October/November 2013
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Section B
Realizing the American Dream
Prime Mortgage Lending, Inc. Helps Montana Families Find a Home Prime Mortgage Lending, Inc. (PMLI) Branch Manager Caroline Roy got her start in the lending industry after purchasing her first home in Livingston, MT in 2006. Fascinated by, and passionate about, the individualized problem solving process that eventuated in people realizing their financial goals and owning a home, Roy not only purchased her first house, but also found her professional home. Initially a mortgage broker, Roy worked with many different lenders to seek out avenues for each unique scenario. When the mortgage industry’s financial meltdown crept into the Montana economy, Roy was able to evolve with the market and her customers. Actualizing that evolution, Roy started her branch of PMLI in June of 2011, seizing the opportunity to team up with a small company that put its customers first. Roy approaches every new loan as a puzzle waiting to be solved, building strong relationships with lenders and customers alike while investing in the Bozeman community. As a mortgage banker, Roy is able to provide in-house underwriting and processing, ensuring faster turn times and transparency in the lending process. She also has the ability to work with a variety of investors and shop for the best option for her customers, providing an unparalleled experience in the lending market. Unlike a bank, PMLI can still shop your loan, while underwriting it in house. The result: better programs, better pricing and a better experience for the customer. The mortgage business is filled with misinformation. The lending world has been turned upside down since 2008 and, honestly, that’s a good thing in many ways. Constantly changing guidelines and programs were, and continue to be, a challenge, but they always seem to open doors for customers’ needs. Risky programs that encourage borrowers to get in over their heads no longer exist. The market has eliminated prepayment penalties and loans that prevent a homeowner from selling when they may need to. On the downside, confusion abounds among customers
and accurate information, presented in a clear and concise manner, can be difficult to find. Below, Roy answers some common questions about the mortgage business and lending industry at large. Q: I’d like to buy a house, but I don’t have 20% down. Are there any loan options for someone like me? CR: Absolutely, most borrowers don’t have 20% down these days. We can do FHA loans with 3.5% down. We also have USDA loans that offer 100% financing. With this program, we can lend anywhere that is on the eligible maps with the USDA. You may be thinking that it has to be very rural, but in fact this program includes Belgrade, Big Sky, Livingston, Manhattan, Three Forks and anywhere in Bozeman that is considered out of city limits. Most of Montana qualifies for this great program. In addition to those programs, we also do a lot of VA loans that offer 100% financing. Conventional loans require 5% down on the purchase of a primary residence. Q: When should I talk to a lender? CR: If you’re renting and are curious about what options you may have, anytime is a great time to get prequalified. We don’t charge anything for this service and look at it as an opportunity to help you to start planning ahead to get you into a home. For some people, that is right away. For others, it may take some planning to pay off debts, fix credit errors or save more money. The sooner we can identify your strengths and weaknesses, the sooner we can develop a strategy to help you prepare. Q: How do I find the right lender for me? CR: The market place offers a number of lending options. There are banks, brokers and mortgage bankers. As a mortgage banker, we offer many different programs and are able to shop for the best rates. Ultimately, the right fit is really about finding the right person with whom to work. You want to find a loan officer that cares about your situation and can help you to find the program that best suits your needs. At PMLI, it’s important for us to give each customer our full attention and focus. We also offer flexible
hours, unlike many banks, because we know that your job and family come first. Relationships are what drive our business and we strive to build a great foundation with each customer. We want to be here for you now and down the road. Q: I’m interested in helping my son/daughter purchase a home; how can I help? CR: We have several programs to help with this situation. Many times, a recent graduate has a great source of income, but hasn’t had the time to save for a down payment. In this case, we can utilize gift funds to help with the purchase. At other times, a recent change in employment doesn’t show sufficient income and the parents are willing to co-sign to help their child(ren) buy a house. We have a few programs for this situation, as well. Q: Can I buy a vacation or second home without 20% down? CR: Yes, second homes are very common in our area. In most cases, we require 10% down for this type of purchase. Q: I may be underwater on my house. I’ve been told that I will have to wait for the market to recover to consider refinancing. Is this true? CR: Not necessarily. We offer the Home Affordability Refinance Program for Fannie Mae- and Freddie Macowned homes. Check to see if you qualify at www. makinghomeaffordable.gov. We also have streamlined FHA, USDA and VA programs that often don’t require an appraisal, income or asset verifications. These programs can help you to get into a better rate regardless of the value of your house. Q: My credit scores are not very good, how long will it take to get them higher? CR: It all depends on why they’re low right now. We can look at your situation and develop a plan to boost your scores. Sometimes by paying down balances, we can see a significant increase in a short amount of time.
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Q: What kind of documentation will I need to provide to get pre-approved? CR: If you are self-employed, then we will need to see your tax returns from the last two years. If you are a wage earner, then we need your W2s for the last two years and your two most recent paystubs. We look at your credit report and your income to determine your loan eligibility. PMLI is a mortgage lending institution that prides itself in providing superior financial services to Montanans. With a mission to provide high quality mortgage programs at the most competitive mortgage rates in Montana, PMLI’s home loan programs include purchase, refinance, debt consolidation, second mortgages and home improvement loans tailored to each unique situation. For more information, contact Caroline at 406.624.6330. Prime Mortgage Lending, Inc. is located at 702 N 19th Ave Ste. 2A in Bozeman. Caroline Roy NMLS # 271203, Prime Mortgage Lending, Inc. NMLS # 69551, Equal Housing Opportunity Lender. For more on this and other great stories, check out Destination Big Sky, an annual publication exploring the beautiful landscapes, artists, businessmen and women, and families that make Big Sky home. Due out this November, Destination Big Sky is replete with full-color photographs and feature articles that provide an insightful, intensive look at Big Sky’s character and community. Visit www.reyadvertising.com or @Ré • Ad - Rey Advertising on facebook for further information.