| Financing | | | Notable Lenders | | | Mortgage Calculator | | |
| What first attracted you to a career in mortgage financing? | My wife, Kathi, and I bought a home in 1998. The experience on the mortgage side of the transaction was the worst part of buying a home. Our lender did not give us the right program for what we needed and basically treated us like we were worthless. Incidentally, this mortgage company was quite successful. In other words, they gave me a lot of hope. | ||||||||||||||||||||||
| What do you like best about your choice in career? | My favorite part of my profession is, seeing people get into a home, and approving loans that were turned down from other lenders. | ||||||||||||||||||||||
| Tell us some things about you; eg. personal interests, education, family, community involvement? | When I am not working I really like to be outdoors. I love Mountain Biking, Soccer, Hiking, and traveling. I grew up in the San Diego Ca area and moved to Chattanooga in the winter of 1998. It has been a great move. Tennessee is a wonderful place to live. I attended College in Northern Ca at Chico State. A beautiful place at the base of the Sierra Nevada Mountains. There are a lot similarities to Chattanooga. | ||||||||||||||||||||||
| If you would, inform those prospective buyers of the details concerning obtaining a home/property loan. | The loan process basically breaks down as follows. First an application will need to be filled out by the Loan Officer. There is a list of Information the Loan Officer should ask for in order to fill it out as accurately as possible. | ||||||||||||||||||||||
| How can we as consumers best prepare ourselves for meeting a loan office and obtaining a home loan? eg. availability and right to a copy of our own credit report; number of recent credit references that we need to have. | When meeting a loan officer try to bring in all of the items that were requested. | ||||||||||||||||||||||
| What do we expect not only from the loan officer in terms of their conduct but from the meeting as well. | I then take this information and calculate the income, review the credit and send the loan to underwriting for approval. If further items are needed, the faster we get those items, the faster I can get the loan approved. There is normally a credit review fee and if there is a property already picked out, we will also need the appraisal fee. These fees normally run between \\$350 and $400. A loan officer should be able to answer all of your question and put them in normal terms, as opposed to the “mortgage lingo.” My goal is that each borrower has a good understanding of all of the forms they sign as well as knowing what loan program fits their needs and why. | ||||||||||||||||||||||
| What items do we need to bring to our loan application hearing? | Items needed would be-tax returns, a couple of recent paystubs, documentation of where the down payment is coming from (whether it is a gift, been saved, or proceeds from the sale of a home or other personal property. | ||||||||||||||||||||||
| Can a person(s) who has been a victim of Chapter 7, 11, or 13 bankruptcies ever be able to obtain a home loan and under what conditinos or circumstances? | Previous bankruptcies do not automatically mean that a loan is not obtainable. There are specific programs for these circumstances. | ||||||||||||||||||||||
| Briefly, what are the differences between mortgage loans such as FHA, VA and Conventional? | There are many different loan programs out there. Some of them are backed by the government. VA loans are for individuals that have been or are in the Military. FHA loans are very good for a low down payment and competitive rates. FHA loans are also more lenient on credit challenges. The VA and FHA loans do have requirements for the condition of the house. Typically, the older the home the more repairs will be required by FHA and VA. Conventional loans are great products too. The credit history needs to be strong and there is normally a downpayment needed of 3-5%. Conventional loans do not have nearly as many requirements of the property. | ||||||||||||||||||||||
| What are the main differences between rates such as Fixed and Adjustable? | There is normally an option between a fixed and an Adjustable Rate Mortgage (ARM). A fixed rate is just that. The interest rate will never change. It will stay the same for the life of the loan. An ARM normally has a lower initial interest rate for the first few years. The term are normally 1,2,3, and 5 years. What this means is that the rate will be fixed for the first 1,2,3, or five years and then will adjust to a new interest rate. These products are good for the short term, but there is not a crystal ball available to tell you what the rates will be in the future. | ||||||||||||||||||||||
| What are the details on a First Time Home Buyer Program? | Tennessee has an excellent First Time Home Buyer program. It is called a THDA loan. The interest rate is normally ¾% to 1% lower than what the market rates are. There are income, residence, and price limitations on this loan. In Hamilton County a new home can’t exceed \\$90,000 and an existing home $75,000. The borrower can not have owned a primary residence in the last 3 years either. | ||||||||||||||||||||||
| Why should we come to you and Mortgage Investors Group for our loan needs? | Perhaps this is best left to the webmistress to answer. For the time I've known Brian Kniegge in conjunction with Agent, Tom Akehurst, he has tried harder than anyone else to obtain loans for those families and individuals who were deserving of a home loan, but could not wade through the quagmire of the loan system of local banks. If there has been a way for prospective customers to qualify for a home loan, Brian has found it! His interest and compassion for ordinary working people have not gone unnoticed. | ||||||||||||||||||||||
