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Applying for Your First Mortgage: An Interview with Bill Bryson of Village Mortgage

By Bill Bryson

Tell Us About Bill Bryson:

I started in the Mortgage business with a twenty year plus history in the Financial services industry. As a fee-based Financial planner, being product intensive. I take a fact finding approach. I ask a lot of questions to provide the best financing alternatives. I do not just quote rates.

What is the First Thing to do When Applying for a Mortgage?

The first thing to do when applying for a mortgage is to be Pre-qualified. Find out what price range you should be looking at, so as not to waste any time. Be certain that the person who does that is qualified. I am a Certified Mortgage Planning Specialist. We are trained to do the right job.

What Are the Basic Steps in the Mortgage Process?

The basic steps in the Mortgage process are:

  1. Pre-qualification
  2. Find the right home in the price range you are qualified for
  3. Make an offer, if accepted put down a deposit and sign a Purchase & Sales agreement
  4. Apply for the mortgage and submit the required documents for the mortgage
  5. Obtain an approval and clear any required conditions and have a closing

Common Issues When Applying For Mortgages?

  • Bad credit that may not belong to you but is on your credit
  • Low credit scores
  • Charge offs
  • Slow payment history
  • Not having two years income in the same occupation
  • No downpayment
  • No reserves

Factors that Influence a Mortgage?

  • Payment shock: If a person has been living at home at no expense then all of a sudden they are spending $2,200.00 for a mortgage with no history of being able to budget for.
  • Having enough in reserves.
  • Having no trade lines.
  • A recent bankruptcy.
  • Low FICO scores.

Advice for First Time Mortgage Applicants?

Get pre-qualified by a good mortgage person. Know up front your strengths and weaknesses. Don't take on any additional credit prior to seeking a mortgage. Know what your credit report looks like before you exited about a new home.

What Services do You Offer?

I work with a lot of Self Employed borrowers. They have issues that a W-2 Employee does not have to deal with. Recently I closed a Mortgage for a self employed borrower. I started working with him over a year prior to him buying a home. Despite a large gross income his net income after expenses would not support the Debt to income Ratio of the mortgage he needed. So despite the same income level, by not being as aggressive with expenses we were able to get him qualified. But we started before the current tax year started to do the planning.

I can also help some one who has credit issues to improve their Credit Scores.

Contact Info:

  • Phone: (401) 487-2280
  • Email: wbryson2280@gmail.com

My NMLS # 20887
Village Mortgage Company, CT/RI NMLS # 6331, MA Lic. # ML6331

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