By Lisa Harrison Rivas
If you’re thinking of buying a home soon, now is a good time to get your financial house in order. But where do you start?
Understanding what is required to obtain a mortgage can be confusing and overwhelming, especially with so much information available on the internet.
Maurice Matthews, a loan officer with Gold Financial Services at 2822 N. Loop 1604 in San Antonio, suggests prospective homebuyers sit down with a lender before house hunting.
Matthews, who has been a loan officer for 14 years, discussed his job and what people should know about the mortgage process.
Q: When people find out you’re a loan officer, what are some of the first things they ask?
A: The first thing they ask is what is the interest rate. And the interest rate is determined by a lot of different things. A lot of times, people just don’t understand the depth of what the interest rate is determined by. It’s determined by the credit score and the loan amount size. People also ask what their payment might be.
Q: Do you specialize in a certain type of loan?
A: Being prior military (Air Force), I specialize in VA loans. I can do all loans, but I guess I’m sort of partial to military loans. This is a military town. I love my veterans. The VA is probably the best loan out there because it requires no down payment and there is no mortgage insurance on the loan.
Q: What should people know before applying for a home loan?
A: Before you have your Realtor run you around, you need to know where you stand with your credit score and with your debt ratio. You need to know if you qualify, if you’re a qualified buyer, that’s what a Realtor wants.
Q: How long does it generally take for an applicant to find out how much he or she is qualified for?
A: I can tell them the same day. Once I see where their income is, I can have a really good idea of if they’re qualified or not.
Q: Which type of home loan do most people get?
A: In San Antonio, most of them are VA. But people are hedging toward FHA loans. An FHA loan allows them to get a bit more buying power as compared to a conventional loan. FHA allows them to put 3.5 percent down and the debt to income ratios are not as stringent which again allows people to have more buying power. (FHA guidelines recently changed allowing some applicants to borrow more.)
Q: What do you consider a low credit score?
A: The low on the FHA is about 580. Now if you do what we call a non-qualified loan, which is anything outside of your standard loans such as FHA, VA or USDA, lenders can go a little bit lower than a 580 credit score. But with that there are a few more hurdles that borrowers might have to climb. They might have to put more money down. It’s a case by case basis.
Q: What are some of the financial mistakes prospective homebuyers make during the loan process?
A: Going out shopping. I tell clients not to spend or look at anything until you close.
Q: Can you share an unusual scenario you’ve come across in your career as a loan officer?
A: Man, I’ve seen it all. But when it’s all said and done my objective is to help people. For some it might be immediately, some a year from now. My goal is to help in every single scenario, regardless of what it is.
Lisa Harrison Rivas is a Realtor with Berkshire Hathaway HomeServices Don Johnson, Realtors. Contact Lisa at 210-380-9006 or email@example.com
Maurice Matthews is a loan officer with Gold Financial Services, a full-service mortgage banker. He can be reached at 210-366-1070 or firstname.lastname@example.org
1st African American USAA Chairman to Retire
Retired U.S. Air Force Gen. Lester Lyles has announced the next USAA’s membership meeting in August will be the last as chairman.
Since 2004 General Lyles has been on USAA’s board of directors. He told members that he deeply appreciates their trust and thanked them “for your loyalty through the years” in a recent letter that was part of the annual membership report.
Born April 20, 1946 General Lyles is a former United States Air Force general, Vice Chief of Staff of the United States Air Force, and Commander, Air Force Materiel Command, Wright-Patterson Air Force Base, Ohio. After retirement from the Air Force in 2003, he became a company director for General Dynamics, DPL Inc., KBR Incorporated, Precision Castparts Corp., MTC Technologies, Battelle Memorial Institute and USAA. Lyles is also a Trustee of Analytic Services and a Managing Partner of Four Seasons Ventures, LLC.
In 2017, Lyles earned $461,034 from his role as board chairman, up from $449,910 in 2016. In 2018, Lyles earned $458,499 in salary for the role, records show.
Botswana’s First Skyscraper and Tallest Building
Located in the capital city of Gaborone, Itowers is an establishment comprised of three buildings in total, with the tallest South Tower rising 28 levels above the ground – making it Botswana’s tallest building, an iconic landmark in the city. Located in the center of the city’s vibrant new Central Business District just 20 minutes away from the airport, this complex of condominiums, apartments, office and retail space is perfectly suited for businessmen, diplomats and tourists seeking comfortable temporary accommodations.
It’s also in close proximity to all major government offices, shopping malls, and tourist attractions including the Square Mart Shopping Centre (just 1.2 km or 3/4 mile away), and the Three Dikgosi Monument (also just 1.2 km or 3/4 mile away).
Itowers has 54 outstanding apartments comprising of: 36 Standard rooms, 6 Premium rooms 12 Premium Plus rooms, with balconies opening to city views. They have 2 paraplegic friendly rooms and 12 family rooms.
In addition, Itowers features an on-site stylish and contemporary restaurant called Table50Two, located on the 28th floor of the south tower. The beautiful outdoor setting is set in a loft-life lounge ambience with lounge sofas and breathtaking views of the city. The unique and world class menu is complemented by a comprehensive choice of wine and beverages. It is the highest dining venue in all of Botswana.
When built, the project not only made an impact on the city of Gaborone, but also to the livelihoods of everyone involved in this multi-million dollar project. A total of 4.8 million man hours, 3.5 million bricks, 28 400m3 of cement and millions more hopes and dreams went into designing, erecting and completing the landmark towers.
Botswana is a landlocked country in Southern Africa. Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth in 1966. Since then, it has been a representative republic, with a consistent record of uninterrupted democratic elections and the best perceived corruption ranking in Africa since at least 1998. It is currently Africa’s oldest continuous democracy.
Beyonce Reportedly Made $300 Million From Her Uber Investment
Uber went public last week and their shares have been plummeting ever since. Despite this, singer Beyonce has still managed to score a $300 million profit from her investment. Many are wondering how this is possible since Uber’s shares plunged during the first week, closing as low as 17% below its IPO price!
Well, according to The New York Times, Beyonce received $6 million in restricted stock units (RSUs) from Uber co-founder Travis Kalanick to perform at a private company event in Las Vegas in 2015.
Here’s a little bit of information about restricted stock units (RSU). It’s compensation issued by an employer to an employee in the form of company stock that are assigned a fair market value when they vest. Upon vesting, the stock units are considered income, and a portion of the shares is withheld to pay income taxes. The employee receives the remaining shares and can sell them at his or her discretion.
So, Beyonce, although not a regular employee of Uber, was in fact “an employee” temporarily when she performed at the company’s private event. While the exact value of the shares at the time is not known, it can be assumed that the value was around $20 to $25 per share.
But when Uber’s IPO initially debuted, it started trading at $42 per share. So, if she sold her shares immediately despite the IPO plummeting, she could have easily made $300 million or more from her shares.
Another win for the Beehive!