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Your First Mortgage: an Interview with David Steinberg of Summit Funding

By David Steinberg

Tell us a little bit about your company and its foundation.

Do you know how rich people have private bankers who take care of their financial needs? Well, Summit Funding (NMLS #52081) provides that level or care to our clients. We combine deep experience and industry expertise with a caring approach. Like that private banking client, you can expect to speak to a real person whenever you call during business hours. And, that person will know and care about you.

Dave Steinberg (NMLS # 67325) has been in the mortgage business for 26 years. He is a Wharton MBA and is a faculty member at the National Institute of Financial Education. Dave specializes in helping home buyers navigate the mortgage process.

Dave's primary objective is to make it easy for you to get a mortgage. To that end he is available to consult over the phone ? eliminating the time and effort required for a face to face meeting.

What are the basic steps in the mortgage process?

We generally start with an initial consultation during which we ask you to share your dreams and objectives and help you document your current situation. Qualifying for a mortgage requires that we analyze four things:

  • Do you have a propensity to pay your bills ? how is your credit?
  • Can you afford the home ? do you have adequate income?
  • Can you afford the Down Payment ? do you adequate assets (money in the bank)?
  • How is the collateral ? Is the house worth what you are paying for it?
  • Starting with our initial conversation, we help you answer those questions. We start by determining whether you are ready now or whether you require time to save for the Downpayment or work on credit issues. And, if you are not ready now, we help you come up with a plan to get ready.

    There is no charge for the initial consultation.

    Do you have any tips for people applying for their first mortgage?

    Conventional wisdom has it that you should contact a mortgage professional when you are ready to purchase a home. We disagree. We believe that the earlier you start the process, the better you will do. Why? Because, starting earlier will save you money and help you be as prepared as possible. And, there will be no surprises.

    What factors influence a person's mortgage the most if they've never had one before?

    While there are four factors that are analyzed by the underwriter (Credit, Income, Assets and Property) credit is the one that can be most readily impacted by the homebuyer. It is not unusual that credit reports contain erroneous information. Experts suggest that almost 80% of all files have mistaken information. There are also strategies that can, in many cases, improve the homebuyer's credit score dramatically, often within 10 to 30 days.

    Is there anything else related to the idea of "Your First Mortgage" that you think should be covered?

    How do you pick the best place to get your mortgage? Many homebuyers shop for the lender offering the lowest rate. While that sounds like a sound strategy, it often results in disaster. Others are attracted to the 'bank on the corner'. That often results in the home buyer being one of thousands of anonymous files in the lenders backlog of loans.

    Your home purchase and the attendant mortgage comprise one of the largest financial transactions you will ever do. You deserve to have someone working for you, someone who will take your call and help you navigate through the transaction. I suggest you interview potential lenders and figure out for yourself who you believe will provide the level of guidance and service that you deserve.

    What is the best way for people to reach you and or your company?

    You can reach me at 718-575-1166 or via email: dave@summitfunding.com. Our website is summitfunding.com

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Phone: 718-575-1166

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