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6 Important Home Loan Mortgage Tips:an Interview with Deb Bozarth of Bozarth Home Mortgage LLC

By Deb Bozarth

Tell us a little bit about your experience, company history and the services you offer.

My step-daughter (Jennifer Bozarth) and I (Deborah Bozarth) started Bozarth Home Mortgage LLC in August 2008. We have combined mortgage lending experience of over 40 years. We have both worked in banks and Jennifer worked in the private arena for manufactured home lending.

We offer manufactured lending for all types of loans including, conventional, FHA, VA and chattel home lending. Refinance, including cash out refinance on manufactured. We have several lenders to work with, and who help us provide the best loan for the client.

We offer USDA loans in the entire state of Oklahoma, in all eligible areas, for purchase and refi.

We offer Conventional lending, FHA and VA, for purchasing and refinances.

We try to make the home buying experience as easy as possible. We are a small business, but we do try harder !

Can you explain the difference between a mortgage broker and other mortgage provider options?

As a mortgage broker, we work with several mortgage lenders. That gives us more opportunity to make loans work for clients. Also, we are able to compare and choose better rates and options for our clients.

What are the main factors that people should consider before applying for a home mortgage?

When purchasing a home....a person must know that he/she can actually qualify for a home. That means that they know they have a good credit record as determined by their credit score. That they have kept their debt under control and have good debt ratios for both the housing and the overall debt concerns and that their earnings records are established.

Is there a difference between pre-approved and pre-qualified?

Prequalification is a lender's estimate of how much you could be eligible to borrow based on information you supply. Pre Qualification does not mean you will get the loan. Pre Qualifications are usually free. Pre Approval usually means that the lender is ready to make you a mortgage loan based on the information and documentation you provided at the time you requested a pre approval. The preapproval will say how long it is valid for and may contain some other conditions for you to get the loan. Your lender may not require that you pay any fees except the cost of a credit report at this time.

Are there any ways that a homeowner can help make the mortgage process move faster?

A mortgage loan applicant should make themselves available to their broker, by providing documentation to the broker as it is needed. Doing so in a timely manner may make the difference in closing the loan on time.

What is one of the most common problems for homeowners in Oklahoma who are applying for a new mortgage?

In Oklahoma....most borrowers are required to have down payment money available. The borrower must be able to prove that the money is available and has been established in an account for several months. Or, if applying for a loan with a gift from family, must be able to prove that the family member has the funds available, and requires no repayment of that monetary gift. The USDA guarantee loan, requires NO down payment money. It is the only program available that lends based on the appraised value of the home. Most loan programs are based on the LOWER of the purchase price or the appraised value.

What advice would you give to Oklahoma homeowners who want to choose the best mortgage lender for them?

I would advise borrowers to not be influenced solely by the realtor in shopping for a broker. (Realtors often have preferred lenders, and will often times offer their preferred lenders to potential home buyers.) Home Buyers often don't get the best interest rate, or closing costs because they don't do a bit of research to compare good faith estimates and rates.

What's the best way for people to reach you and your company?

We have 5 loan officers working with Bozarth Home Mortgage. We have an office, #405-293-6300, at 109 South Division, Guthrie, Oklahoma 73044. Deborah Bozarth #405-226-6584 and Jennifer Bozarth #405-570-2505.

2 of our loan officers are established in Edmond, Oklahoma. Glenda Connelly 405-471-5317 and Linda Eberly 405-589-5311. Our newest loan officer is Kelsey Lunsford 918-232-8297 in Norman, Oklahoma.

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