Hello, my name is Terell and I am a Senior Loan Advisor at Rate Leaf.
I was born and raised in Miami and attended Miami Northwestern as a scholar-athlete where I would graduate with a 4.5 GPA while also winning two state championships in football. I was allotted the opportunity to attend Howard University on a football scholarship serving as a four-year starter and captain on their football team. It was there I would meet my wife as well. Following my graduation from Howard University, I began my career in marketing for a mobile marketing company. I then transitioned into a role as a sales supervisor at Coca-Cola, however, I knew deep down I wasn’t truly fulfilled.
What would garner my interest early in life were homes. Both sides of my family originated from Overtown and then moved to Liberty City as they would take advantage of homeownership for the first time. In fact, my grandfather built his home in Liberty City (which is one of the properties I still currently own). Hearing these stories growing up as to how nothing was given and everything earned on both sides of my family gave me somewhat of an endearment towards the property.
I was able to see how generational wealth and transfer of ownership can help your family for years to come. In a short span, I have helped countless families that were once denied the ability to experience homeownership now experience the true fruits of their labor in owning a home. I’ve sold millions in volume in real estate but the most rewarding part is helping people that look just like me to overcome the invisible barriers in the real estate market used to prevent further economic advancement for minorities like myself. But that’s another story for another day.
I have further advanced in the real estate industry in just a few years becoming a mortgage loan originator and a real estate broker, now coaching and training real estate agents on how to grow and scale their business in a short period of time which is rewarding as I get to pour into people and see the positive results. I have also been blessed with learning how to acquire real estate and understand the appreciation and equity property carries over the years. In a short period of time real estate has provided me the opportunity to own multiple properties across the nation building a million-dollar real estate portfolio.
My mission is to continue helping those that don’t quite see their potential and the future real estate can create for their family for years to come.
We know that the financing and re-financing process can be intimidating at times. Therefore our team of experts works hard to provide borrowers with the most competitive rates in today's ever-evolving market.
Once your loan documents are signed and delivered back to us, you will generally be cleared to close within 5-7 days!
We can help with your pre-approval. This will help you stand out in this competitive real estate market. To make sure we provide you with the most accurate and fast pre-approval letter. We need the following information.
Tax returns and W-2 forms from the most recent two years.
Bank/asset statements from the most recent two months.
Paystubs from the last 30 days.
Valid photo ID.
But remember, by furnishing any and/or all of this documentation, you are in no way obligated to accept the terms and conditions of the mortgage offered, nor do you have to provide these documents to receive an estimate on the loan qualified for.
Mortgage refinancing can provide a number of benefits. These will vary from borrower to borrower, depending on what you are looking to achieve. But a refinance will generally provide one or more of these benefits such as better rate, lowering your monthly payments and shortening your loan length and many more benefits.
A better mortgage rate
This may be the most common reason for refinancing. If mortgage rates have fallen since you took out the loan, you can often save money by refinancing your mortgage into a new home loan at current rates. Or perhaps your credit situation has improved, so you're eligible for a lower rate.
Lower monthly payments
With a lower interest rate, you can get lower monthly payments as well, particularly if your refinanced mortgage has the same payoff date as your old home loan. You can also lower your monthly mortgage payments by extending your payoff date past what it currently is, so you're paying less in principle each month.
More predictable costs
If you currently have an ARM (adjustable-rate mortgage), you may choose to refinance to a fixed-rate loan to lock in your rate for the remainder of your mortgage. That way, you don't have to worry about your monthly payments increasing if rates should rise.
Shorten your term
Many borrowers start out with a 30-year home loan, then refinance to a 15-year fixed-rate mortgage after a few years. This allows them to pay the mortgage off faster and save a lot of money in interest over the life of the loan. Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages, so you may be able to shorten your term without a big increase in your monthly mortgage payment.
With a cash-out refinance, you can borrow against your home equity to obtain funds for any purpose. You receive a check at closing, the amount of which is added onto the mortgage principle you owe. Since mortgage rates tend to be lower than other types of debt and tax-deductible as well, it can be a very cost-efficient way to borrow.
You can use a cash-out refinance to pay off other debts to save money on interest and reduce your total monthly payments. Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so you save on interest payments.
Mortgages can also be repaid over longer terms than most other types of debt, up to 30 years, so you can reduce your monthly payments against debt principle, if that's your goal.Interest paid on mortgages and home equity loans is also tax-deductible, up to certain limits, whereas interest paid on other debts usually is not. Couples can deduct the interest paid on up to $100,000 obtained through a cash-out refinance for debt consolidation; for single persons the limit is $50,000.
Cancel mortgage insurance
If you have lender-paid mortgage insurance, you can refinance once you reach 20 percent equity to eliminate the premium that's built into your interest rate. The same also applies to certain FHA home loans that require mortgage insurance for the life of the loan.
Remove a person from a mortgage
There are times, usually after a divorce, when someone who originally signed onto a mortgage is no longer to be held financially responsible for the loan. The only way to get them off the mortgage is by refinancing. This can also be used to remove the name of a co-signer whose support is no longer necessary and wishes to be freed of liability.
Do not apply for a new credit card, auto loan, or other types of credit.
Do not co-sign a loan with someone.
Try to avoid changing jobs, become self-employed, or quit your job.
Do not skip payments on existing credit accounts, utility bills, or loans.
Delay charging up your existing credit on big-ticket items, like furnishings for your upcoming new house.
If you think any of these don’ts are musts, talk to your loan officer before you take action. They can help you figure out what to do so that your mortgage loan is the least negatively affected.
*Avoiding these actions before and during the financing process and this can prevent any unnecessary confusion.
Income ratio: Your total monthly housing expense divided by your pre-tax monthly income.
Debt ratio: Your total monthly housing expense plus any recurring debts, i.e., car payments, monthly minimum credit card payments, and other loan payments, divided by your monthly income.
Standard loan underwriting guidelines suggest a max 28 percent income ratio and 36 percent debt ratio, which may vary based on personal finances, loan program, and down payment.While not taking on any debt and paying for everything with cash seems like a logical choice if you feel you can’t afford your lifestyle, no credit also means bad credit in the eyes of a lender.
There’s bound to be a time when you can’t buy something with cash, like buying a house (in most cases). So, we recommend opening different types of credits such as car note or multiple credit cards and making an occasional purchase now and again on them.
To manage your debta keep credit card balances to less than 30 percent of your credit limit. Also, don’t close long-term credit lines, even if they’re not being used. Your longest-standing credit card account might be a huge contributor to your credit score health — and the mortgage rate you qualify for.