Why should I come to Executive Financial Solutions instead of going to my bank?

Banks play an important role in generating all kinds of loans and helping our economic system.  However, Executive Financial Solutions can often offer a wider range of loan types to suit your individual needs.  We will also take as much time as needed to make sure that our clients understand the nature of the loan, the loan generation process and the payment structure so that clients are comfortable with their decision.  At Executive Financial Solutions, we pledge to treat all of our clients with consideration, courtesy and provide the time for consultation with the loan officer regardless of whether you are a first-time buyer or an experienced real estate investor. 

What kind of loans does Executive Financial Solutions work on?

We specialize in FHA, VA, USDA, conforming, first time homebuyer, mixed use properties, condos, manufactured homes, acreage, self -employed, construction, builder, commercial, and private money loans.

What information should I gather to start the loan process?

To begin the process we ask that you provide the following:

1. Last 2 years Federal taxes, all pages
2. Last 2 years W2's
3. Last 30 days of paystubs
4. Last 2 months bank statements (checking, savings)
5. Last statement for retirement accounts
6. Copy front and back of drivers license.
7. If applying for an FHA loan, copy of Social Security card
8. Copy of homeowners insurance policy, if applicable. 
9. Any divorce or bankruptcy papers in the past 10 years, if applicable.

Realistically how much monthly payment is reasonable for most people?

Rule of thumb on mortgage payments is that your new mortgage payment including taxes and insurance (PITI) should be no more than 28% of your gross income, and your monthly payments including PITI, credit cards, installment debts like car loans should be no more than 36% or your gross monthly income.  So if you made 1,000 clams per month your payment should be no more than 280 clams for the mortgage and 360 clams for the mortgage, credit cards and car.  Of course, there are variations for some unique situations. 

We have gotten loans done as high as 65%, so it depends a lot on your credit score, how much you possess in liquid assets, and the loan to value ratio for the property.  Executive Financial Solutions is able to input the particular details of your debts and loans into a Fannie Mae and Freddie Mac computer program to see if Fannie or Freddie will approve the loan even if the ratios are over 28/36.

Should I start looking for a house or a loan first?

By initiating the loan process, you will have a better idea of the price range for your future home.  Furthermore, being preapproved for a loan may be advantageous in negotiating with the seller, since the likelihood of closing the deal in shorter period of time is significantly higher than if you were to start the loan process after finding a suitable property.