Shams Khan NMLS 2348831
Frequently Asked by Everyone
We are thinking about buying our first home. How should we prepare ourselves?
KEEP YOUR JOB and do not switch to a new company unless you are not getting a raise. Your INCOME stability is TOP MOST priority for a mortgage lender when considering your loan application.
SAVE MONEY for your down payment and closing cost. You can not borrow money for your down payment or closing cost!
PAY OFF YOUR CREDIT CARDS if possible. If you have lots of credit cards pay off the ones with highest monthly payment. Mortgage lenders love your credit cards with $0.00 balance!
DO NOT BE LATE on your payments either credit cards or car payment or any other payments. Your responsibility towards your debt obligation is crucial in getting a mortgage that you can afford.
VERIFY YOUR DEBTS on your credit report. If you see any loan listed on your credit report that is not yours ask the credit bureaus to remove it.
KNOW HOW MUCH YOU CAN AFFORD as your home mortgage. A licensed loan officer will be able to analyze your income and credit situation and will be able to give you correct analysis about your affordability. This information will save you a lot of time and money and you will be able to shop for homes within your range.
TAKE A HOMEOWNERSHIP CLASS with your local HUD approved non-profit. These classes are designed to inform you about your responsibilities in being a homeowner. Often time you can get down payment or closing cost assistance from your local gov or from non-profits if you have taken these classes.
SCHEDULE A CALL today to asses your options
We got approved for a mortgage loan of $400,000 but we like a house priced at $450,000. What should we do?
DO YOU HAVE $50,000 SAVED ? or WILL YOUR PARENTS GIVE YOU THE $50,000 AS 'GIFT' ? If so, this is your lucky day! Otherwise, do not go and look for houses those are above your approval limit.
A MORTGAGE IS A DEBT and will bring serious consequences towards yours and your family's financial situation if you can not pay your mortgage.
DO NOT TAKE A DEBT THAT YOU CAN NOT AFFORD TO REPAY and please stay within your approval limit.
SCHEDULE A CALL today to asses your options.
We can not find any house on market within the approval limit we got from our Loan Officer. What should we do?
SAVE MONEY and TRY TO INCREASE YOUR INCOME until you qualify for a higher loan limit and find a property you can afford.
CONTACT YOUR LOAN OFFICER periodically and ask him/her had your approval situation been changed.
SCHEDULE A CALL today to asses your options.
We can not get approved for a mortgage to buy the house we want. Is RENTING a BETTER OPTION for us?
YES. If your financial situation does not allow you to qualify for a mortgage loan amount you are looking for, RENTING is a much BETTER OPTION for you.
PAY YOUR RENT ON TIME. Keep copies of the rent checks because your rental history can help you to get a more suitable mortgage. Keep contact with your loan officer periodically to see have your approval amount been increased.
MORTGAGE IS A DEBT after all and please DO NOT TAKE A DEBT WHICH YOU CAN NOT REPAY. Failure to pay mortgage payments can bring serious consequences to the financial situation of yourself and of your family's.
SCHEDULE A CALL today to asses your options.
I do not have a job and my only income is Social Security, Child Support, Disability, Retirement etc. Can I get qualified for a mortgage.
YES YOU CAN. Contact a licensed loan officer so that he/she can look into your financial situation and can make a pre-qualification assessment.
SCHEDULE A CALL today to asses your options.
I do not have a FICO score can I get a No-FICO mortgage?
YES YOU CAN. Many citizens do not use credit cards and thus have no FICO score. We can offer you mortgage with 0 FICO score given that your debt obligation, income situation and few other parameters are taken into consideration.
SCHEDULE A CALL today to asses your options.
I am a business owner. Can I get a mortgage based on my Bank-Statements only?
YES YOU CAN. We can offer you mortgage based on income calculated from your bank statements.
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I want to buy Rental Property. Can I get a mortgage to purchase my Rental Property?
YES YOU CAN. We specialize in rental investment property mortgages. Reach out to us for a better analysis of your rental property purchase/refinance situation.
SCHEDULE A CALL today to asses your options.
Is there any mortgage with No-Income requirement?
YES. We can offer you mortgage which will not require you to show any income documentations at all. There are other parameters such as your credit, assets, property valuation, property address etc. are to be taken into considerations.
SCHEDULE A CALL today to asses your options.
I am 18 years of age. Can I get qualified for a mortgage?
YES YOU CAN. Your age will not have any effect on you qualifying loan amount. Contact a licensed loan loan officer so that he/she can look into your financial situation and can make an assessment.
SCHEDULE A CALL today to asses your options.
I am 70 years of age. Can I get a mortgage for my home?
YES YOU CAN. Your age will not have any effect on you qualifying loan amount. Contact a licensed loan officer so that he/she can look into your financial situation and can make an assessment.
SCHEDULE A CALL today to asses your options.