Question & Answer with Honolulu HomeLoans

We asked Paulette Suzuki at Honolulu HomeLoans:

Question: What if we are looking to purchase a home within the next five years — how should we plan?

Answer:

Purchasing a home is a huge step for anyone and the journey you take to home ownership requires proper planning. My primary objective as a licensed certified mortgage planner is facilitating the process, building rapport, reviewing your overall financial position, and recommending the best program or timeline.

There may be a number of factors that could prohibit you from purchasing today – the most common that a mortgage professional might identify are: excessive debt, lack of income, insufficient liquid assets for down payment, employment history less than 2 years, and the list goes on. Many times we have to offer a reality check on what the buyer can afford. It’s like a credit card – shopping may be curbed based on your credit card limit. The same rules apply when qualifying for a mortgage loan.

In the process of fact finding, a debt diet may be a part of the plan and recommendations to consolidate or pay down will be implemented. A savings plan will be critical in raising cash required to cover down payment, closing costs, and reserves for your new purchase.

If your employment history is shorter than 2 years, we wait for that period to be met and satisfy the rules as specified by our mortgage investors. Lastly, if income is a concern we may recommend identifying a co-signer such as a parent who would be willing to share the responsibility of the mortgage payment. I always tell my clients, “Provided you follow my plan and do not deviate from my recommendation, you will own your new home.”

As a mortgage planner I thoroughly enjoy being a part of the home ownership process. I am always privileged to be chosen as your mortgage loan officer and never take anything for granted. The plan of action is to provide assistance to the borrower at every level of the home buying process toward the goal of realizing the dream of home ownership.