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Geoffrey Davis: The Frisco Mortgage Guy.
I am commonly known as the Frisco Mortgage Guy--Why you might ask? It's because I live, work and invest in my local community. I take pride in the work I do, and feel accountable for ensuring that my clients have the right mortgage loan products. During the mortgage turmoil over the past several years, folks would ask me if it impacted my business in a negative way. Since I consistently steer my clients away from risky loan products and encourage conservative purchase amounts (i.e., avoid becoming house rich, cash poor) many of my clients were not impacted in the same way as others in our area.
You should be realistic about the cost of home ownership.
I believe in having frank conversations with clients around whether or not they can really afford a certain purchase price. Many of those in the mortgage industry will give you a Good Faith Estimate (GFE) that represents the maximum amount for which you can be approved based upon your credit score and financial situation without further discussion. When I provide my clients a GFE, part of the conversation is centered around what they can realistically afford given their circumstances.
The amount of debit you carry and your credit score matter.
If you happen upon a mortgage lender who says it doesn’t—then I would keep looking! If a client is carrying significant debt, I would rather see them reduce this burden prior to buying a home. A house can carry with it unanticipated costs and I think it’s important that clients be in a situation to be able to handle these expenses. A client’s credit score also heavily drives the rate they are offered given how well they managed their finances in the past. What’s key here is to remember that we all make mistakes, but it’s the overall picture that matters the most.
Getting clients in the right loan makes me glad I’m in this business.
That is why I am the Frisco Mortgage Guy. I’m just a guy that’s here to talk to you about mortgage products and be a straight-shooter with you just like I would with my neighbors across the street. A home is a long-term investment, and I view my relationships with my clients in the same way. The next time you are considering a home purchase, refinance, or an investment property, give me a call. You won’t be disappointed.