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How Mark Hauser Educates His Clients on the Different Aspects of Mortgages

Mark Hauser

Entering the real estate market can be a difficult choice to make, particularly if it is your first time doing so. Mark Hauser is the co-founder and Managing Partner at Hauser Private Equity. For the better part of the past several decades, Mark Hauser has worked diligently alongside his clients to help connect them to the loans and lenders they need to make their house-hunting dreams a reality.

With many buyers entering into the market in the wake of the COVID-19 pandemic, Mark Hauser brushed up on mortgages to share his insights with others.

Mortgage Loan Qualification and Approval

In order to acquire a mortgage loan that is approved, lenders will look at buyers as well as a few different key concepts. SoFi Bank lists nine different approval requirements that revolve around down payments, homebuyer credit scores, debt-to-income ratio, and other aspects of creditworthiness.

Homebuyers can streamline this entire process by preparing the required documentation. Mark Hauser advocates finding a mortgage prequalification or preapproval letter to help the entire event play out.

Finding the Right Lender

Homebuyers have more choices than ever when it comes time to start shopping for mortgage lenders. Certain companies will cater to specific markets and outcomes while other lenders are more broad in their appeal.

Mark Hauser notes that the most common types of mortgage lenders are as follows:

  • Banks - Banks are the most commonly used mortgage lender around. National banks offer the most streamlined tools and the widest variety of products, while regional and community banks have more assets on the books.
  • Credit Unions - Member-Run Credit Unions offer banking services that are available only to applicants who meet the requirements of the credit union.
  • Mortgage Broker - A professional mortgage broker is called upon to connect buyers with the potential homes that they are looking for. These mortgage brokers work on commission and only receive an income when they close a deal.
  • Online Companies - Online lenders are a real thing in today's digitally driven environment. Online lenders often are more confusing for new buyers to work with as they lack the handholding involved with the other lenders.

Picking the Loan

Loans come in a variety of types depending on the circumstances of the buyer and the market that they are operating in. Jumbo Mortgage Loans are pursued for high-end homes that require homebuyers to have a 700+ FICO score. Fixed-Rate Mortgage Loans have the same payment throughout the entirety of the loan period unless the homeowner refinances. Adjustable Rate Mortgage loans will fluctuate with the market, allowing the buyer to save when interest rates are healthy.

No matter where you are at in the buying process, working with a professional in the financial sphere can help. Contact Mark Hauser and Hauser Private Equity to ensure you find the right home and mortgage!

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