What's the timefram on a personal loan for a home?

Feb. 13—Welcome to "REAL ESTATE RADAR with Sarah Jane". Take a moment to read the Q&A to learn helpful information regarding buying, selling or investing in real estate! Today we have interviewed Martin De La Garza with Motto Mortgage.

Sarah Jane: What is your timeframe to get a person loan qualified to be

able to purchase a home?

Martin: When I have a conversation with my clients, I ask

specifically gaged questions that will allow me to get them pre-

qualified in about 30 minutes. This is where we talk about their

financial profile, debts, and application details to get a dialed in

estimate of what they could qualify for. When it comes to getting

a pre- approval, typically I can get a one-day underwritten loan

from some of my elite lenders when we provide a full mortgage

application along with a satisfactory credit report. Ultimately, the

lender has the say on if we can do the loan. The pre-approval is

the best way to solidify financing because we get direct approval

from an underwriter as well as conditions ahead of time. In some

cases, we can get a pre-approval before we even have a property


Sarah Jane: What are some of the stumbling blocks buyers run into when

they are in the process of purchasing a home? What have you

seen gone wrong in the loan process?

Martin: One of the biggest blocks that come up more than they

should is the opening of a new credit line. Most people don't know

that lenders have a debt monitoring service that reviews your

credit profile before closing to ensure that you didn't gain any new

debts. If new debts are identified, then it will have to be added to

the client's debt-to-income which can increase the possibility of

not qualifying for the loan anymore. Another problem that tends

to come up is that the client is extremely excited and filled with

joy that they go on a shopping spree to fulfill the vision they have

for their home. This can lead to overspending and limiting their

funds that they had been saving for closing. Lastly, closing costs

seem to be one of the bigger blocks that prevent truly qualified

clients from purchasing because they may not have the complete

necessary funds. This is where I can lend a hand with my some of

my closing cost assistance programs and grant programs to

relieve some of those costs for these qualified first-time

homebuyers or repeat buyers.

Sarah Jane: What advice do you give home buyers after they qualify to

purchase a home?

Martin: First and foremost, I like to break down their Debt-To-

Income ratio, so they understand what factors are at play and why

it's important to stay below qualifying ratios. Secondly, I have an

honest conversation about the amount of home they are

approved for and the payment that goes with it. I want my clients

to be comfortable with the affordability of their monthly mortgage

payment. I never want my client to choose an option that puts

them in a position where becoming house poor is even a

consideration. I help my clients find the best loan options that will

fit their unique goals for generational wealth, future rental

properties, or building endeavors with complete certainty that

they will get the results they seek. Lastly, now that I've secured

your home financing it's time to shop for homes! Get with your

favorite realtor. Have trust in them and heed their every advice

about any property you are interested in. They are the experts in

their field and truly work hard to help you identify your ideal


Sarah Jane: What makes your mortgage company different from a banking


Martin: I'm an independent mortgage broker! After taking my

client's mortgage application and with only one hard credit pull, I

have access to various qualified mortgages across all of my elite

wholesale lenders such as Conventional, USDA, FHA, and VA. As

well as non-qualified mortgages like Debt Service Coverage Ratio

loans for investors, Reverse Mortgages for individuals 65 years of

age or older with no required monthly payment, and many more.

These options are available across most of my lenders who

compete to offer the best rate/term to win my client's business. I

am partnered with United Wholesale Mortgage, the #1 wholesale

lender in the nation. While some lenders highlight their "In house

underwriting", UWM has over 3,000 underwriters that I am in

direct communication with. They have precise guidelines to

respond within a certain period of time to ensure maximum and

efficient client service. When I submit a loan to underwriting, I am

guaranteed a 1-day turnaround time to receive our initial loan

approval as well as when we're clearing conditions in the process.

The efficiency of technology is how I can create a streamlined

buying experience for all types of buyers and for everyone that's

involved in the transaction. At Motto Mortgage Best Life, we have

a proprietary loan origination system and loan processing system

that helps expedite the home buying process! Mortgages are all

we do, and we love it!

Sarah Jane Johnson is a local realtor associate at Gray Real Estate Elite. She lives in Ada with her husband, and their four children. Promoting the Ada area through community involvement and helping people buy or sell properties is her passion. Buying or selling? Call Sarah Jane at 918-541-5265,