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Our Home Loan Approach

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Our Approach to Home Financing

 

Home Financing is an Art, not a Science

If you have read the other pages in our web site, you have seen that we believe that home financing is more than just calculating your income and debts, applying a ratio, and thereby determining how much of a home you can afford. Even in the old days, this never worked for most of us. Sure, if you have excellent credit, great job stability, and lots of savings this will work just fine. There are even companies who advertise everyday about their online web sites. Just fill in a few blanks and in an instant your qualifying sales price will be calculated. Here in the real world we find that every applicant is different, and there is no computer in the universe that can take the place of a personal interview by a human being.

If we were to approach loan origination in that scientific way, we would be leaving behind all of you who have some credit problems, or who do not show a long employment history at the same job, or heaven forbid, do not have any savings. We have to look at you differently than a computer would. We have to judge the risks of lending you several hundred thousands of dollars based on our own instincts. We may have to submit your loan to several banks, not just one. We have to know which banks would be likely to lend that much money to you and which bank would offer you the best price. This takes years of practice, and is much closer to an Art than a Science.

Financing Packages

We tend to think of home financing in terms of creating a personalized package of programs. There are several factors that go into each home loan. The monthly payment, the down payment amount, and the closing costs would be examples of these factors. Our job is to create just the right package for you based on your credit, income, savings, and even the type of property you want to purchase. We try to balance the lowering of the monthly payment with a reduced down payment and, at the same time, reducing the closing costs. This balanced financing package approach allows us to get more people qualified and into a home than simply running some numbers through a calculator.

First Time Home Buyers

For the past 15 years, we have helped thousands of young home buyers purchase their first home. We will typically use special Government Programs which are designed to reduce the first time buyer’s payment or cash requirements. For details on how we blend these programs into a Financing Package designed for a first time home buyer, please view our “Special Programs” page.


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