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Choosing the Right Home Loan Program: An Interview with Marc Summers of Advantage Mortgage

Please tell us a little bit about your company and the services you offer.

Advantage Mortgage is local first mortgage broker company that has been in business for over 25 years. Our main focus is first mortgages on primary, investment and second homes. With roughly 20 lenders we have the ability to seek out different rates and products to make sure we are putting our borrower in the proper program with the best rate possible.

Is there a common misconception that people have about home loan programs?

Biggest misconception that I run into on daily basis is the old myth that you need 20% down to get a home loan. It is actually the opposite. FHA you only need 3.5% down and conventional with approved credit can be as little as 5% down.

What are some of the steps that someone can take to find the best loan for their financial needs?

I personally feel the best steps to find the best loan is to go to a Mortgage Broker. I say this because we are not one bank. We represent 20 banks with different guidelines and different programs opposed to the bank down the street with limited programs. I feel the worst thing you can do is go on the internet. They suck you in with extremely low interest rates that would cost a fortune and everyone's situation is different which can affect the program that best suits you. Best thing is to have a conversation with a mortgage professional.

What are some of the most popular types of home loans that people in apply for?

The most popular type of loan right now is our 5% down with no mortgage insurance. It is a unique product that some of our wholesale lenders provide for us. We call it the PayAdvantage.

At what point in the home buying process should people know which home loan to apply for? Is there any flexibility in this?

There is always flexibility throughout the loan process but the borrower should know what type of loan they are getting at the very beginning. We believe and try to limit the amount of surprises that our borrowers receive throughout the loan process.

Do you have any tips to for first-time home buyers?

Best tips I can give for first time home buyers is to make sure they have solid credit before starting the process. Your credit score can affect your interest rate in a big way.

What's the best way for people to contact your company?

Best way to contact myself is either my office line of 248-620-1750 or email at msummers@advantagemortgagemi.com.

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