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Seven Steps to Managing your Mortgage

How does your mortgage decision relate to product?

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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 does your mortgage decision relate to product?

In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides valuable information to indivduals who have purchased a home in the past. This video includes an overview of the four parts of a loan file, mortgage jargon, the loan process, house hunting, the types of mortgages available and the 7 steps on how to manage your mortgage correctly.

This expert: 55,925 views

This series: 6,261 views

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Mortgage

House

Purchasing

Buying

Credit

Payment

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Transcripts

Jeff Thomas: Hi, I am Jeff Thomas. I am a Mortgage Advisor with Family Lender Inc. in Fairfax, Virginia. Today, we are going to discuss, how to purchase a home and the process that you must go through to find a home. Like to tell you, a little about myself. I have been in Mortgage Industry for 15 years, and I recently co-authored a book with Todd Ballenger called, How to Borrow Smart and Retire Rich, and now, we are going to discuss the seven steps.

Host: How does your mortgage decision relate to product?

Jeff Thomas: Your mortgage and your mortgage payment relate directly to the product that you choose. There is a basically three types of mortgage programmes out there. You are going to have something that is short term which would be three years or less, you have something that s what I consider, intermediate, which is five to ten years, and then you have long term, which is 10 years and longer, and those programs are really going to determine where, what problem you have? The two questions that you want to look at or ask yourself is, how long am I going to be in the house and how long do I think will have this mortgage?

The National Association of Realtors and Fannie Mae have come up, they have done some analysis, and the average person has a home between four and seven years and they have a mortgage about three-and-a-half years. So, on your first home -- you want to take look and go, realize it, you are probably not going to be in house for 30 years and you are probably not going to have that mortgage for more than five years. So, what you get when you buy a long term mortgage is you are paying a little bit more but you are getting -- if you take a look and ask those questions, you will end up with the right product for the right term.

How does your mortgage decision relate to product?