Ryan Brandenburger | CROSSCOUNTRY MORTGAGE
An early education in customer service gained while working in the hospitality industry during college paved the way for branch manager and mortgage specialist Ryan Brandenburger’s success in the mortgage business. After obtaining his real estate license in 2002 followed by a mortgage broker’s license in 2003, Ryan put his skill set and people- pleasing demeanor to work, providing FHA, Conventional, Jumbo, VA financing for both residential and commercial lending at Cross Country Mortgage.
Q: Is it more difficult to finance condos and why?
A: Unlike a single-family home, a condo has extra layers of underwriting, including the financial strength of the condo building, making it more challenging and involved. You have to look at the condo’s insurance, budget and bylaws, and they have to be strong, along with the buyer’s income assets and credit. The extra layer of underwriting creates extra risk, so it’s important that you work with a lender who understands and is proactive in that underwriting.
Q: What is the minimum down payment to buy a primary, second home or an investment property?
A: The minimum down payment is as little as 3% for a primary residence with conventional and FHA financing. For a second home it’s 10%; investment properties are 15% and 100% percent financing for US veterans. Jumbo mortgages are a little trickier and could require a minimum of 5-20% for down payment.
Q: What are the benefits of a 15-year mortgage vs. a 30-year mortgage?
A: With a 15-year mortgage, the interest rates are lower, payments are higher, and there is a lower amount of interest over the term. A 30-year fixed mortgage has a slightly higher interest rate, lower payments and higher amount of interest over the loan. If you can afford a 15-year mortgage vs. a 30-year mortgage I strongly suggest it.
561/717-0778 | Teambrandenburger.com
