6 Important Home Loan Mortgage Tips: An Interview with Todd McDougall of Amcap Mortgage, Ltd

Tell us a little bit about your experience, company history and the services you offer

I have been in the mortgage business for over 10 years. Our former clients are by far the largest part of our business. We know this and that is why we endeavor to bring you the best service possible, as fast as possible. AmCap Mortgage Ltd. is a registered Mortgage Banking entity with the Texas Department of Savings and Mortgage Lending. We offer Conventional, FHA, USDA, VA, and Jumbo mortgage loans.

Can you explain the difference between a mortgage broker and other mortgage provider options?

Amcap Mortgage Ltd. Is a mortgage bank. This is different from a mortgage broker. Amcap processes, underwrites, and closes loans all in house. This means we have more control of the entire process. We specialize in closing in less than 30 days and keep a high level service with our clients and referral partners

What are the main factors that people should consider before applying for a home mortgage?

Some of the main factors people should consider is when going to a large retail bank you will be in line behind thousands of others. If you prefer to have a live person you can meet in person, contact after hours, or speak to on the weekends the larger retail banks won't work. Also, all of the loan officers on our team have years of experience. This means when your application is taken we are going to make sure everything is lined up before you are under contract.

Is there a difference between pre-approved and pre-qualified?

Pre-Qualification is the licensed loan officer taking application without reviewing all of the borrowers financial documentation. A Pre-Approval is the licensed officer going thru all financial documentation. We go through credit, tax returns, bank statements, W2's, and pay stubs in detail before the file is even in processing. After taking a application with my team you will be asked to provide as much as possible so we can make sure you are pre-approved for the correct amount and that there won't be any surprises. This is a great way to find problems up front so we can all have enough time to find the right solution.

Are there any ways that a homeowner can help make the mortgage process move faster?

Yes! Please collect tax returns, bank statements, W2's, and pay stubs up front. We also have a in depth "do's and don'ts" document that goes out to every client with the pre approval letter. It breaks down in detail what should be avoided. For example: don't make cash deposits, don't apply for new credit cards before closing, don't change jobs without disclosing, etc.

What is one of the most common problems for homeowners in Texas who are applying for a new mortgage?

The most common problems people are facing is not being prepared. It is very important to have a loan officer look thru all financial paperwork before looking at homes. This way there are no surprises. If people know what the problem are up front they can put a plan in place and start on the right path.

What advice would you give to Texas homeowners who want to choose the best mortgage lender for them?

Go with someone that has a eye for detail, a professional who takes the time to talk you through the process, and someone who answers your calls/emails quickly. Also, make sure you work with someone you like and trust. You will be communicating a lot thru the process.

What's the best way for people to reach you and your company?

Email any time us at todd@mcdougallmortgages.com