The following article contains an interview with Stephanie Treusin of Nova Home Loans in Denver. Stephanie has extensive experience in lending representation and loan origination. Stephanie and Joe Stengel discuss real estate ownership and how to find the right home loan.
Joe Stengel: “Stephanie, real estate ownership is an exciting prospect. When choosing a home loan, buyers may feel overwhelmed. Should they choose a 7/1 ARM or get a fixed rate FHA loan, or what about a conforming Conventional loan, is that better?”
Stephanie Treusin: “These are just some of the questions that may be starting to pile up in a home buyer’s mind as they consider buying a house. Some of these terms may even be completely foreign to them (check out this glossary of important lending and mortgage terms). In any case, the best and safest decision is to talk to a seasoned and experienced Loan Officer. A loan officer will work with the buyer to consider their income, lifestyle and credit standings. By evaluating their short term and long term financial goals, they will be able to determine which loan product and program will work best for their unique situation.”
Joe Stengel: “What are some other considerations buyers should be aware of in their loan search process?”
Stephanie Treusin: “Additionally, after reviewing a buyer’s down payment, income, credit score, and debts, the loan officer will have a better idea of what they will qualify for. Additionally, many people have some credit ‘baggage’ that may prevent them from qualifying for the best loan program. They can review their situation and provide them with a “Road map” of actions they can take to improve their credit standing and get better loan terms.”
Joe Stengel: “What questions should a buyer be sure to ask when talking with any financial institution about a home loan?”
Stephanie Treusin: “No matter how they go about getting their loan, here are a few things to ask your mortgage professional:
- What is the interest rate for this program?
- Are there thing we can do to improve my rate
- What is the loan term?
- What are closing costs?
- Does this program require Mortgage Insurance (MI)?
- What is the required down payment?
- What are my options if I don’t have the required down payment?
- What will the monthly payment be?
- Are there pre-payment penalties?
- How long will it take to process the loan?
- What might delay the loan from closing?”
Joe Stengel: “What other issues should the home buyer consider becoming educated?”
Stephanie Treusin: “Besides my list of things above to consider when choosing a home loan, I have a series of videos that may be useful to home buyers on:
Joe Stengel: “What final advice and insights can you provide to those searching for a home loan?”
Stephanie Treusin: “When choosing a mortgage, it’s important to not get in over your head. Generally, your mortgage payment should not be more than 25-30% of your monthly salary. It is also important to include property taxes, homeowners hazard insurance, HOA dues (if applicable), and mortgage insurance (if required). Another resource you may find useful is your checklist to guide you in determining if your are ready to sign a Colorado real estate contract.
There are many loan programs available today. Just because a buyer does not have ideal credit or enough money for a down payment, does not mean they can’t buy a home. Remember that as a buyer, they owe it to themselves to reach out to a number of different lenders to find the best fit and mortgage option for their purchase.”
This article is intended for educational purposes only and not as legal advice. If you enjoyed this blog, check out these other blogs. If you have questions regarding the answers from Stephanie, please feel free to contact her at firstname.lastname@example.org.
Stephanie Treusein is VP/ Branch Manager at NOVA® Home Loans in Denver, Colorado.