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Mann Mortgage loan officers ranked among top-producing residential mortgage originators in US

Scotsman Guide awarded 17 Mann Mortgage loan officers with their prestigious Top Originator award for 2022.

Scotsman Guide’s produces the mortgage industry’s most comprehensive verified rankings of the nation’s top producing residential mortgage brokers, originators, loan officers, and bankers. Only loan officers who have secured $40 million or more in production or closed 100 or more loans in 2021 were able to make the list.

“Mann Mortgage loan officers are incredible and it’s great so many have earned this recognition from Scotsman Guide,” says Jason Mann, CEO of Mann Mortgage. “We measure success not only in the amount of loans we close but in the number of people we work with to fulfill the dream of homeownership. We are incredibly grateful to all the people who trusted us with their home financing and helped 18 of our loan officers win this award from Scotsman Guide.”

Congratulations to the following Mann Mortgage loan officers who were named a 2022 Scotsman Guide Top Originator:

Julie Lapham – Missoula, Montana
Ryan Howard – Las Vegas, Nevada
Angelina Rice – Life Mortgage, Washington
Deborah Criddle – Idaho Falls, Idaho
Robert Martinson – Monument Home Loans, Virginia
Rob Fleming – Missoula, Montana
Corey Hill – Helena, Montana
Salvatore Viti – Las Vegas, Nevada
Matthew Fleming – Las Vegas, Nevada
Juan Baltazar – Homeseed, Washington
Carolyn Cole – Polson, Montana
Matthew Brown – Eugene, Oregon
Mike Hogan – Chimney Rock, Washington
Valerie Mills-Smith – Allied Mortgage Resources, Oregon
Vickie Tuskan – Roseville, Minnesota
Jonathan Hughes – Lewiston, Idaho
Isaac Morris – Safford, New Mexico

In addition, these four women were also ranked as a Top Women Originator by Scotsman Guide:

Julie Lapham – Missoula, Montana
Angelina Rice – Life Mortgage, Washington
Deborah Criddle – Idaho Falls, Idaho
Carolyn Cole – Polson, Montana

And, for the second year in a row, Mann Mortgage was ranked by Scotsman Guide as being one of the 100 Top Overall Lenders in 2022. Mann Mortgage was the only Montana-based lender to make the list.

Get a new home without paying a mortgage? It’s possible!

If you’re 62 or older, you may be eligible for a reverse mortgage purchase loan (also called an HECM for purchase loan). They’re designed for older people who want to get a smaller home, move closer to family, or find a home that will better fit their physical needs as they age – all without paying a mortgage.

Reverse mortgages are a little tricky to understand, so let’s go over what makes them different from a traditional mortgage.

Traditional mortgage vs a reverse mortgage
In a traditional mortgage, when you’re ready to buy a home, you ask your mortgage company to lend you money to pay the seller. You promise to pay the lender back in monthly installments over a set number of years. Each month, your loan balance decreases until it is paid in full.

A reverse mortgage is a secondary loan available if you’re a homeowner who is 62 or older and owns a considerable amount of your home. The equity in your house is your collateral and you promise to pay back the loan with the sale of your house. The funds come to you as a lump sum of cash, monthly installments, or a line of credit. Your loan accrues interest, so the balance increases over time (especially if you choose not to make payments).

Why get a reverse mortgage purchase loan?
Imagine you’re in your mid-60’s and you’ve paid off the home you bought when your kids were young. Now that you’re retired and living off your savings, you wish you could move closer to your grandchildren. Now that your income is limited, how can you afford to pay a mortgage each month?

This is where reverse mortgage purchase loans are designed to help. With a considerable down payment (usually 45 –70% of the sale price, which is often made possible by the buyer selling their current home), your lender will give you a loan to purchase your home without requiring you to make monthly payments towards it.

How does a lender make money then?
Like most loans, your reverse mortgage purchase loan accrues interest and the loan balance increases over time – especially if you don’t make payments towards it. For many borrowers, that’s not a problem. The loan is still a good financial option for them because homes historically grow in value in the US. In the past few years, appreciation has been crazy – 19% in 2021. But it’s generally closer to 4% annually. So, for most people, over time their home’s value outpace the loan balance so they know they can pay the loan off when they sell their house.

Can you make payments if you want?
Of course, but it’s not required.

Paying off your loan
The balance is due in full when you move away or die. Usually, it’s paid off with the proceeds from the sale of the home. If you’re lucky, you may have money left over for your estate or heirs – but you’ll never owe more money than the home is worth.

You and your heirs are protected from owing more than the home’s fair market value – a huge advantage to this type of loan.

Want to learn more?
Reverse mortgage purchase loans are insured by the Federal Housing Administration. We’re authorized lenders and are happy to meet with you and your children to help you decide whether this loan is right for you. Call us today to set up a free consultation.

“Good” credit vs “bad” credit

To get a mortgage to purchase a home, you’ll need to show your lender you can repay debt. The best way to do it is by having a high credit score and a robust credit history. In the journey towards good credit, you may find some of your actions inadvertently have negative impact on your credit score. Let’s go over the difference between actions that give you good and bad credit.

GOOD CREDIT

Getting a home loan
If you have a mortgage and have made payments on time, you’ve given yourself an excellent credit boost. Mortgage debt is the single biggest contributor to overall American household debt, and handling it well will increase your credit score. Mortgage debt is considered good debt.

Having student loans
The average public university student borrows $30,030 to pay for their bachelor’s degree. College costs remain a significant financial challenge for many people. If you haven’t had to research tuition for a while, you may be surprised to hear how much it costs. Today, the average price for just one-year (tuition, room and board, books, transportation, and other expenses) is $25,290 at a public in-state college and $40,940 out-of-state. Thankfully, when calculating your credit, it’s considered a positive move to take on college debt. Regular on-time payments will improve your credit.

When considering your college cost and future career, aim to keep your student loans in line with your projected income. Some debt is unavoidable, but it should never be so great that it ruins your financial future. Generally speaking, try to keep your debt under $30,000 so you can afford to pay it off and get a mortgage at the same time. U.S. News has an easily understandable article on how much debt is too much.

>> Buying a home when you have student loan debt

Having an Auto loan
The average new car costs more than $36,000. Most of can’t pay that in cash, so we need a loan. It’s considered good credit since the interest rates are generally low and there is a set number of payments you’ll make until it’s paid off. As long as you make your payments on time, auto loans aren’t considered bad credit.

NOT SO GOOD CREDIT

Using credit cards
Credit cards typically have higher interest rates than car loans, student loans, or mortgages – often above 20%. If you only pay minimum payments, it will take you a surprisingly long time to pay back your debt. And the types of things we buy with a credit card are depreciating assets like clothes, furniture, food, events, and gas. There’s nothing wrong with these types of purchases or having a credit card, but after you calculate your interest payments, the true cost of the item is much higher after it was added to your credit card. Having credit card debt doesn’t indicate you’re taking debt towards a more financially stable future (like with a home or student debt), so it’s generally considered harmful to your credit.

Making late payments
If any payment is more than a month late, it may be reported to a credit bureau. This includes payments to credit cards, lenders, even utility providers like your electric or water company. Negative information can be reported for seven years.

Maxing out a credit card
Credit utilization is the amount of money you have used compared to the credit limit on the card. Generally, try and keep your credit card balance low. A maxed-out card can lower your credit score by quite a few points.

Requesting too many loans
When you apply for a credit card or a loan, the lender will do a hard inquiry into your credit to see your history and score. For most people, a hard inquiry will cost about 5 points and remain on your credit report for two years. If you’re shopping for a good rate, each similar inquiry will not continue to negatively impact your credit if they’re done in the same time period.

A lot of factors play into your credit history and score. To see yours, visit annualcreditreport.com. If you have any questions on how your credit will impact your ability to secure a home loan, reach out to your mortgage lender. We offer many types of home loans – some work for people with great credit scores while others are designed to give those with a troubled credit history the help they need to get a home. Don’t lose hope. Work with an expert to help you find the right path towards your home loan goals.

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