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How does your mortgage decision relate to product?

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Jeff Thomas

Mortgage Advisor, Family Lender

www.lendingsolutions.net  

703-830-9808

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!

 

How do I know how much house I can afford?

Mortgage Advisor Jeff Thomas discusses how a mortgage advisor decides how much you can afford, including your income, debt, and credit.

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Host: How do I know how much house I can afford? Jeff Thomas: That's fairly easy but because your mortgage advisor is going to look at your income, they are going to look at your debts and they are going to look at your credit. They look at your credit because that's going to point to you to a particular program and maybe in a particular rate. They are going to look at your credit because that's going to tell them how much money is going out each month. Then they are going to look at your income to see how much money is coming in each month. The first question that I believe that your loan officer would ask you is, how much money do you want to pay each month for your mortgage payment? Once you have your mortgage payment narrowed down, they can work backwards from that number to come up with a home value. Once they have that home value, you will know is it a $200,000 home or is it a $300,000 home? Once you have that information, you will be able to readjust your figure either up or down, either based on your income or based on what you wanted to pay each month. 1

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How does your mortgage decision relate to payment?

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How does your mortgage decision relate to availability?

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How does your mortgage decision relate to protection?