Bobby Otwell Mortgage Lender

Bobby Otwell Mortgage Lender Home Begins with Us. Whether you're purchasing or refinancing, Gershman Mortgage is here for you.

My goal is to offer the best mortgage process and tools available- easy and convenient, online information available, coupled with the assistance of an experienced loan officer to guide you through the often difficult and confusing process. Let me walk you through the process and help you choose the exact loan to meet your specific needs!

11/26/2024

What’s your idea of the perfect home—something close to nature or in the heart of town?

No matter what your lifestyle is, your mortgage options should fit like a glove. Whether you dream of a cozy cabin or an urban escape, consider:

Loan Options for Your Lifestyle: Different loan programs work better depending on your goals. Rural buyers might benefit from USDA loans, while city buyers could find FHA or Conventional loans more fitting.

Affordability Planning: Make sure you understand how the loan you choose affects your monthly payments, taxes, and insurance costs.
Thinking of making a move? Let’s connect and explore what mortgage options are best suited for your next home!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

Looking to lower your monthly mortgage payment but not sure if refinancing or recasting is the right move? Here’s a brea...
11/19/2024

Looking to lower your monthly mortgage payment but not sure if refinancing or recasting is the right move? Here’s a breakdown of both options to help you decide!

Refinancing and recasting are both strategies to reduce your mortgage costs, but they work in different ways and offer unique benefits depending on your goals:

Refinancing is essentially replacing your current mortgage with a new one, ideally at a lower interest rate or with a different loan term (e.g., from a 30-year to a 15-year mortgage). This can significantly lower your monthly payment, or help you pay off your home faster if you choose a shorter term. Keep in mind that refinancing involves closing costs and a credit check, so it’s best if you can secure a rate that will save you money in the long term.

Recasting is the process of lowering your monthly payment by applying a lump sum toward your principal balance. With recasting, you keep your current loan terms but reduce the amount owed, which in turn reduces your monthly payments. This is a great option if you’ve come into extra cash and don’t want to restart your loan term or pay closing costs. Not all lenders offer recasting, so be sure to check if it's an option with your mortgage.

Both approaches can lower your monthly payment, but the best choice depends on your financial goals and current mortgage. Have questions on which option fits your situation? Drop a comment or send me a message, and let’s talk through the details!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

Thinking of moving up to a bigger home but not sure where to start? Let’s talk strategy—because making the right move no...
11/12/2024

Thinking of moving up to a bigger home but not sure where to start? Let’s talk strategy—because making the right move now can set you up for long-term success!

Whether you’re outgrowing your current home or just ready for a new chapter, upgrading can be an exciting decision—but it’s not without its complexities. Here’s how to start preparing so that your next home isn’t just bigger, but also a great financial move:

Evaluate Your Home Equity: Over time, your current home has likely gained value, building up equity. Think of this as your springboard! By using the equity in your home as a down payment, you can potentially reduce your mortgage on the new home, meaning lower monthly payments or more buying power. Have questions about how much equity you’ve got? I can help you calculate it!

Explore Loan Programs That Fit Your Goals: The right loan for moving up can make all the difference in affordability and flexibility. FHA, Conventional, and VA loans each offer unique advantages, depending on your financial picture. For instance, FHA loans may allow for a lower down payment if you’re conserving cash, while Conventional loans might work best if you’re aiming for a shorter loan term with lower monthly interest. VA loans could be ideal if you’re a veteran, providing great rates and lower upfront costs.

There’s a lot to consider, but the good news is that you don’t have to navigate it alone. If you’re curious about what’s possible for your next home, drop me a message. Let’s go over your options together, work out the numbers, and find the best approach for your next step in homeownership!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

When it comes to buying a home, preparation is key!Much like scouting for the best hunting spot, preparing your credit s...
11/05/2024

When it comes to buying a home, preparation is key!

Much like scouting for the best hunting spot, preparing your credit score before applying for a mortgage can lead to the best outcome. A few things to focus on:

Credit Score and History: Lenders don’t just look at the number; they also evaluate your credit history. Consistent payments, low credit card balances, and no major red flags like recent late payments will help you secure better loan terms.

How to Improve Your Score: If your credit score isn’t where it needs to be, paying off outstanding debt and lowering your credit utilization can give you a boost within months.

Have questions about your credit or need tips on improving it? Let me know in the comments, and I’ll share more strategies to set you up for success!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

Looking for your dream home in the country? Let’s make it happen!If you’re considering a move to a rural area, you might...
10/29/2024

Looking for your dream home in the country? Let’s make it happen!

If you’re considering a move to a rural area, you might have access to some fantastic loan programs that can save you money upfront and over time. Here are a few you should know about:

USDA Loans: No down payment required, and competitive interest rates. These loans are specifically designed for properties in rural areas, which could mean significant savings for you.

FHA Loans: These offer more flexibility in credit requirements and allow for a down payment as low as 3.5%, making homeownership possible even if you don’t have a large upfront sum saved.

These programs could make homeownership in the country more affordable than you think. Have questions about qualifying? Drop a comment or send me a message, and let’s talk options!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

What Matters Most When Buying a House?Affordability should always be your top priority when purchasing a home. It’s impo...
10/15/2024

What Matters Most When Buying a House?

Affordability should always be your top priority when purchasing a home. It’s important to buy within your means to ensure long-term financial stability. Make sure to factor in not just the monthly mortgage, but also property taxes, maintenance costs, and utilities to get a full picture of what homeownership will cost.

But affordability isn’t the only factor. It’s also essential to think about how long you plan to live in the home. Are you looking for a starter home or something more permanent? If you're only planning to stay for a few years, consider how easy it will be to sell or rent out in the future. On the other hand, if you're looking for a long-term residence, make sure the home and the area will fit your needs for years to come—whether that means room for a growing family, proximity to good schools, or a neighborhood with the amenities you value.

In short, balance what you can afford now with your long-term plans to make sure your investment works for you in the future.

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

Choosing the perfect home goes beyond the number of bedrooms or square footage—it’s about understanding your lifestyle a...
10/08/2024

Choosing the perfect home goes beyond the number of bedrooms or square footage—it’s about understanding your lifestyle and future plans. Here are a few things to consider:

Reflect on Your Hobbies and Interests
Do you need a big backyard for gardening or space for a home gym? Think about how your home can enhance your favorite activities.

Consider Entertaining Needs
Love hosting friends and family? Make sure the layout and space fit your style of entertaining, whether it's cozy dinners or backyard barbecues.

Think About Location
Proximity to work, friends, and your favorite places matters. Do you prefer living close to the action, or do you enjoy peace and quiet with a longer commute?

Envision Your Future
Is this a starter home, or do you see yourself staying here long-term? Consider how your needs may change in the next 5-10 years.

If you're needing to be linked up with an awesome real estate agent that can help you find what you're looking for, reach out!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

10/01/2024

If I were buying my first home, these are the 2 main things I would focus on:

Evaluate Your Credit Score and History
Your credit score significantly impacts the mortgage options available to you and the interest rates you’ll be offered. However, it’s not just about the number. Lenders will also review your credit history to assess your reliability as a borrower. Late payments, outstanding debt, or a high credit utilization rate can affect your ability to secure a loan. Aim to address any credit issues before applying for a mortgage, and if necessary, work with a financial advisor to improve your score.

Determine Your Budget Based on True Affordability
Rather than focusing solely on how much you can be approved for, think about what you can actually afford. Beyond the mortgage payment, consider additional costs like property taxes, homeowners insurance, HOA fees, maintenance, and repairs. A good rule of thumb is that your housing costs should not exceed 28-30% of your gross monthly income. Use this figure as a guide to create a detailed monthly budget, factoring in all ongoing homeownership expenses—not just the mortgage.

The very first step in the homebuying process is assessing your financial readiness. This goes beyond simply checking your savings; it involves taking a close, honest look at your overall financial health to ensure you're prepared for the responsibilities of homeownership. I'm here to help you every step of the way! Send me a message when you'e ready to get started!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

Imagine waking up to stunning landscapes and enjoying the tranquility of rural living. There are some fantastic mortgage...
09/24/2024

Imagine waking up to stunning landscapes and enjoying the tranquility of rural living. There are some fantastic mortgage options to help make that a reality- let’s dive into some of the amazing money saving options!

USDA Loans: Perfect for rural areas, offering zero down payment options.
FHA Loans: With flexible credit requirements and low down payments, they’re a great choice for many buyers.
VA Loans: Veterans can benefit from no down payment and competitive interest rates.

Whether you’re looking to start a new chapter or find your forever home, these mortgage options can make it more affordable. Ready to explore your options? I’m here to guide you every step of the way!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

09/17/2024

Speaking of escrow accounts, here’s a FAQ: Does the same amount go into the escrow account year over year?

Each year, your lender will conduct an escrow analysis to ensure they are collecting the right amount. They will compare the amount collected to the actual amounts paid for taxes and insurance. If there is a shortage (they collected too little), they may ask you to make up the difference with a one-time payment or spread it out over the next year’s payments. If there is a surplus (they collected too much), they may refund you the excess or apply it to future payments.

More often than not, taxes and insurance will always be an increasing cost, but staying informed about these adjustments can help you budget better and avoid unexpected costs.

Have questions? Let’s tackle them together!

Bobby Otwell | Loan Officer
M: 417-259-1274 | W: botwell.gershman.com

Address

1557 E. Primrose Street Suite 100
Springfield, MO
65804

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm

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