On today’s Talking Texoma, Dee King is with mortgage loan expert, Justin Houston of Union Square Mortgage.  It sometimes sounds complicated when beginning the process of getting a loan for a new home.  Justin explains the four C’s that simplifies this process.  When you begin the process of getting a loan, you turn in paperwork, bank statements, and paystubs.  The information from these documents helps the loan company assess the forces that’s going to be your capital, your credit, your capacity, and your collateral. 

Capital is assets that you have for the loan.  They will make sure that you have enough funds for the loan in your savings account.  Then they’ll look at your credit report and your payment history.  They’ll check your credit score and make sure that it’s good for the type of loan that you need.  They’ll also look at your monthly debts, your current employment history, and your income.  They make sure that all these things work together, and they look to make sure that you can afford the house that you’re wanting.  Lastly, they look at the property itself with the appraisal and make sure that it’s a safe and sound property for you and your family.

If one of these is not a strong area for the potential homeowner, Union Square Mortgage can help them get over these areas.  Just give Justin a call, and him and others at Union Square will be happy to work with you.