Temecula Valley Home Loans

Temecula Valley Home Loans and Refinancing. As your neighborhood real estate professionals, I've had the opportunity to work with amazing professionals. Today I will introduce you to another local expert to provide meaningful information. I'm Mitchell Jones, and this is the Low Down on Temecula Valley Mitchell Jones Well, I'm here today with Jeanette Hartman with American Pacific mortgage. She's a loan officer who is a resident of Temecula Valley for over 30 years. She has served our community through Mariana rotary for over 20 years. She also holds a board position for Habitat for Humanity. I could go on and on with everything that Jeanette has done in serving our community. But today we're going to talk about alone and especially for first time homebuyers. So Jeanette, tell us a little bit as a loan officer, what you do, Jeanette Hartmann One of the things that I do or the primary thing that I do is I help people get into a home loan, whether that's for a purchase or refinance, were purchased centric. So most of our business is based on purchases and I love to meet with my clients and help them figure out what their needs are and what the right loan is for them. Mitchell Jones Okay? No, that makes a lot of sense. I oftentimes as a real estate agent, I receive calls from folks who are wanting to buy their first home. How would you define a first time homebuyer? Jeanette Hartmann The definition for first time buyer from a program standpoint is that you haven't owned a home in the last three years. So not truly a first first home but you haven't owned it in the last three years. So what steps Mitchell Jones Should a first time home buyer take in trying to get approval for a loan or a purchase? Jeanette Hartmann We like to meet with our clients in person, especially my first time buyers because they haven't been through the process before. And they don't know what they're expected to do. So when I meet with them, it's usually a one hour consultation. we sit down and we talk about cash, credit and income. The three main things that you need to purchase a home most people think that they need more money than they actually do, especially if they meet the requirements for our first time homebuyer program. I've had people get into their first home for me, technically, you could get in with nothing down. But that's not realistic. In this area with our price points, people need to have five to $10,000 available, and then they're able to get into that first home. Mitchell Jones So we hear a lot about credit scores. And what if someone has a low credit score or a credit score that would prevent them from getting a first time home? What steps could they take to get to that place? Jeanette Hartmann So that's one of the things we review when we talk with them is we do pull credit, I will tell you that the credit score that we use is different than Credit Karma or what they see on what they're pulling from their own credit. So we have to go off a mortgage psycho score, we go off the middle of the three scores, and for my first time homebuyer program, we need a 645. So when we pull credit, our credit report tells us Hey, you don't you have the potential to get to this psycho. And it's not a credit repair program, but it will look at their accounts that they can pay down balances that they could pay down. Sometimes it'll ask them to get deleted from an authorized user account. Sometimes it'll tell them, hey, go charge $10 on this account, but we don't do credit repair. So if they need more help than that, we would refer them to somebody who does do credit repair. Mitchell Jones Okay? Well, what I really like about your model is the fact that your local, and they're not working with those, those big companies over the internet and they really don't have any personalized service, they can actually come in and meet with you. I've heard about through the years and in our relationship, I've heard about your home club. Would you like to elaborate on that a little bit for our audience today. Jeanette Hartmann So when we meet with a client, we review their cash credit and income, like I said, if they qualify to go buy a house right away, we'll let them know you're good to go. Here's your maximum purchase price. I always talk with my clients about what's their maximum comfort level. And then I also tell them what the maximum purchase prices because I don't want people to think if they're telling me I'm comfortable with this payment. It gets into 380. I want them to know if they can go 400 or go to 450. I want them to know what their maximum that we qualify for them as if they don't meet the requirements right away. We'll give them a plan. You know, you need to do this, you need to pay these credit cards down. You need to wait until you've worked at your job for certain amount of time, whatever that situation is, and will give them a plan of action. And that's what our home club is it stands for homeownership made easy, Mitchell Jones Just from a real estate agents perspective. There have been so many times where people will call me and they'll say, Well, you know, I'd like to go see homes. And then lo and behold, we get out there and if they don't have their pre approval first, they say well, we could qualify for a $500,000 home we've checked online, and then lo and behold, they find the home they want they want to write an offer. They don't have that pre approval letter handy or prepared because they haven't met with the loan officer yet. And in reality, I had a situation recently where the the Lovely, lovely couple couldn't even afford a home for 400,000. Now, did we find them what they needed? Yes. But we had to take a few steps back first. So last thing as agents we want to see is finding that right home for someone, and then they're not prepared. They haven't met with that loan officer had that conversation, or they're not really sure what exactly they could qualify for. So it's nice knowing that we have a resource. And is there anything else that you'd like to share with us today, Jeanette, I mean, you're just you're such a wealth of knowledge. We're so fortunate to have you here. Jeanette Hartmann I just like to reiterate what you said, Mitchell, because that's really important. The first step really should be meeting with a lender, because you want to make sure that the houses that you're seeing first are the ones you're qualified for. Otherwise, you're showing them that $500,000 house, they don't qualify for it. Now, they're going out there and they're comparing everything to that house they couldn't get and the difference between a local lender and an online lender. One of the biggest differences in our Valley is our property taxes. So it's really important to work with an agent that understands the tax basis is different in the communities, but the lenders as well, because as a lender and online lenders, they will use one and a quarter percent for property taxes. And that doesn't work in our Valley. Mitchell Jones I think that is great. Well, you have done a super job sharing this information with us and I just look forward to even more transactions with you, you get the job done. You get it done on time, and you get it done very positively and professionally and we're very, very fortunate to have you and your talent in this valley. Thank you Jeanette. Temecula Valley Home Loans and Refinancing. 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