As I enter my 37 years in the Buffalo, NY mortgage industry, I would like to reflect on the Milestones I have seen. When I started in 1985, there was a tremendous rush to build and buy new homes. There was a severe vacuum created with the crazy high rates in the early 80s. I have always thought the best first investment for ordinary working people is to purchase the best home you could buy as soon as you can. Buffalo has always been one of the most affordable places to live in the United States. At the moment, large companies are making very sizable investments in Buffalo.
There is good and bad Debt like good cholesterol and bad cholesterol. Bad Debt is consumer borrowing. Good Debt is mortgage debt. I started off buying.
The best house I could afford in my 20s. Since then, I have refinanced my home a total of 6 times. I now own a dozen properties, which increases the value every year.
The one sure way to create wealth is to purchase real estate make whatever improvements are necessary, creating a more valuable property. So The MOST rewarding part of my job is helping young people buy their first home.
Many young people are scared of taking that first big step. We do extensive counseling to motivate them to make their first purchase. Once they move in, I call them and ask them how it is going!! This is always a pleasant conversation.
To get their first home, this is what we always tell our customers. The first thing is to have a job. We need to verify 24 months of employment and verify any gaps in employment. Next, we need to discuss their credit report.
We need to have three scores on the report for underwriting purposes. The score that they have will dictate which mortgage product to use. It is also crucial to note that everyone is not a cookie-cutter for underwriting loans. We have many sources to choose from as a broker, unlike a traditional bank.
Many people have “glitches” on their reports that they may not be aware of. How many people do you know that never had a medical, employment, or marital situation? These life-changing situations may hurt your payment history, reflecting a lower credit score. The other smoking gun for young people is student loans. Student loans are not dischargeable even in Bankruptcy. When you have $200k in student loans, you are charged a 2% payment. I like the best refinancing scenarios when homeowners improve their homes and hopefully buy a second home, either for vacation or being a rental. At Banas mortgage, A Mortgage Company in Buffalo, NY, has been helping people here Since 1985. We have helped almost 12,000 people achieve the American Dream of owning their own homes. In the last several years, with interest rates at the lowest rates ever, we saw many people move up to newer and better homes. For those who want to improve their homes, we have unique products, even for The do it yourselves crowd. Rates are still meager. People always ask me when is The best time to refinance. After a lengthy discussion, it almost always is now.