Securing a Home Mortgage

by Dotson Skaggs 10/13/2019

A mortgage loan is crucial to owning a home unless you can afford to pay cash. Mortgages are significant; they're used by individuals and businesses to make large real estate purchases without paying the entire purchase price up front. Over the years, the borrower repays the loan, plus interest, until he or she owns the property free and clear.  

Mortgages are also called “claims on a property” or “liens.” It’s worthy of note that, if the borrower stops paying the mortgage, the lender can foreclose and claim the property.

Buying a home will be, for most people, the most significant financial investment of one's life. Being that 90% of people cannot afford to buy a home outright, they’ll need to take out a home mortgage loan from a bank or other financial institution.

There are many mortgage options out there, and an inexperienced home buyer can quickly feel overwhelmed when looking at hundreds of thousands of dollars and decades-long commitments.

Securing the loan that is needed can be aided quite a bit with some simple steps that can you can take in advance.

What are Your Financial Strengths and Weaknesses?

Personal financial health is one of the most critical factors to consider when securing a mortgage loan. When seeking a home loan, it's crucial to know the fitness of your financial picture. Your credit rating and score directly affect the interest rate charged to you, so knowing the score and how it was determined helps devise an application strategy.

Get your credit reports from all the credit agencies. It’s possible to have the reports reviewed if there is an issue with them. Correcting issues can result in enhancing the score which in turn can improve the terms of the home loan. Scores improve in a variety of ways, but it may take some months to see movement. If you plan to take out a mortgage to purchase your home, start now improving your credit score.

Look for Best Mortgage Deal

The world of the Internet may offer far better terms than your local bank, or, your local bank may offer better terms than online mortgages. Check both online and local lenders. With loan comparison sites, locating the best deals is much more accessible, requiring less time.

But this is never to say that there are no risks involved in borrowing from a lender. Unscrupulous lenders operate both on- and off-line, and it is essential to check out any prospective lending option before agreeing to any home loan deal.

Large Down Payment Provision

A vital element of any mortgage deal is your down-payment amount. As a substantial investment, it not only secures the property but also lowers the size of the required mortgage sum. And when the required amount is less, the chances of getting a home loan with less than perfect credit improve too.

While the home loan sum is an important consideration, lenders are also impressed by people that display the budgetary discipline required to save such a large amount. It tells them how serious the applicant is and will be committed to repaying the debt.

Investigate the right mortgage deal and have a stress free future!

About the Author
Author

Dotson Skaggs

Living in Denver continuously since 1960, Dotson has witnessed The Mile High City mature to become one of the nation’s top metropolitan statistical areas.  As one of Denver’s elite real estate salesman with 2,000+ homes sold and $600,000,000+ in sold volume, Dotson is annually one of the top 15 agents out of 5,000+ members with the Denver Metro Association of Realtors.

     Based on the principles of service, professionalism, and our Realtor Code of Ethics, Dotson sponsors and donates his time to numerous community service projects such as dumpster day, shredding day, a community garage sale weekend and a neighborhood young entrepreneur’s career fair.  Dotson also distributes American flags to neighborhoods for the Fourth of July, helps sponsor a neighborhood picnic, prepares and distributes HOA directories to various communities and sponsors a neighborhood annual photo session with the Easter Bunny.  Dotson also serves his fellow Realtors by volunteering on the Denver Metro Association of Realtor’s Professional Standard’s (Ethics) Committee.

     To better serve his clientele with the principles outlined above, Dotson left his own independent real estate company after 22 successful years and joined the nationally acclaimed Kentwood Real Estate in 2005.  Dotson has been blessed with the opportunity to serve countless homeowners and buyers with their individually unique and diverse needs.

     In addition to real estate, Dotson’s passions are spending time with his growing family, working out, playing golf, reading and observing the political scene.  He dreams to one day possess a golf game which is commensurate to his real estate career.  However, Dotson is also known to be overly optimistic when it comes to his golf game.

Dotson’s Favorite Quote is:  “Never Give Up.  Never Give up.  Never.  Never.  Never.”            Sir Winston Churchill (1941)

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A BRIEF SUMMARY OF DOTSON'S CREDENTIALS AND REAL ESTATE EXPERIENCE:

Over 30 Years of Real Estate Experience in Negotiating the Sale, Purchase and Leasing of Property (20 Years Broker/Owner) 

Over $600 Million in Sales Volume 

2,500+ Homes Sold in the Denver Metro Area

2014, 2015, 2016 & 2017 Wall Street Journal - Top 100 producing agents in Denver Metro Area

2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 & 2017 Kentwood Champion’s Club Recognizing Over $17 - $31+ Million of Annual Sales

2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 & 2017 Denver Metro Association of Realtors Gold Roundtable of Excellence Award with $17 - $31" Million of Sales Volume 

Prestigious Certified Luxury Home Marketing Specialist Designation

Member of the Colorado Association of Realtors’ Ethics and Professional Standards Committee for the Past 25 Years 

Member of National Association of Realtors

Member of Colorado Association of Realtors

Member of Denver Metro Association of Realtors

Member of Denver Metro Area Multiple Listing Service

     In addition to possessing a true love for assisting homeowners and buyers with their real estate needs, Dotson is just as devoted to his family's needs. In his leisure time, Dotson enjoys activities such as snow skiing, golfing and camping in the beautiful Colorado mountains.  Dotson has also contributed to the Denver Metro area community by being an active supporter in many local groups and charities. He served in the Big Brother's organization for 10 years and has supported and contributed to the American Zang Foundation. This organization provides assistance for low-income and minority students in locating, applying for and obtaining college scholarships.

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OVER 30 YEARS OF TRUST AND EXPERIENCE

SERVING THE ENTIRE DENVER METRO AREA

  • MBA, BS, CRS, GRI, ABR, CDPE, LHMI, MCNE
  • Top 10 Brokers - Denver Board of Realtors
  • Top 15 Individual Sales - Denver Board of Realtors
  • Top 10 Transactions - Denver Board of Realtor
  • More than $500 Million Career Sales and 2,500 Transactions

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EDUCATION

  • Masters of Business Administration - Marketing
  • Bachelor of Science-Business/Land Management