Mortgages with Ken Starks

Today I am joined by Ken Starks.  Ken specializes in mortgages.  This episode is packed full of great information if you need a mortgage or will need a mortgage in the recent future.   In this episode, Ken shares everything you need to know to make sure your finances are in order to qualify for the mortgage you want and achieve your end goal.  He shares common pitfalls he sees and ways to prepare to qualify for a mortgage. He also shares how his team can help you meet your goals and his outlook on what the future holds.    Show Notes: [01:22] Rates are extraordinary right now. They are beyond all-time lows.  [02:49] If you are going to be financing any real estate you want to do that before you finish up your W-2 job.  [03:31] Properly filing your taxes so you can qualify for what you want is key.  [04:34] Right now equity is high and rates are very low.  [05:13] On a first mortgage the highest any mortgage product will go is 80% of your value on a cash-out loan.   [05:45] It is about money rules in terms of deciding what is right for you. Following those money rules is key.  [06:08] Ken is able to openly shop vendors for the best possible rates and fees for your scenarios.  [07:00] During COVID, guideline overlays became extremely common.  Minimum credit scores FHA and conventional loans have never changed.  Individual lenders have applied overlays on top of their minimums.  [08:44] Ken shares about his background. After 9-11, he got into the mortgage business. [10:31] Many things come up when you are trying to develop a mortgage strategy for whatever your end goal is.  [10:58] If you took forbearance, you need to be out of it when you are ready to take a loan. You want your forbearance to be invisible because that is considered delinquency.  [11:27] Fannie Mae allows for one full year of self-employment before they will do a loan. Depreciation is your friend as an entrepreneur.  [12:24] New credit and high balances can easily sway a credit report 40-50 points.  [14:29] You cannot have a loan in forbearance and close on a new mortgage.  It depends on what type of mortgage you are trying to do that depends on how long you have to wait until you can close it.  [16:01] This is no inventory.  Rates are amazingly low which is stoking demand.  [17:26] Demand is outpacing supply, even for new builders.  [18:29] The first step with Ken’s team is to talk through your goals and see what you are trying to accomplish, see where you are with credit, and figure out where you might be with income qualifying.  [20:14] It is hard to know what the future looks like.  There are many factors that can affect the future.  [22:14] Commercial investments are a little bit different now.  When people have very complex finances as an individual, once we understand those things it is very easy to layer into the commercial needs that they might have.  [23:03] Schedule your call to meet with Ken’s team.  [23:13] There are so many markets you can invest in. [24:04] Say yes and figure it out.  Links and Resources: Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast Integrated Wealth Systems Affiliate Sign-Up Schedule an Appointment with Ken