By Jack Libby
Question: Why should I work with a mortgage broker instead of my hometown bank?
Answer: There are two ways to get a mortgage — wholesale or retail. Retail lending is when you walk into a bank branch or go online, and they help you get a mortgage. In the wholesale channel, you work with a local independent mortgage broker in the community. These folks work as independent mortgage advisors and help match borrowers to the best lender for their financial situation. Mortgage brokers are key players in the industry because they offer access to multiple lenders and the most loan options to borrowers. Lastly, a local loan officer will know more about the products and hurdles of that local market.
Question: How important is the Loan Officer I choose
Answer: The most important decision in applying for a mortgage is not necessarily the lender you choose but the loan officer who will hold all the responsibility to insure you get to the closing without issue. It’s imperative you find a loan officer with the experience and follow-up strengths to accomplish your goals. Many Larger banks hire new people not familiar with all the complexities that go into qualifying and processing a mortgage. Also, non-federal bank lenders/brokers go through a stricter licensing and education review than banks. Working with Glory mortgage you will be working with a team who has closed over a Billion in loan volume in FL on all property types. Always interview to ensure you have the right fit for your financing prior to going to contract.
Question: Is now a good time to buy a home?
Answer: Yes – Rates have increased in the last couple years but now appear to be stabilizing. The Florida market remains strong with high demand and low inventory. The “boomer effect” of the largest demographic in the county moving to Florida and more cash transactions than ever before, Pro business growth and just being a beautiful state has sustained a growth trend that is expected to continue. It’s still a good time to purchase!
Question: I’m looking to buy a home. When should I contact a broker?
Answer: As soon as possible. You would be amazed at how many people are not as ready as they think they are. Do not wait until the last minute. Many of the issues borrowers have that lead to a potential contract cancellation could have been easily fixed if only done earlier and working with an experienced loan officer. Whether it’s an unknown credit issue or employment change you want to acknowledge and address these prior to going to contract or even looking at homes. At Glory mortgage we will be giving you a deep dive review into your pre-approval so you can go into a contract with confidence and relieve many of the stresses that come with buying a home.
Question: Are there mortgage products that are available for a short-term rental?
Answer: Yes, we do quite a few. There are a variety of products available including those that will use the projected rental income to help qualify for the loan.
Jack Libby(NMLS 2113139 is a Mortgage Professional and Santa Rosa Beach resident. For more information, please contact Jack at 850-714-3539 or email: jlibby@glorymortgage.com. www.glorymortgage.com
Author: Sowal Editor
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