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Expert Advice on Your Mortgage Options: An Interview with Joe Mays of American Property Financial Inc.

By Joe Mays

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

I have been in the mortgage business since I graduated from Texas Tech in 1971. I started in the mortgage department of a national bank and have managed several mortgage department and companies until I founded American Property Financial which has been in operations for thirty years. American Property Financial offers a wide variety of mortgages to purchase and refinance residential home loans.

What are some of the most common misconceptions that people have about getting a mortgage for a new home?

The mortgage market has gone through a lot of changes in the last five years and individuals are not aware what is expected of them to qualify for a mortgage loan. The changes effect what their credit scores need to be, how much income they need to be able to prove they make. These changes have also greatly changed the mortgage products that are available and the criteria of qualifying for a mortgage have changed. Many people are working under the assumption that what once was available or they hear a friend was able to do in the past is still available in getting a mortgage.

What would you recommend as the first steps that someone who wants to buy a house should take to secure a mortgage?

People need to find an individual they can visit with who can look at their overall financial situation and find out that their goals are in buying a home or refinancing their existing home loan. Once they have been advised, they will know all the documentation they will need for the actual mortgage application.

Can you briefly explain the main types of loans and who they are typically best suited for?

There are not loans that are best for individuals and not all individuals qualify for every mortgage available. American Property offers many types of loans, FHA, VA, USDA, Tex-Vet, and Conventional Mortgages. Each of these mortgage products are designed to meet specific needs. Once you have had the different type of mortgage explained to you, you will be better prepared to choose the mortgage type that is best for you.

Are there any things that prospective homeowners should not do when they're applying for a home loan?

Prospects should not make applications for new credit or buy new items which will create new debt obligations. Their application and Pre Approval will be based on current debt obligations and these new obligations to jeopardize this approval.

What is one of the biggest regrets you've seen people have when it comes to their mortgages?

The regrets prospects have is that they have done thing they felt was what they needed to do to qualify for a mortgage without expert advice or have not gotten the advice they should have and have done the things they needed to do to improve their situation earlier. Find out what you need to do and get started now so you will be best prepared to buy a home or refinance your current mortgage.

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

The best way to reach and find out more about our company is to go to www.saloans.com or call us at 800-738-5626 or email me personally at hjmays@aol.com.

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