Jay would like to invite all his family, friends, neighbors, past co-workers, past customers, or any new business opportunities to discover all their mortgage options and/or solutions. 

"Whether you have perfect credit or not so perfect credit, give me the opportunity to discover your options on *debt consolidation, new purchases, first time buyer, cash-out options, refinancing, and many more options!  Bankruptcy in the past?  We have programs that deal with Chapter 7, 11, and 13, though some restriction may and will apply.  Stop procrastinating and make your dreams come true--please pick up the phone and call me NOW!"            ...Jay Cousin 

*restrictions apply 

1-419-427-5626

Common Questions and Answers

Q:  What does the term PMI stand for?

A:  PMI is an acronym for "Prepaid Mortgage Insurance."  This is a mandatory insurance required by many lenders to satisfy underwriting guidelines and is usually based on "risks."  Little or no perceived financial risk means little or no required PMI.  Basically PMI is an insurance policy that protects the lender if the customer were to ever default or abandon the loan obligation.

Q:  Why do I often see the letters LTV and what do these letters mean?

A:  LTV means "Loan-to-Value."  This is a ratio of the dollar amount financed (the loan) vs. the value of the property (the value).  For example, if the property is valued at $100,000.00 and the purchaser puts down $20,000.00, the LTV or Loan-to-Value is 80% at $80,000.00.  

Q:  What does the term "Points" mean?

A:  "Points" is a term related to interest points.  For example:  If a lender has a rate of 9.5%, but gives a discount of 2 points in reward of putting 10 percent cash down; the interest rate becomes 7.5% or minus 2 points.  Visa-versa, a lender can also charge or increase points for different lending criteria. 

Q:  What does the term "ARM" mean?

A:  The term "ARM" means adjustable rate mortgage.  Once often referred to as variable rate.  In some instances, having a loan set up on an ARM can be very beneficial.  For example:  a 30 year mortgage with a 3 year ARM means that for the first three years the loan has a fixed rate; after that the loan can adjust or vary for the next 27 years.  ARM lengths vary and can be for only a portion of the loan (let's say from 6 months to 10 years) or in some cases it can be"adjustable or variable" for the entire loan.   

Q:  What is the difference between an Equity Line of Credit and an Equity Loan?

A:  An Equity Line is a line of credit based on the equity in your home.  This line can be used as needed.  If you have not used any portion of this Line, you will not have any payments due.  A Line is a variable rate and adjusts periodically to the governments treasury bill.

An Equity Loan, however, is a fixed rate loan of a portion or all of your equity in your home.  This "loan" has a fixed number of payments and a fixed amount in which you pay back each and every month. In a sense, you are borrowing your equity.

Q:  Can I own or be purchasing one home in which I live in, and borrow money to purchase a second home or rental property?

A:  Provided you meet the income, debt, assets, credit, job time, and other criteria; yes you may be able to own one or more homes.

Q:  Do mortgage companies/brokers charge outrageous fees?

A:  I get this one a lot!  Mortgage Brokers and/or Mortgage Companies do not work for free.  We provide a great service and we strive to find a program that is tailored to your specific needs.  We have access to programs that traditional banks or lending institutions may not have.  Therefore, we have a much greater probability of saying, "YES" when others say "NO."  We are State Licensed, trained, professionals and our fees are in line with our services.

Q:  What do the letters DTI stand for?

A:  This is another ratio that measures your current debt against you current income--hence Debt-to-Income.  For example; if you earn $2000.00 per month income, and your monthly obligations or debt total $1000.00 then your DTI or Debt-to-Income is 50%.  In simple terms, in this example, your monthly debt totals 50% of your monthly income.  Though different lenders have different criteria, a good DTI is between 0-39%. 

Q:  Can I stop making my other payments while your company processes my loan?

A:  Absolutely not!  Though we pride ourselves in our quick turn-around times, you should ALWAYS continue to make your payments on your monthly obligations.  Once you close on your loan that you are seeking, if any "overpayments" are detected that creditor will reimburse you directly.          

Thank you for your visit!