Gulf Mortage Group Can Finance or Refinance Your Prairieville LA Home
Are you thinking of refinancing your home or financing a new home in Prairieville, LA? Gulf Mortgage Group can help you take advantage of a favorable rate environment.
A conversation with David Brian, Managing Partner of Gulf Mortgage Group, guest of Ann Dail, Broker, Owner of Baton Rouge Area Homes, LLC.
Services Offered: We are a mortgage brokerage firm offering financing options to meet virtually any kind of residential mortgage need. If you are looking to purchase, refinance, start a new construction project or finance home improvments, we can help you find the best deal.
What is the difference between a mortgage broker and a lender? A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender "underwrites" the loan, which means deciding whether or not you are an acceptable risk.
Location & Area Served: We are located at 38034 Post Office Road, Suite A, Prairieville, LA and have been in business since 2002. We are licensed to do home mortgage loans in Louisiana and are offering Conventional, FHA, VA and Rural Development loans. We are convenient for customers in Prairieville, Gonzales, or South Baton Rouge.
How do customers decide which of those loan options is best for them? At Gulf Mortgage, we will walk each customer through the options to make sure they make the best choice, but here's a brief explanation of each.
- Conventional mortgages are traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and excellent credit are necessary.
- FHA mortgages are backed by the Department of Housing and Urban Development. This mortgage offers the borrower the ability to put as little as 3.5% down payment – and they can even finance “allowable” closing costs. Sellers can contribute up to 6% of the purchase price to the buyer towards closing costs. Credit requirements are more leneint than on conventional mortgages.
- VA Mortgages are backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
- Rural Development Loans offer 100% financing for first time buyers. Also, the PMI requirements are lower, which keeps the monthly notes lower.