helps you in understanding on how rates are determined. I get many calls from potential clients that want me to quote them a rate. However, as you can there's more than one aspect to determine rates. If you deal with someone who's willing to quote you a rate without getting a complete application and knowing the bare minimum, you are doing yourself a disservice. More than less likely, the rate he/she quoted you will not apply to your situation. The lowest rate isn't always what you can qualify for. But if you do your homework you'll be sure to get the best rate you qualify for.

If there's anything I can do to help with your current purchase or refinance, please don't hesitate to contact me.

James Jeter | Mortgage Loan Originator | NMLS #365858

12005 Ford Road, 8th Floor Dallas, TX 75234
O: 866-277-3088 Ext. 3361
D: 972-629-3361
C: 214-556-7609
F: 866-249-2231
E: jjeter@financemyhome.com

Anything posted on ActiveRain and Localism are
my personal views and they do not reflect those of
FinanceMyHome.com, REMN, Inc. or it's affiliates.
FinanceMyHome.com is an Equal Housing Lender.
This is not a commitment to lend. All loans are subject
to specific conditions, guidelines, and/or stipulations.
Please contact lender for details.

So you're looking to buy a home or refinance your current one. If you've gone through this process before, let me start off by telling you things have changed. Minimal documentation was the norm several years ago. Believe it or not, at one point, all you needed was your drivers license to purchase a home and a pen to sign a stack of papers. That's it. The rules, however, have changed. Listed below are the standard documentation you will need with us. Some borrowers will need more items (depending on the the loan they are doing and typically at the lenders discretion), but for the standard loan, the following checklist will help you get your loan done much quicker. So if you're in the process of getting a mortgage, start gathering the following items so you can expedite your loan process.

Income Documents

• Pay Stubs - For the last 30 day period.
• Tax Returns - For the last 2 years; all pages.
• Award letters - If your income is from retirement, pension, social security, annuities, disability, etc.
• W-2's - For the last 2 years

Asset Documentation

• Bank Statements - Checking or Savings account for the last 2 months.
  
• Retirement/401k Accounts - Most recent quarterly statement that reflects your vested interest.
• Stocks/Money Market/CD Accounts - Statement for the last 2 months

Miscellaneous Documentation

• Copy of your Drivers License/ID Card
• Copy of your Social Security Card
• Current Homeowners Declaration Page (Refinance)
• Copy of Divorce Decree (Refinance)
• Copy of Current Mortgage Statement (Refinance)
• Copy of Survey (Refinance)
  
• DD Form 214 (VA loans only)
• Certificate of Eligibility (VA loans only)

While this isn't a complete list of items you may need, this is typically the bare minimum most company's will require. So if you want to expedite your loan process so you can close in time, start getting these items ready. It'll save you and your loan officer (hopefully me) a great deal of stress and guarantee that your loan will close on time, if not sooner.

Have a great day!

James Jeter | Mortgage Loan Originator | NMLS #365858

12005 Ford Road, 8th Floor Dallas, TX 75234
O: 866-277-3088 Ext. 3361
D: 972-629-3361
C: 214-556-7609
F: 866-249-2231
E: jjeter@financemyhome.com

Anything posted on ActiveRain and Localism are
my personal views and they do not reflect those of
FinanceMyHome.com, REMN, Inc. or it's affiliates.

Attention Real Estate Agents, home buyers, and yes, even home owners! If you're thinking about buying a home that needs some work or currently in a home that could use some updating or much needed improvements, FinanceMyHome.com has the loan for you! We currently have two 203K options to fit your needs.

Our Streamline Option is geared for those uncomplicated minor repairs that are completed in 30 to 60 days and having a maximum labor and material cost of $31,000!

Our Full Consultation Option is designed for those more complicated projects that require plans, permits, inspections, etc. We provide you with a trained HUD inspector who acts as your consultant and supervises the entire project.

As with any loan, there are certain requirements and qualifications, and I'll be more than happy to share with you in detail the entire aspect of both of these FHA backed loan programs to which works best for you.

James Jeter | Mortgage Loan Originator | NMLS #365858
12005 Ford Road, 8th Floor Dallas, TX 75234

O: 866-277-3088, Ext. 3361 | D: 972-629-3361

C: 214-556-7609| F: 866-249-2231

E: jjeter@financemyhome.com

Anything posted on ActiveRain and Localism are my personal views and they do not reflect those of FinanceMyHome.com, REMN, Inc. or it's affiliates.

Need a Lender that can do it all?
Can your current lender:

• do loans for buyers with DISPUTES on their credit report?
• offer a VARIETY of programs such as FHA, VA, USDA, and Conventional?
• have the ability to lend to borrowers with FICO scores as low as 530?
• offer your clients programs with NO mortgage insurance?
• have loans for buyers who have LATE payments on their mortgage/rent?
• provide loans that require NO DOWNPAYMENT?
• have access to VARIOUS programs from MULTIPLE lenders/investors?
• do loans for buyers with 60% DTI RATIOS?
• offer HECM purchases (NO CREDIT OR INCOME qualifying)?
• claim they have an A+ RATING with the Better Business Bureau?
• claim they are the #1 BRANCH for their company?
  

We Can!

Contact me today and let's see what we can do to help you sell more houses!

This is not a commitment to lend. Specific conditions may apply, including, but not limited to: income, employment, residency, credit, and loan to value. Information provided is current as of 11/15/2010 and may change at the discretion of our lenders.

The #1 Southwest Funding branch since our inception! Find out why!

Southwest Funding, Branch 786

3010 LBJ Freeway, Suite 1512 Dallas, TX 75234

NMLS# 64250

I was browsing the web the other day and saw something that caught my I. I liked it so much, I took the idea, inserted new pictures and created this for all of you.

Your house as seen by...

Yourself

Your Buyer

Your Lender

Your Appraiser

Your Tax Accessor

Have a wonderful day!