Christian Mortgage Company Experts Shepard the Buyer Through the Homebuying Process

(music). As a homeowner myself, I know
what it’s like. Obtaining a
mortgage, getting a home loan, let’s face it, not an enjoyable
process. But, to help others
who are facing the mortgage process, we have two experts. With me are Mike Rakeman
and Brian Schiele, from Fellowship Home Loans, and
they’re here with us to talk mortgages. Hi guys, thank
you so much for being here. Thanks for having us Betsy. Thanks for having us,
absolutely. So, let me start
with something no one wants to hear, but it is a possibility;
you’ve been turned by a lender. Is this over for a long time, or
is there a way to get a loan approved? That’s a question that
we get asked all the time. There’s really three main
reasons why you get turned down. The first one is credit. A lot
of lenders want you to have a 700 credit score or a 680 score
at a minimum. A lot of people
don’t have that. The second one
is your debt to income ratio, or quite simply how much money you
make, and we have guidelines just like any other lender, but
we’re just not quite as stringent. So we’ll go a little
higher on our ratios to get you approved for that loan that
other lenders may have denied you for. The third reason is
your equity or loan to value. That’s when you get the
appraisal done and you get that phone call, that well ‘your
house isn’t worth as much as you might think it is.’ Terrible
phone call to get (laughter) But to answer the question, no. Just
because you might have been turned down once or twice does
not mean that door is closed, not at all. So there are a lot
of home owners out there, like myself, who feel like they got
the run around. There are these
loan approvals that take forever. Why is that? Oh, you
mean you’re loan scheduled to close on Friday and you get the
phone call on Thursday that you need more documents, or it
almost seems like the bank is doing everything they can not to
give you the mortgage. So that
happens a lot, and what we try to do is simplify the process,
have everything done in our office, under one roof, so you
get the answers that you need, and you get them quickly. So we
get our loans closed in two to three weeks, as opposed to two
months and asking for more documents. The other thing is, a
lot of banks out there just happen to do mortgages as well,
so you can open up a checking and savings account there, get
CDs or auto loans, and they do mortgages. With us, we’re pretty
simple, we know what we’re good at, and
we stick to that. So we only
do mortgages, which makes our process much smoother just
being experts in that one field. That’s how, like Mike was
saying, we close our loans in weeks, not months. Well, that’s
very comforting to hear. Uh, now
tell us about down payments. I
hear a lot of conflicting stories these days. Yeah, the
old rule of thumb Betsy, is 20% down, if you don’t have 20% you
can’t get a mortgage, don’t even think about it, just put it in
the back of your mind. That’s
such a big misconception these days. Yeah, there’s three main
types of mortgages. There’s a
conventional mortgage, where you’re gonna have to have a 5%
down payment, you have an FHA or government backed loan, which is
a 3.5% down payment, and a VA loan for our service men and
women out there, where you can actually put no money down and
still not pay PMI. So I’m
hearing that now is a great time to refinance a current mortgage,
why is that? Well, interest
rates right now are the lowest they’ve been in our nation’s
history. So whether you’re just
looking to get a lower rate and save some money, or you wanna
pull some cash out for home improvements or consolidate some
bills, now makes a great time because, quick simply, the rates
are just that low. And to add to
it, Betsy, with rates being this low, the last time they were
this low was actually in 2012, so the rates were about the
same, the biggest difference is that home values were so much
lower then, so people couldn’t borrow as much against their
home value. Now, with increased
home values, there’s such a better market for our clients to
take that money out for home improvements they’ve been
looking to do. What makes your
company, Fellowship Home Loans, different from other lenders. Well, this one we could go on
for hours about, but mostly it’s we’re a direct lender, so as we
touched upon a few times, we can close our loans in two to three
weeks, where other lenders are two to three months, and as a
direct wholesale lender our interest rates are that much
lower than our competitors. I
really think the biggest difference is our one on one
approach. When we speak to a
client, we want to see what their goals are, what their
needs are, and make sure that we give them the loan that’s best
for them. Not what might be best
for the bank. I can whole
heartedly say, that we’re a company where we put principals
before profits. Well I like that
answer. So guys, can you tell us
how our viewers can contact you? Very simply Betsy, online at Okay,
well Mike, Brian, thank you so much for being here. Thank you
so much for having us, it was great. We’ll have a link and
more information at our website, (music). You can
visit these websites to learn more about the participants on
this edition of Designing Spaces. (music).

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