6 Important Home Loan Mortgage Tips: An Interview with Todd McDougall of Amcap Mortgage, Ltd

Tell us a little bit about your experience, company history and the services you offer

I have been in the mortgage business for over 10 years. Our former clients are by far the largest part of our business. We know this and that is why we endeavor to bring you the best service possible, as fast as possible. AmCap Mortgage Ltd. is a registered Mortgage Banking entity with the Texas Department of Savings and Mortgage Lending. We offer Conventional, FHA, USDA, VA, and Jumbo mortgage loans.

Can you explain the difference between a mortgage broker and other mortgage provider options?

Amcap Mortgage Ltd. Is a mortgage bank. This is different from a mortgage broker. Amcap processes, underwrites, and closes loans all in house. This means we have more control of the entire process. We specialize in closing in less than 30 days and keep a high level service with our clients and referral partners

What are the main factors that people should consider before applying for a home mortgage?

Some of the main factors people should consider is when going to a large retail bank you will be in line behind thousands of others. If you prefer to have a live person you can meet in person, contact after hours, or speak to on the weekends the larger retail banks won’t work. Also, all of the loan officers on our team have years of experience. This means when your application is taken we are going to make sure everything is lined up before you are under contract.

Is there a difference between pre-approved and pre-qualified?

Pre-Qualification is the licensed loan officer taking application without reviewing all of the borrowers financial documentation. A Pre-Approval is the licensed officer going thru all financial documentation. We go through credit, tax returns, bank statements, W2’s, and pay stubs in detail before the file is even in processing. After taking a application with my team you will be asked to provide as much as possible so we can make sure you are pre-approved for the correct amount and that there won’t be any surprises. This is a great way to find problems up front so we can all have enough time to find the right solution.

Are there any ways that a homeowner can help make the mortgage process move faster?

Yes! Please collect tax returns, bank statements, W2’s, and pay stubs up front. We also have a in depth “do’s and don’ts” document that goes out to every client with the pre approval letter. It breaks down in detail what should be avoided. For example: don’t make cash deposits, don’t apply for new credit cards before closing, don’t change jobs without disclosing, etc.

What is one of the most common problems for homeowners in Texas who are applying for a new mortgage?

The most common problems people are facing is not being prepared. It is very important to have a loan officer look thru all financial paperwork before looking at homes. This way there are no surprises. If people know what the problem are up front they can put a plan in place and start on the right path.

What advice would you give to Texas homeowners who want to choose the best mortgage lender for them?

Go with someone that has a eye for detail, a professional who takes the time to talk you through the process, and someone who answers your calls/emails quickly. Also, make sure you work with someone you like and trust. You will be communicating a lot thru the process.

What’s the best way for people to reach you and your company?

Email any time us at todd@mcdougallmortgages.com

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More mortgage tips by Joe Mays:

Tell us a little bit about your experience, company history and the services you offer.

I have been in the mortgage business since I graduated from Texas Tech in 1971. I started in the mortgage department of a national bank and have managed several mortgage department and companies until I founded American Property Financial which has been in operations for thirty years. American Property Financial offers a wide variety of mortgages to purchase and refinance residential home loans.

What are some of the most common misconceptions that people have about getting a mortgage for a new home?

The mortgage market has gone through a lot of changes in the last five years and individuals are not aware what is expected of them to qualify for a mortgage loan. The changes effect what their credit scores need to be, how much income they need to be able to prove they make. These changes have also greatly changed the mortgage products that are available and the criteria of qualifying for a mortgage have changed. Many people are working under the assumption that what once was available or they hear a friend was able to do in the past is still available in getting a mortgage.

What would you recommend as the first steps that someone who wants to buy a house should take to secure a mortgage?

People need to find an individual they can visit with who can look at their overall financial situation and find out that their goals are in buying a home or refinancing their existing home loan. Once they have been advised, they will know all the documentation they will need for the actual mortgage application.

Can you briefly explain the main types of loans and who they are typically best suited for?

There are not loans that are best for individuals and not all individuals qualify for every mortgage available. American Property offers many types of loans, FHA, VA, USDA, Tex-Vet, and Conventional Mortgages. Each of these mortgage products are designed to meet specific needs. Once you have had the different type of mortgage explained to you, you will be better prepared to choose the mortgage type that is best for you.

Are there any things that prospective homeowners should not do when they’re applying for a home loan?

Prospects should not make applications for new credit or buy new items which will create new debt obligations. Their application and Pre Approval will be based on current debt obligations and these new obligations to jeopardize this approval.

What is one of the biggest regrets you’ve seen people have when it comes to their mortgages?

The regrets prospects have is that they have done thing they felt was what they needed to do to qualify for a mortgage without expert advice or have not gotten the advice they should have and have done the things they needed to do to improve their situation earlier. Find out what you need to do and get started now so you will be best prepared to buy a home or refinance your current mortgage.

What’s the best way for people to reach you and your company?

The best way to reach and find out more about our company is to go to www.saloans.com or call us at 800-738-5626 or email me personally at hjmays@aol.com.

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