What are the key obstacles associated with character as it relates to getting a mortgage?
Get the latest Flash player
How does credit fit into the mortgage equation?
What if I have poor credit?
What are the key obstacles associated with character as it relates to getting a mortgage?
What does your income mean in terms of buying a house?
Will I need money for a down payment?
What is collateral?
How does credit fit into the mortgage equation?
What are terms and closing costs?
What is the difference between pre-qualifying and pre-approval?
What do I look for in a realtor?
What types of mortgages are available?
How does your mortgage decision relate to product?
Introduction to Homeowners Insurance
Buying A First Home
Investment For Beginners
Investment Planning
Best Investment Options
Investment Strategies
Investment Management
Business Planning
Business Planning - What is the best entity to use when starting a business?
Business Planning – Advantages and disadvantages of LLC’s and S corps
Business Planning – Non-Compete agreements
Business Planning – Top negotiating techniques for lease agreements
Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction.
With the changes in the mortgage industry, Jeff has had to make changes in the way he performs his job. Jeff originally thought he was a loan originator, but after realizing the positive impact he could have on other peoples lives he made some basic adjustments to his business and now sees his position and career as a financial educator.
By taking the time upfront to get to know the people he serves, Jeff has been able to positively impact and improve the lives of the people he works with by providing relevant and timely advice. . This assistance comes in many forms, from insurance to painting to helping interview the right retirement professional. This core group of professionals allows Jeff to concentrate on providing the right advice for each person he works with.
Jeff is one of 200 people in the country that is both a Certified Mortgage Planning Specialist – CMPS and a Certified Liability Advisor – CLA. Jeff recently co-authored a book with Todd Ballinger, called “Borrow Smart Retire Rich”. The principles addressed in the book will be covered throughout the video.
Jeff hopes you gain insight on how to purchase and finance a home and hopefully you will find your time well spent and walk away with some information you did not know before. Jeff Thomas, Where Advice Does Make A Difference!
What are the key obstacles associated with character as it relates to getting a mortgage?
Host: What are the key obstacles associated with character as it relates to getting a mortgage? Jeff Thomas: Character is basically something that I came up with. It really entails the first page of the loan application and part of page two. Character entails your past two years work history, your past two years residence history, how you have paid your bills, have you saved money? Is your income going up? Is your income going down? So Fannie Mae and Freddie Mac have come to a conclusion that they want two years of your past history.
Transcripts
Host: What are the key obstacles associated with character as it relates to getting a mortgage? Jeff Thomas: Character is basically something that I came up with. It really entails the first page of the loan application and part of page two. Character entails your past two years work history, your past two years residence history, how you have paid your bills, have you saved money? Is your income going up? Is your income going down? So Fannie Mae and Freddie Mac have come to a conclusion that they want two years of your past history. So they want to know how you have paid your rent? Are you paying it on time? Are you paying it late? How is your job history? Are you hopping from job, to job, to job? Are you going from a cook to a office manager to a salesperson? That is not a -- to Fannie Mae and Freddie Mac job hopping in not an order is not something that they are going to see as a reliable source of income. They are going to look for somebody that's going from job A to job B to job C in the same field or moving laterally to different companies to increase their income. 1
How long does the mortgage process take?
What information will we need to provide when applying for a mortgage?
How does your mortgage decision relate to product?
What do I look for in a mortgage advisor?
How does your mortgage decision relate to payment?
How does your mortgage decision relate to availability?
How does your mortgage decision relate to amount?
How does your mortgage decision relate to management?
How does your mortgage decision relate to protection?
(Add Comment)