What are the opening hours?

Monday 8am - 6pm Tuesday 8am - 6pm Wednesday 8am - 6pm Thursday 8am - 6pm Friday 8am - 6pm Saturday 9am - 5pm

SunBright Mortgages, My Favorite Mortgage Broker, 7988 Glenbrooke Lm, Sarasota, FL (2026)

01/07/2024

Mortgages - Good Job, Poor Credit

Buying a home? Let a Licensed Mortgage Broker Find the Right Mortgage for You.
Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Call to Get Pre-Approved. Same Day Pre-Approvals.

Getting a mortgage is a simple, but hard. Simple because Banks look at 4 items:

• Your credit score, credit history and monthly payments.

• Your income, as shown in w-2s, tax returns or pay stubs.

• Money in the Bank to pay the down payment & the closing costs.

• The property to show it has the value today (appraisal) you wish to pay.

But every homebuyer is unique.

Applying to the wrong bank may be why your loan is denied. The bank you have your checking account or where you got your auto loan is not a specialist in mortgages. That bank may only have 1 loan standard and you may not fit.

You need your loan before a mortgage broker. This is one who has many different programs to fit your profile of good job but poor credit.

We close loans for those who have had a poor credit history or just do not know.

Most big banks require a 640-credit score and perfect credit history and 20% down. We go down to a 580 score, usually at 3.5% down. If you have $$, you can go to 500 & 10% down.

We have a loan program for almost everybody.

We are ideal for all borrowers - especially if you currently have a GOOD JOB BUT A POOR CREDIT HISTORY.

Here is what you need for a mortgage:

First, you need to have a credit history: a credit score and a report. Your ideal score for a mortgage is 580. 12 - 24 months of no late payments on anything negative. A bankruptcy means you wait 2 years to get a loan. A foreclosure means you wait 3 years after the bank resold your house.

You cannot have as tax lien or court judgment or defaulted on a student loan, or a car repossession or really bad credit 24 months.

Second, you need money: income and cash to close. Income is pay stubs & w-2 for the past 2 years. You need bank statements showing money to buy a house.

Third, you need a loan officer to figure this process for you. If you pass this test, then you have to find the loan programs that fit your profile:

1. Conventional - 620 Score and 5% down;
2. FHA – 580 for 3.5% down – under 580 you need 10% down;
3. Rehabs -- (Handyman Specials) -- same as FHA;
4. USDA -- 580 score and 0% down;
5. Veterans /VA -- 550 score and 0% down; and,
7. HUD Homes for $100 Down - 580 score.

Chris Luis, SunBright Mortgages
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.
941.219.4381 [email protected]

Or, visit ChrisLuis.com and fill out an application.

I work with federal licensed banks. NO HARD MONEY.

NOTICE REQUIRED. This is not a promise to make a loan. Loans are subject to credit and other qualifications. Not everyone receives an approval. Approvals are subject to underwriting guidelines and program guidelines. Lenders can change programs any time. Final approval is by a 3rd Party Bank.

01/06/2024

👨‍👩‍👦‍👦 👨‍👩‍👦‍👦 👨‍👩‍👦‍👦 Gift of Equity - Selling to Family Member –🥳 🥳🥳

Buying a home? Let a Licensed Mortgage Broker Find the Right Mortgage for You.

Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Call to Get Pre-Approved. Same Day Pre-Approvals.

Selling to a family member is easy if the parties agree on the price.

In practice, a family member can sell the home to another family member where the buyer has $0 cash to close costs.

Who May Provide Gifts of Equity?

A family member may gift the down payment and closing costs of the property sale to another family member.
Only need a gift letter (that your loan officer can provide) signed and dated by both parties.

A family member is a:
• Child, including:
o a son, or stepson, daughter, or stepdaughter;
o legally adopted son or daughter,
o foster child; or
o son-in-law or daughter-in-law
• parent or grandparent including
o a step-parent or step-grandparent or foster parent/grandparent;
o father-in-law, mother-in-law,
• spouse or (registered) domestic partner;
• brother, stepbrother, sister, stepsister, brother-in-law (seller), or sister-in-law (seller) of the borrower.
• Uncle or aunt.

Cousins are NOT considered a family member

How It Works?

Parent owns home.

Agrees to sell to child for $100,000.
Contract calls for sale of $100,000.
Parent signs gift of equity letter for $3,500 (to cover down payment in FHA mortgage).

And either
• $3,200 in seller credits in contract (to cover closing costs) or
• Adds the $3,200 closing costs to the Gift of Equity Letter (total $6,700).

It can be a Conventional, FHA, Veteran or USDA mortgage.

NOTE WELL: The buyer must also meet credit and income requirements.

Chris Luis, SunBright Mortgages
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.
941.219.4381 [email protected]

Or, visit ChrisLuis.com and fill out an application.

I work with federal licensed banks. NO HARD MONEY.

NOTICE REQUIRED. This is not a promise to make a loan. Loans are subject to credit and other qualifications. Not everyone receives an approval. Approvals are subject to underwriting guidelines and program guidelines. Lenders can change programs any time. Final approval is by a 3rd Party Bank.

01/05/2024

👶👶👶First Time Homebuyers 🌟 🌟 🌟

Buying a home? Let a Licensed Mortgage Broker Find the Right Mortgage for You.

Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Call to Get Pre-Approved. Same Day Pre-Approvals.

Yes, rates are high today. But, every day thousands of 1st Time Home Buyers celebrate after closing their homes. So, find out. You will know right away if you reach out to me.

If you have average credit, not too much debt, and 2 years of income, you are on your way to qualifying for a mortgage.

Everybody at one point was a First Time Home Buyer.

Before I became a mortgage broker, I closed on 7 homes, and I had no idea what was going on. Welcome! I speak simple English.

To get a home mortgage, you need CREDIT, MONEY and a LOAN OFFICER.

Credit means 3 items:

1. a CREDIT SCORE OF 580 for a low-down payment mortgage;

2. ACTIVE CREDIT items such as credit cards or loans; no current credit = no mortgage; and,

3. NOT TERRIBLE CREDIT the last 2 years. No foreclosure. No bankruptcy. No auto repos. No recent multiple collections and charged offs.

Second, you need DOCUMENTED INCOME: pay stubs, w-2s, or tax returns if self- employed.

If you have CREDIT, DOCUMENTED INCOME, and a bank account, you may already qualify.

Third, you need a loan officer to figure this process for you. I am called My Favorite Mortgage Broker. You get personal service and I find a bank that works best for your situation.

Here are some key facts:

1. Real estate & mortgage professionals are there to help you each step of the way.
2. Realtors’ fees are paid by the seller, not you.
3. FHA Mortgages are the most common loans for 1sttime homebuyers as it requires a lower credit score and you can buy a more expensive home.
4. The Down Payments can be as low as $0 (USDA and VA loans) to 3.5% (FHA), depending on your credit and the mortgage program.
5. The Seller and the lender can cover your closing costs.
6. You do not need perfect credit, just not terrible. A 580 score is enough for many.
7. A family member can gift you the down payment
8. The Realtor and Loan Officer will guide you.
9. 1 in 3 loan application in the US is for First Time Homebuyers.
10. Student loan debt is the biggest problem many First Time Homebuyers have as it lowers how much they can borrow.
11. It is OK to have co-signor, such as a spouse or family member.

Here is something few loan officers will tell you. Loan officers get paid by the bank.
Few of them will cut their commission. I routinely cut my commission if it means will to get you a mortgage.

The process is the same for everybody: your credit needs to be pulled, your income verified, get your pre-approval letter, and work with a realtor to find a house.

The most important decision: Pick the right loan officer:

1. Applying for a mortgage is the biggest financial decision you will make.
2. As in every profession, there are good loan officers and bad.
3. There are those that communicate clearly and easy to talk to and those that are not.
4. Those that care whether your loan closes or not.
5. And, those that have only one lender, such as if you go to Chase, or Wells Fargo, or those that have many lenders, as a mortgage broker.

If you are applying for a mortgage, and are talking to a loan officer, decide whether (s)he is going to be easy to work with, whether the communications are clear and easy to understand and answers all your questions.

Try me.

STEP 1: GET PRE-APPROVED.

A Pre-Approval Letter is the first step in house hunting as most realtors will not show you homes without one.

HOW: call me, or go to my site and fill out an application at ChrisLuis.com

More INFO?: write me an email or text me.

Chris Luis, SunBright Mortgages
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.
941.219.4381 [email protected]

Or, visit ChrisLuis.com and fill out an application.

I work with federal licensed banks. NO HARD MONEY.

NOTICE REQUIRED. This is not a promise to make a loan. Loans are subject to credit and other qualifications. Not everyone receives an approval. Approvals are subject to underwriting guidelines and program guidelines. Lenders can change programs any time. Final approval is by a 3rd Party Bank.

01/04/2024

❤❤❤FHA Mortgages 👌👌👌

Buying a home? Let a Licensed Mortgage Broker Find the Right Mortgage for You.

Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Call to Get Pre-Approved. Same Day Pre-Approvals.

FHA stands for Friendly Home Approvals. I am kidding.

It stands for Federal Housing Authority. It is the traditional first-time buyers’ program. Banks approve the loans.

Every bank offers it. But BIG differences who gets approved.

You need a 640 score for banks. They limit how much you can borrow.

Brokers allow for lower credit scores. And easier for final approvals.

Here are Some Key Data Points.

• Qualify w/580 Score. 3.5% down. Or 10% down with under 580.

• Easiest to Qualify. Higher purchasing power. Lower credit issues. And, highest approval rates.

• Seller Can Help. Seller can pay ^6% of price for closing costs.

• Ideal for 1st Time Buyers. Most start with FHA. Then convert to conventional. In 5 to 9 years.

• Ideal If Recovering from Poor Credit. It works if you have low credit. Or poor credit. Bankruptcies. Foreclosures. Or, missed card payments.

• Rehabs Allowed. FHA Loans allow you to get a fixer-upper. Called a 203K Rehab. TheLender covers your price and rehab.

• Foreclosed FHA Homes Sell for $100: FHA sells Foreclosed Homes for $100 down. Called HUD Homes. You can buy with $100 down. You may wait a bit. But $100 Down. Wow!

Call to Get Pre-Approved. Same Day Pre-Approvals.

Chris Luis, SunBright Mortgages
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.
941.219.4381 [email protected]

Or, visit ChrisLuis.com and fill out an application.

I work with federal licensed banks. NO HARD MONEY.

NOTICE REQUIRED. This is not a promise to make a loan. Loans are subject to credit and other qualifications. Not everyone receives an approval. Approvals are subject to underwriting guidelines and program guidelines. Lenders can change programs any time. Final approval is by a 3rd Party Bank.

01/03/2024

💲 💲 💲Down Payment by Mortgage Program 🤑 🤑 🤑

Let a Licensed Mortgage Broker Find the Right Mortgage for You.

Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Call to Get Pre-Approved. Same Day Pre-Approvals.

Down Payments Vary by Mortgage Program and Credit Score.

Except for limited programs, and limited homebuyers, your down payment must be brought by you or as a gift. You include savings, retirement funds, IRS refunds or money awards. The seller or realtor cannot help you on the down payment. Only on closing costs.

Down Payments by Program & Score

FHA: 580+ 3.5% Down. 580- 10% Down.
Rehabs: 580 3.5% Down for FHA 203K. 620 3% Down for Conventional Homestyle Renovation.
Conventional: 620 3% Down First Time, Others 5%.
USDA: 580 0% Down.
VA: 580 0% Down.
Self-Employed – Bank Accounts to Qualify
• 720 10% Down.
• 700 15% Down.
• 680 20% Down.
• 660 25% Down.
• 620 30% Down.
• 580 35% Down.
Investors: 620 20% Down.
Fix & Flip: 660 20% Down.
No Income Verification – Primary & 2nd
• 740 25% Down.

Interest based on Score, Loan Program and Loan Size.

Not all applicants qualify.

Step 1: Get a Pre-Approval Letter.

Many realtors will not show you homes without one.

Pre-Approval Steps: have credit pulled, Official Mortgage Credit Report. This verifies your mortgage programs. Income verified (pay stubs and w2s) to determine loan size. Self-Employed need Tax Returns for traditional loans.

Start now to get Pre-Approved. Same Day Pre-Approvals.

Chris Luis, SunBright Mortgages
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.
941.219.4381 [email protected]

Or, visit ChrisLuis.com and fill out an application.

I work with federal licensed banks. NO HARD MONEY.

NOTICE REQUIRED. This is not a promise to make a loan. Loans are subject to credit and other qualifications. Not everyone receives an approval. Approvals are subject to underwriting guidelines and program guidelines. Lenders can change programs any time. Final approval is by a 3rd Party Bank.

01/02/2024

What is a Mortgage Conditional Approval?

Conditional Approval means the lender will give you a mortgage if you give the lender certain information and paperwork. These are call conditions.

This is standard, routine, and occurs to everybody that applies for a loan.

Once all the lender conditions are met, you receive a clear to close.

Common conditions include providing more financial or banking paperwork, such as showing the debit from your bank account of the escrow deposit; employment & income verification; obtaining the title paperwork; passing the appraisal; and, getting homeowner’s insurance. Also included are explanations on credit items, such as recent credit pulls,

Even if you are conditionally approved, you could be denied a mortgage — If we are unable to satisfy all lender conditions, the mortgage could still be denied.

Differences Bank vs Mortgage Broker.

Bank: you are responsible for almost every condition. This includes placing the appraisal order, getting the insurance, explaining credit items, and more. Typically, you get the underwriter’s letter and it is up to you 100% to satisfy the conditions. The bank official simply receives your paperwork and sends it to the underwriter.

Mortgage Broker: does all the heavy work for you. Critically, the mortgage broker orders all the required paperwork. Helps draft letters for you to sign. And outlines in plain English what bank records are needed. The broker reviews all the information and adjusts it to move the file to a close.

Other Common Conditions
• Getting a signed gift letter if someone is giving you money to help with the home purchase.
• Providing explanation on large deposits on your bank account.
• Confirming prior employment totaling 2 years.
• Showing sufficient cash to close in Bank Statement.

Every Loan is Different – Items that Delay

Some mortgages close quickly, and easily. Others take longer, and seem difficult.

Here are typical actions that delay and make the final approval harder:
• Having 3, 4 or more bank accounts and moving money back and forth.
• Large deposits in bank account, especially after the loan application.
• Not having the cash to close in your bank before the application.
• Delay in getting updated pay stubs, or sending those over a month old.
• Getting a money gift and not telling your loan officer beforehand.
• Failure to specifically identify employment dates on prior jobs.
• Home in need of basic repairs as noted on appraisal report.
• Switching job just before loan application.

If you go with a bank, all these are your problems to solve. And you will have several back and forth until one gets it right.

If you go with a broker, the broker will roll the eyes, and spend extra time to get your loan file ready to close.

SunBright Mortgages – Mortgage Broker.
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.

NOTICE REQUIRED BY LAW: This is not a commitment to make a loan. Loans are subject to credit and money qualifications. A property evaluation, equity in the home, and final credit approval. Not everyone receives a final approval. Approvals subject to underwriting guidelines, interest rates, and program guidelines. 3rd Party lenders can change programs without notice. Final approval decided by the 3rd Party Bank.

01/01/2024

Self Employed Mortgage: No Tax Returns - Mortgage Broker vs Bank.

Let a Licensed Mortgage Broker Find the Right Mortgage for You.

Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Example: Self Employed – No Tax Returns

Borrower has a landscaping business for 5 years.
• He has not filed his taxes in 3 years.
• Solid credit score of 713.
• Averages $10,00o in personal account.

Bank Decision: Application denied. Sorry. Need 2 years of filed tax returns.

Mortgage Broker Decision: Application approved. Yes. Can use 12 months of bank statements with deposits equal to income on a $1 deposit to $1 mortgage income.

Recommends borrower pay down 1 credit card by $1,500 to get score t0 +720.
This lowers down payment from 15% to 10% saving $10,000, and lowers his rate by 0.5% point saving him $150 a month. Borrower pre-approved.

To get a mortgage, you need Credit, Money, and a Loan Officer. A mortgage broker loan officer.

SunBright Mortgages – Mortgage Broker.
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.

NOTICE REQUIRED BY LAW: This is not a commitment to make a loan. Loans are subject to credit and money qualifications. A property evaluation, equity in the home, and final credit approval. Not everyone receives a final approval. Approvals subject to underwriting guidelines, interest rates, and program guidelines. 3rd Party lenders can change programs without notice. Final approval decided by the 3rd Party Bank.

12/31/2023

Mortgages - Good Job, Poor Credit

Buying a home? Let a Licensed Mortgage Broker Find the Right Mortgage for You.

Banks have @5 programs. Demand 680 Score and perfect history. Need tax returns. It is painful. Speak gibberish. Rookie handles your loan. Top Goal: do as little as possible, no complaints.

Mortgage Brokers have 20+ Programs. 580 Score may be OK. Some credit mishaps OK. Many options to qualify. Tax returns not needed, most programs. Speak English. Seasoned pro handles your loan start to finish. Top Goal: close your loan.

Call to Get Pre-Approved. Same Day Pre-Approvals.

Getting a mortgage is a simple, but hard. Simple because Banks look at 4 items:

• Your credit score, credit history and monthly payments.

• Your income, as shown in w-2s, tax returns or pay stubs.

• Money in the Bank to pay the down payment & the closing costs.

• The property to show it has the value today (appraisal) you wish to pay.

But every homebuyer is unique.

Applying to the wrong bank may be why your loan is denied. The bank you have your checking account or where you got your auto loan is not a specialist in mortgages. That bank may only have 1 loan standard and you may not fit.

You need your loan before a mortgage broker. This is one who has many different programs to fit your profile of good job but poor credit.

We close loans for those who have had a poor credit history or just do not know.

Most big banks require a 640-credit score and perfect credit history and 20% down. We go down to a 580 score, usually at 3.5% down. If you have $$, you can go to 500 & 10% down.

We have a loan program for almost everybody.

We are ideal for all borrowers - especially if you currently have a GOOD JOB BUT A POOR CREDIT HISTORY.

Here is what you need for a mortgage:

First, you need to have a credit history: a credit score and a report. Your ideal score for a mortgage is 580. 12 - 24 months of no late payments on anything negative. A bankruptcy means you wait 2 years to get a loan. A foreclosure means you wait 3 years after the bank resold your house.

You cannot have as tax lien or court judgment or defaulted on a student loan, or a car repossession or really bad credit 24 months.

Second, you need money: income and cash to close. Income is pay stubs & w-2 for the past 2 years. You need bank statements showing money to buy a house.

Third, you need a loan officer to figure this process for you.

If you pass this test, then you have to find the loan programs that fit your profile:

1. Conventional - 620 Score and 5% down;
2. FHA – 580 for 3.5% down – under 580 you need 10% down;
3. Rehabs -- (Handyman Specials) -- same as FHA;
4. USDA -- 580 score and 0% down;
5. Veterans /VA -- 550 score and 0% down; and,
7. HUD Homes for $100 Down - 580 score.

Chris Luis, SunBright Mortgages
Mortgage Broker License NMLS #1159714.
Mortgage Loan Officer License NMLS #888571.

Loans is Texas, Florida, Pennsylvania, and South Carolina.
941.219.4381 [email protected]

Or, visit ChrisLuis.com and fill out an application.

I work with federal licensed banks. NO HARD MONEY.

NOTICE REQUIRED. This is not a promise to make a loan. Loans are subject to credit and other qualifications. Not everyone receives an approval. Approvals are subject to underwriting guidelines and program guidelines. Lenders can change programs any time. Final approval is by a 3rd Party Bank.

10/21/2023

🧐 🧐 🧐Income Needed to Buy Home – October 2023 ✍️ ✍️ ✍️

Let a licensed Mortgage Broker find the right mortgage for you.

Retail Banks (Chase, Wells Fargo, Credit Unions, etc.) have stricter rules.
Mortgage brokers have more flexibility.

A mortgage broker requires a lower credit score. And can get an approval on higher priced homes than banks.

• Mortgage Interest rates in October 2023 range from 7.5% (FHA) to 7.9% (Conventional).
• Going to a mortgage broker allows you to get a lower rate.

Income is a key number lenders uses to give final approval on a mortgage. It is in a formula called debt to income ratio. It divides your income by your monthly mortgage payments and total of all monthly payments.

Example: your income is $10; your mortgage is $1; and your total expenses are $2. Your DTI is 10:20

Your housing ratio is the 1st number; your total ratio is the 2nd number.
• Banks have debt to income limits as low as 33:43.
• Mortgage brokers can go as high as 47:57.

With a mortgage broker, here are some examples of how much income you need to buy a home: with 3.5% down, FHA mortgage, 620 credit score or higher, interest rate of 7.125% and an Annual Percentage Rate (APR) of 7.871%. Monthly mortgage payments include mortgage and interest, real estate taxes, and insurance.

1. Home Value: $250,000.
• Monthly Mortgage Payments: $2,377.
• Annual Income: $63,000.
• Monthly Income: $5,250.
• Hourly Income: $31.

2. Home Value: $300,000.
• Monthly Mortgage Payments: $2,708.
• Annual Income: $71,750.
• Monthly Income: $5,981.
• Hourly Income: $35.

3. Home Value: $325,000.
• Monthly Mortgage Payments: $2,912.
• Annual Income: $77,100.
• Monthly Income: $6,420.
• Hourly Income: $37.

4. Home Value: $350,000.
• Monthly Mortgage Payments: $3,115.
• Annual Income: $82,500.
• Monthly Income: $6,880.
• Hourly Income: $40.

5. Home Value: $375,000.
• Monthly Mortgage Payments: $3,378.
• Annual Income: $89,500.
• Monthly Income: $7,461.
• Hourly Income: $43.

6. Home Value: $400,000.
• Monthly Mortgage Payments: $3,522.
• Annual Income: $92,400.
• Monthly Income: $7,700.
• Hourly Income: $45.

7. Home Value: $425,000.
• Monthly Mortgage Payments: $3,725.
• Annual Income: $97,200.
• Monthly Income: $8,100.
• Hourly Income: $47.

8. Home Value: $450,000.
• Monthly Mortgage Payments: $3,929.
• Annual Income: $103,200.
• Monthly Income: $8,600.
• Hourly Income: $50.

9. Home Value: $475,000.
• Monthly Mortgage Payments: $4,101.
• Annual Income: $108,000.
• Monthly Income: $9,000.
• Hourly Income: $52.

Rates will stay high for the foreseeable future.

Here are some options.

1. Go with a mortgage broker. You will get a lower interest rate and have a higher chance of getting the home you want.

2. Buy a smaller, or lower priced home. House prices have increased big time the last couple of years. One customer improved his home with new floors, kitchen, appliances and more. The home doubled in price in 5 years. 5 years will pass quickly. With the equity you build, and rates settling down or lowering, you will be able to buy the larger home.

3. Get a co-borrower. Someone with good credit and enough income. In later years, you can refinance and remove the co-borrower from the mortgage.

4. Save extra money and buy down points. Lenders price their rates at par. Par means the lender does not give you any $$ to cover closing costs and it does not charge you any $$ for that rate. You have the option of buying a lower rate by buying points. Here is an example on our home listed above. The rate is 7.125%. But if you pay 1 point, or 1% of the loan amount, your rate will be 6.625%.

5. Have seller credits to buy down points. Here, the example is the same as above. Except the seller gives you $$ as credits for closing costs and you can buy down points.

To get a mortgage, you need Credit, Money, and a Loan Officer.

Step 1: Get a Pre-Approval Letter. Many realtors will not show you homes without one.

Pre-Approval Steps: have credit pulled with an Official Mortgage Credit Report. This verifies your mortgage programs. Income verified (pay stubs and w2s) to determine loan size. Self-Employed need Tax Returns for traditional loans.

Start now to get Pre-Approved. Same Day Pre-Approvals. No Wait.

LOANS IN SOUTH CAROLINA, TEXAS, FLORIDA AND PENNSYLVANIA FOR PRIMARY OR 2ND HOMES.

NOTICE REQUIRED BY LAW: This is not a commitment to make a loan. Loans are subject to credit and money qualifications. A property evaluation, equity in the home, and final credit approval. Not everyone receives a final approval. Approvals subject to underwriting guidelines, interest rates, and program guidelines. 3rd Party lenders can change programs without notice. Final approval decided by the 3rd Party Bank. Licensed by the Texas Department of Savings and Mortgage Lending. The Florida Office of Financial Regulation. The Pennsylvania Department of Banking and Securities. The South Carolina Department of Consumer Affairs.

SunBright Mortgages, My Favorite Mortgage Broker

01/07/2024

01/06/2024

01/05/2024

01/04/2024

01/03/2024

01/02/2024

01/01/2024

12/31/2023

10/21/2023

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Monday	8am - 6pm
Tuesday	8am - 6pm
Wednesday	8am - 6pm
Thursday	8am - 6pm
Friday	8am - 6pm
Saturday	9am - 5pm