Tim Paxton, Summit Mortgage

Wednesday, September 27th
Tim Paxton details how he can help with your next mortage at Portland's, Summit Mortage office.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Yeah. This is northwest business is focused on local businesses that make our economy works. With euros Luke Anderson none night in jail and ESPN tour. Okay. Welcome back twirling they do blizzard north was business services and Anderson we are joined now by Tim paxon of summit mortgage Tim has been. A loan officer and worked in the mortgage business for twenty years if you were interested in putting together a home on you can go to Paxton. Home loans dot com or you can and that gives him a call at 3605666896. That's all of your information Tim married isn't that good things and NC you've been doing this for twenty years how did you get started in the loan business. Browsers are doing auto financing I'm managing car dealerships and it just transitioned into. Doing home loans that seems like a pretty common transition I know for a lot of people there for sales jobs out on the lot selling cars. Seems like a good entryway and you learn very quickly whether you're good attitude that the case for you Venice. Human folks I'm finding their needs solving the problems. And and when you say kind of finding their needs solving their problems people come in with a all kinds of of different credit baggage and and experience with kind of the loan process and so when they come in. And they're looking to buy a new home Warner where should people start if they're thinking about you know purchasing a home for the first time. I think gonna start paid sitting down with loan officer local runoffs are you can have their desks with them get credit pulled up review review your income review assets. And then they can decipher what is the best scenario for you. Auguste loan there's a lot of different loan products out there different down payments and if there's credit challenges you wanna handle those before Europe looking for a home. Yes so there it's it's never a good idea to go out find your dream home have guessed that you can afford it and then try to try to go through the whole long process. A probably especially now when homes don't seem to stay on the market very long at least at what I've seen. It's much better to be is it is a pre approved pre certified what what is the process that could be pre qualified pre qualify them. As long after we're gonna root for your income Revere assets review the credit and decide what you actually qualify for prior to and at a real station's gonna want that journal wanna see. A pre qualification. Talked to us is when officers what you can actually by how much it kinda home. And what does it cost to sit down with a loan officer to kind of learn all this about yourself discuss anything pert and you sit down unless we reviewed there's smoke you're not committed to anything it's really just to review. And it's good insight and I've come across many people it. Think they have excellent credit and they can have a fifty dollar medical collection that they had no idea were never told about never going to be in the mail. And it's damaged their credit and it takes into account. Basically your entire credit history and then from that meeting you should be able to did what information when you leave kind of that consultation. With a loan officer. We would decide who look at the credits he what you qualify for after reviewing your incoming assets and then also figure out which is going to be the best loan and there's. There's zero down US TA zones are just 3% down conventional or three and a half percent down FA today. There's a gamut of different loans out there and that's our job is decide what's the best for you. And on the different advantages dependent on kind of fuel our individual situation. Correct via so if if you know you're you're going out there you get pre qualified then and you can. Now look for a house kind of leave with a range. That that you should be looking for a house within yes what would we do sit down and really figure out the Max. That you can qualify for the same time we have to figure out the next you're comfortable with my opinion so that those two together. And you did get target range for those of you just join in us you're listening to northwest business a new program here on 910 ESP in Portland we're focusing on some local businesses in the area I'm week Anderson we're talking with Tim Paxton a summit mortgage we're talking about first time home buyers what is it ten that you do to make first time home buyers comfortable in the command to go through that qualification process and really sitting down with a mix and showing them. What they can what they can qualify for. And really having that conversation as far as what your other debts are what you got plenty Iago is. And what you can be comfortable making his ars at him and there's a lot of we see a lot of these products out there you know for Canada's online mortgage companies being able to sit down and talk somebody like yourself it's been doing this for such a long time. And that won't say your age on the air faith you've been doing this a long time you've seen kind of all these different scenarios play out so. Little bit more insight having that kind of personal touch. A definite and you're gonna find also I mean I know I have yet to have talked to a listing agent or in real phase in period that is going to be excited about a pre qualification from. Some bank in. You know on the East Coast so might be even a step back to go and with one of these kind of yes I've inaccurate an agent. From my experience in talking to agents they would much rather have somebody local somebody that's accountable somebody that's there that they know that has a good local reputation. You're dealing with somebody you know frankly it. In another state or across the country. If things start to you sort have some problems. They know you're not gonna be on their doorstep and opens door. Yeah and there's a lot of adjustments that are made throughout the process. I recall when we're going through our home on we came and with our our offer and then we got the comes back in that house is actually lower than than the original offer price so. We wind up adjusting those things all the way through in the end and having somebody there personally to help. How much easier does it make it you know in the process when you've kind of been there from step one. Yeah makes life easier and when we can be involved with the agent and work most of and we know we know a lot of the agents around locally. We interact with them and and at that point you are renegotiating ya and it worked out great for you. Yeah absolutely. And speaking of renegotiation US should help me with the refinance as well. And one of the reasons that we went through that process. Was because I had a mortgage insurance on there the way I understood and I you know once we get to a certain percentage. Of equity in the home we can remove that property more that it PMI property mortgage insurance it's private mortgage private mortgage insurance and so. That's something that a lot of people are paying but I'm not sure how many know how to get out of that what is the private mortgage insurance and wise and honor. Britain where insurance is basically foreclosure insurance for the bank of it doesn't benefit you. In the least so just get to pit these you say on behalf of the bank terrorist they're having to charge you for a close that's insurance in that foreclosure. I'm metallic Carol we're deterrence of house burns down that's your hazard insurance. Popular you do need 20% equity if you put 20% down. Could you won't have PMI insurance pension. In all different peer miser different there's FA to this effort has different rate US TA has a different rate depending on your credit scores on command so there's different rates who come to get rid of it. You need 20% equity. We were lucky enough so we better home about a year and a half and we were lucky enough that the equity week we got that letter at the beginning of the year that it's very nice to get. Saying the equity in your home it's gotten up obviously been paying into it for the entire time of the loan. So we were able to get there through a couple different avenues and we were just able to remove that. Lower interest rates if somebody else is looking at financing wondered the big indicators that they should look for in the law on the they currently have. Well it's worth or review any no matter what okay am I how how often. A yearly OK if I mean depending on what the market's doing this. It's been pretty vocal about what the parts market's been doing it's pretty Hutton. The entire area yeah. And we can tell by traffic you know I think Shaq looked pretty pretty pretty good indicate I cheered a number and I don't know actor this is so forgive me but I heard something. To the effect of 111 people move to Portland the Portland area every day. I believe and that's why there's an inventory picture on Vancouver it's you were saying that. That it's worth doing an annual review what are you looking for in your loan to consider refinance. And you're delicate. Which are current interest traders and this is where you can contact Christopher long off search or discuss. Where your interest rate is currently you would need to pull a credit report. Started it actually started application which doesn't classy thing to the reason they can review what your credit scores are. And they can take a look at what value. But it looks like the value Gomez yeah. For example when you're alone and we were able to do without an appraisal which made an extremely is and why was the appraisal not required for mylan I'm not I'm upset about it which we ran an in Iowa and ran in the automated system make it was a waiver. Okay which is we're seeing. More more of a which is great because appraisal times right now are extremely slow at least a minimum of thirty days in general unintentional and over sixty have got one on the VA loan currently. That it will easily be over sixty days before you pack. Well look similar over run out of time here a little bit but if folks wanna get ahold of you mentioned at the beginning that how can as the best way for someone looking for new home loan to interact with you. I didn't call me. I think that the Jimmie mentioned so that's 360566. 6896. That's a Vancouver number but you do assist in Portland area as well what is what's kind of your range as far as a service. Am I do loans all over anywhere in Washington. Oregon and actually currently working on several loans in eastern Washington got as well so broken bones so all anywhere washes so you're certified for each state so you can really help anywhere and in Oregon or Washington cracked and then my my website is the packs in home loans dot com. And as email were four. And works great aren't so that's that Tempe at go hyphen summit dot com is that correct that's correct perfect. Excel outlook Tim thanks guys appreciate you joining us on northwest business if you are listening to this program and you have the small business. In the area and you'd be interested in joining us on our program you can give me a call at 5035350358. Or you can email and at W business @entercom.com. We will be back next week with more insight on local businesses in the Portland Vancouver and Salem areas thank you so much for listening this is 910 ESPN Portland.