Take Stress Out Of The Mortgage Loan Process – Be Informed

Angel Lewis is a veteran mortgage loan officer and has seen it all when it comes to closing loans. “The most frustrating thing that I see is prospective home buyers making mistakes during the loan process that can cause them much unneeded stress and anxiety.” says Lewis. Lewis sees her job as an educator and advocate for her clients. She helps her clients through the loan process by helping them understand and qualify for a program that will fit their needs and their budget.

Some of the most common problems that her clients face are:

• Not understanding all the steps in the home buying process.

• Not taking into consideration the added expenses that are included in a monthly house payment.

• Not taking into consideration the high cost of PMI (Private Mortgage Insurance) which is a weighted premium based on the borrower’s credit score and the loan to value ratio. The premium can range from as little as $27 to as much as $74 a month on a $100K conventional loan.

• Not taking into consideration the need for flood insurance. Premiums can be greatly affected by the zone where the home is located which ties directly into escrow.

These are only a few of the obstacles that potential homebuyers may be faced with when determining what home is best suited for them. When asked what she sees as a do it yourself mistake, she answers, “Going online to get their own credit score believing that is the same score we use for their mortgage. Consumer credit scores from an online site are not the same as FICO scores that mortgage companies use. There are also many other factors that affect a person’s FICO score.”

Angel Lewis brings to the mortgage table over 12 years’ experience in the area of finance and is licensed in multiple states. “Because we do our own in house underwriting we have more flexibility in the loan process than some other institutions that have to outsource their underwriting,” she proudly declares.

You can find out more about Angel Lewis and GMFS by going to: http://www.gmfslending.com or call (888) 883-5774 x5164.