Understanding Mortgages: Prepare For Your Next Home Purchase With Mark Hauser
Mark Hauser is an experienced private equity investor who is the founder and Managing Partner of Hauser Private Equity. Founded in Ohio, Mark Hauser has enjoyed watching as his business footprint has grown by leaps and bounds, connecting buyers to the properties they’ve been searching for.
In his position at Hauser Private Equity, Mark Hauser has enjoyed educating and guiding his clients toward the types of mortgages and mortgage lenders that suit them best.
Let’s explore the world of mortgages and mortgage lenders to better understand how the entire system works.
Major Types of Mortgage Lenders
Even though there are a variety of mortgage lenders out there waiting to help out, it still takes some time and research to make the right choice. Here are a few of the major mortgage lenders working in the industry, according to Mark Hauser.
Common Mortage Lenders – First and foremost, Mark Hauser wants everyone to understand that the average 21st-century homebuyer will have access to different types of loans from different lenders, depending on their market, mortgage products, and price points.
National Banks – Hauser points out that regardless of the homebuyer’s location, they can find access to mortgage loans through a national bank. These institutions are founded to help simplify the application process while streamlining outcomes. Regional banks and community banks are also valid lending options.
Credit Unions – Credit unions are ideal options for certain buyers as they appeal to specific qualifying candidates. Credit unions offer mortgages, loans, and a variety of pricing and fee structures.
Mortgage Brokers – Finally, we have mortgage brokers, the dealers who work on commission to match buyers with the property of their dreams. Independent business owners operate as mortgage brokers, and their services end when payments begin.
Working closely with a private equity investor like Mark Hauser can go a long way toward finding solutions to your lending needs. A consultation is the first step toward finding the home (and loan) of your dreams.
Qualifying For a Residential Loan
While some loans are harder to get than others, applicants looking for a residential loan will want to adhere to some of the core qualifications required for the task. Hauser points out that many of these issues can be circumnavigated by applying for a pre-approval letter.
Prior to applying, loan applicants should make sure that they know what property type they are looking for as well as what they plan to use it for. Additionally, lenders will require some element of a down payment to seal the deal.
Finally, the credit score of the applicant will figure into the equation. During this process, the lender will look at your debt-to-income ratio as well as any other potential financial elements.