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Insider Mortgage Tips: An Interview with Lorcan Lucey of Lucey Mortgage Corporation

By Lorcan Lucey

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

Lucey Mortgage was founded in 1985 and is known as The Biggest Little Lender in South Carolina." We offer mortgage loans for primary residences, vacation homes and investment properties.

What are some of the services your company provides?

Lucey Mortgage offers a variety of loan products including FHA, VA, Conventional, and Jumbo loans. We also offer other niche products like renovation loans, multi-family, and foreign national.

How important is it to document my finances?

Good records of your finances can help you obtain a fast loan approval. Organized borrowers can get lower rates, quicker approvals, and are more easily able to correct and handle any questions the underwriter may have during the loan process.

How do I know if it is a good time to refinance? Is it a good time presently?

Refinancing your current loan may be a good idea depending on your goals. Lowering the interest rate and payment, paying for renovations or college education, debt consolidation, or buying a rental property are all reasons that people come to us for assistance. A good loan officer will provide excellent information so you can make the best informed decision.

What are some bargaining tips I can use when shopping for mortgage lenders?

There are several key factors in securing the best rate, with excellent credit scores being top of the list. I recommend to our clients they get started early with a pre-approval before they go shopping for a home. With our advice and a little time, we can make sure you have the best credit scores possible and get the best rates.

Second to credit scores, I recommend borrowers call two "trusted" sources. A trusted source is a lender that has been recommended to you, or a lender you have interviewed and is very responsive to your requests. Each source should give you an itemized loan cost sheet and guaranteed rate lock for the period you need to close your loan.

What are some of my rights as a borrower? How can I use these to my advantage?

The Dodd Frank Bill and subsequent creation of the Consumer Financial Protection Bureau give more protection to borrowers from careless or dishonorable lenders. The two main rights which benefit borrowers are 1) rates and closing costs disclosed upfront must equal what you see at closing and 2) earlier disclosure requirements by the lender so you have ample time to review documents prior to closing. If a borrower feels their rights have been violated and the lender is not responding in a satisfactory manor, they should contact the Consumer Financial Protection Bureau and file a complaint.

Why are many people reconsidering FHA loans? What programs should I consider instead?

FHA remains a great option for borrower with fair credit or limited down payment. The interest rate is usually ½% below conventional. However FHA loans have a higher mortgage insurance monthly premium which will last the life of the loan.

Conventional loans carry a lower mortgage insurance premium that automatically terminates in ~10 years (can be terminated before 10 years under certain criteria). Conventional loans allow for 5% down payment and 100% of the down payment can be a gift. Other guidelines for conventional have become much more like FHA guides.

A good mortgage loan officer will review both options with you so the advantages of both program are clear and you can make an informed choice.

What are some of my options if I have poor credit?

There are options for borrowers with poor credit. The first step is to review what is causing the poor credit and what can be corrected. We have access to credit software programs that can tell you exactly what needs to be done to get a higher credit score and in most cases and help you qualify. In other cases where the credit is more impaired, we have several good companies we can recommend to help you correct or update past credit.

Borrowers have slow credit for a variety of reasons?this is not unusual and we welcome the opportunity to work with everyone.

What is the best way for people to get in contact with you?

I am available by email and by office phone 843-884-8133. I always carry my smart phone so feel free to email at anytime.

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About The Author

Lorcan Lucey, Loan Officer and President, has been in the mortgage business in...

Phone: 843-884-8133

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