About Me
Originally from Long Island, NY, Jason moved to Charleston, SC during the 2005 real estate boom. At that time, he was working for Wachovia Bank in NYC and literally decided to relocate here upon a weekend getaway staying at a bed and breakfast downtown and feeling like he was in fantasy land.
It did not take long to carve out a niche and he quickly became a top producer heavily focused on serving our military service members with VA financing. It was something he took great pride in also having family on active duty while they were fighting in Afghanistan and Iraq. Heâll still always share a special affinity toward his military and first time homebuyer clients even though his business has now expanded to include multi-million dollar luxury home loans. Most importantly, Jason is committed to providing awesome rates, expert advice, and unmatched service. He understands that not everybodyâs situation is the same and therefore custom tailors his recommendations to reach your goals.
His successes have been featured on several local news outlets including the Post & Courier and 94.3 talk radio. In Jasonâs spare time you can find him hanging at a great local restaurant or on the back porch watching the water. Other interests include fishing and football.
What type of
Loan is right
for you?
Different people have different financial needs. We have a solution for every situation. How can we help you today?
I'm a first-time
home buyer
After years of renting, it's time to take your next big step: Home Ownership. But where to begin?
I'm an experienced
home buyer
You've done this before, but it's been awhile. Perhaps a few notes on what's changed is in order.Â
I'm a U.S. Veteran
You've served your country with honor. Now it's the country's turn to serve you, with the help of a VA Loan.
I am looking to
Refinance
You already have a loan in place, but your interest rate is nothing to brag about. Maybe it's time to refinance.
I'm a real estate
Investor
Looking to buy another home? Here are five tips to consider before you purchase an investment property.
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Read MoreWhat type of loan is right for you?
5 Things to Consider When Youâre a First-Time Homebuyer
Youâve had it with renting. The thought of writing another check thatâs not going towards your financial future is too much. But buying a house can be daunting. Where do you start? Whatâs the process like? Am I really ready to do and own this thing? Here are 5 quick points that will help you through the process of making the biggest single investment of your life.
1. Price Check
Your first task is to look around at the kind of houses available in the neighborhood youâre interested in. You can do a quick search of actual multiple listings service (MLS) in your area on a number of websites including the National Association of Realtors. You may also get in touch with us as we have plenty of mortgage bankers that are willing to help.
2. Be Realistic
After you get an idea of housing costs in your desired area, itâs really important to determine how much you can actually afford. You can do this using our mortgage calculator. Just enter in how much you can comfortably afford each month for a mortgage payment to get a glimpse of what your monthly payments would be if you bought today.
3. Check Your Credit
Having the best credit score possible is advantageous when purchasing your home loan. While there are no strategies to immediately improve your credit score, you are able to correct it by identifying its shortfalls, all in time to make a meaningful impact on your home purchase. Here are a few sources where you can get a glimpse of your credit score.
https://www.freecreditscore.com/
4. Other Expenses
Of course, your mortgage wonât be your only financial responsibility. Itâs important to check out the costs of property insurance, taxes, homeowners association, and maintenance dues in your desired neighborhood. In some areas, the amount you pay for taxes and insurance escrow can almost double your mortgage payment.
5. Get Prequalified
Homeowners are often afraid to become prequalified for a loan. Itâs not nearly as much fun as looking at houses. Becoming prequalified for a home loan positions you to make a smart decision over an emotional one.
Buying a home is a daunting decision. The financial and emotional investments involved with purchasing a home are a challenge. But by following these tips, you will soon discover and enjoy the comfort that a home provides.
5 Things to Consider if Youâre Buying A New Home for the First Time In While
Some years ago, you bought your first home. If youâre like most people, you donât have a photogenic memory of what the experience was like. Rather, it was just a blur of people, paperwork and hand cramps from signing your name and initialing the corner of documents for so long.
Well, consider this a refresher course for your very specific set of needs. In addition, there have been some changes in the process since you bought your last home -- weâll highlight those here.
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1. Determine how much of your current home you actually own.
Most of us to donât own our houses completely when we turn our attention to an upgrade. But hopefully youâve been in your house long enough to have equity that can be used in the purchase of your new home.
2. Be aware of the costs of selling and buying.
Selling your home may incur commission costs, marketing costs, and some seller closing costs, depending on the circumstances. And in addition to the down payment on your current home, donât forget youâll have to pre-pay insurance and taxes for the year. And, of course, there are closing costs as the borrower as well.
3. Think about the timeline.
If the market is a sellerâs market (as it is today), you may sell your home quickly but it could take you a while to find a new home. If you need to move before your new home is available (or even contracted), what will you do? And if the market is a buyerâs market, you could find a home quickly. However then you have 2 house payments while you are waiting for your home to sell.
4. Big changes since 2006.
If you havenât purchased a new home since 2006, recall the burst of the housing bubble and the Dodd-Frank Act that created a significantly new regulatory environment since then. Youâll experience more questions to be answered, more paperwork required, and a longer time in getting the loan to close than you may remember in your last purchase.
5. Other recent changes:
- New regulations emerge with regularity. Some of the rules that may impact you even if you had a more recent home purchase include:
- New Forms: The old Good Faith Estimate you may have received as you were shopping for your loan has been replaced by the Loan Estimate. The old settlement statement (known as a HUD-1) has been replaced by the Closing Disclosure.
- New Timelines: The biggest change is a requirement that the borrower receive the Closing Disclosure 3 days prior to the closing of the loan. This adds time to the loan process and can mean that last minute changes may require the closing date to be postponed.
Finally, the personal financial situation of the borrower has become a much bigger part of the mix with the Ability to Repay requirement. Your experience will not be the same as your best friendâs experience, even if you are going through the process at the same time. In choosing a lender, looking beyond rate to someone who can help navigate the rough waters of the more regulated and paperwork-intensive process is a smart move.
Everything you need to know about VA Home Loans
When Congress passed the GI Bill of 1944, Congress created a variety of programs designed to help those returning from World War II. One of the most popular and enduring programs is the VA Home Loan, a one-of-a-kind mortgage program that allows qualified US Veterans to finance a home at a competitive rate, with no monthly mortgage insurance and no down payment.
Today, there are more than 22 million veterans and active duty personnel who may qualify for a VA Loan to purchase a home. If youâre a qualified US Veteran ready to explore the VA home loan process, youâve come to the right place. Below youâll find a step-by-step guide to understanding the qualifications, application and paperwork youâll need to get the ball rolling.
AÂ Sente Mortgage Banker can help make this process easy. Contact us today if you have any questions.
Step 1: Determine your Eligibility
Many of the US Veterans we work with don't immediately realize that their service to our country makes them eligible for a VA Home Loan. To clarify the eligibility rules, below is a list of the basic qualifications one must meet to apply for a VA Loan.
Who exactly is eligible for the VA home loan benefit?
Veterans: The largest single class of eligible borrowers is veterans of the Armed Forces. A veteran will need to provide evidence of the discharge with form DD-214, and the discharge must be read as an âhonorable, under honorable conditions and generalâ discharge.
Active Duty Personnel: Those who are currently serving in any branch of the Armed Forces may qualify by showing evidence of at least 90-days of continuous service.
National Guard and Reserve Members: Current National Guard and Armed Forces Reserve members with at least six years of service are also eligible for the VA home loan benefit. Honorably discharged members of the National Guard of Armed Forces Reserves who have at least six years of service may also qualify.
Surviving Spouses: Unremarried, surviving spouses of veterans who have died as a result of a service-related injury may also claim the VA home loan benefit, as well as the spouse of a service member missing in action. Surviving spouses who later remarry on or after turning 57 may also be eligible.
Others: Cadets at the United States Military, Air Force and Coast Guard academies may qualify, as well as midshipmen at the U.S. Naval Academy.
If you fall into one of these categories, and are ready to make your dream of homeownership a reality, next step is your Certificate of Eligibility.
How to get your Certificate of Eligibility
First, letâs define what it is. A Certificate of Eligibility is often considered the first step in the VA Loan process. Itâs is a document that proves that a potential buyer has met the VA Loan service requirements and is eligible to qualify for a VA Loan. Itâs a fairly simple document that is obtained in several ways:
- Have your VA lender request a copy for you. The easiest way to get your Certificate of Eligibility (COE) is to have your VA lender request it for you. Approved VA lenders (like Sente) have access to an online system that allows the VA lender to request and receive a copy directly from the VA. Once the lender makes the request, the COE is delivered electronically and is received in a matter of moments.
- Request a copy online or by mail. You can obtain your COE by making a written request directly to the Department of Veteranâs Affairs, or you can apply for a copy of your COE by visiting the portal set up by the VA where you can make your request online, in person or by writing the VA. You will need to complete a Request for Certificate of Eligibility by filling out DOD Form 26-1880. Youâll also need a copy of your DD Form 214 to make sure the information on the DD Form 26-1880 matches the DD-214 exactly. Once the VA has received your request, the COE will be delivered to you.
Read More about Sente's Commitment to Veterans.
What if Iâve already used my VA Loan Eligibility?
Veterans can use their home loan eligibility more than once. For most who use the VA Loan to buy a home, once the home is sold, the entitlement is completely restored for use on another home. And, if youâre refinancing an existing VA Loan with a VA Streamline Refinance, there is no need to request another COE as eligibility was already verified.
Please note: If you decide to keep the original home purchased as a rental or investment property, the VA Loan entitlement isnât available for a new home unless you refinance the original property to a non-VA Loan.
Step 2: The Application and Pre-qualification Process
Once youâve determined your eligibility and are ready to hit the streets to find your dream home, itâs smart to begin with a lender to get the application and pre-qualification process started.
Pre-Qualification is a fairly simple process that will allow a mortgage banker to review your income, assets and liabilities and will give you an estimate on how much money you can borrow. Armed with this information you can shop with a budget in mind. The pre-qualification process also gives you an opportunity to discuss financing options with your lender, and to review any potential credit issues during this process.
Credit Scores and VA Loans
VA Lenders validate a responsible credit history by reviewing the credit report and the credit score. VA Loans donât require perfect credit, but they do require what might be described as an âaverageâ or better credit history. Of primary importance is the most recent two years of payment history. There can even be a late credit card payment or two in the recent past, but if those payments are isolated and the only late payments showing up, then the credit score is more than likely good enough to qualify.
Using credit scores when approving a VA Loan has been around since the late â90s, and today credit scores are used to quickly assess a borrower's credit history. Most lenders require a minimum credit score of around 620, but there are exceptions to that guideline on a case-by-case basis. Credit scores might seem a bit foreign to many, but theyâre calculated using an algorithm established by a company called Fair Isaac & Company who goes by the name âFICO.â Credit scores are three digits and range from 300 to 850, and the higher the score the better the credit history. When lenders pull credit on a veteranâs loan application, they pull a report from the three main credit repositories of Equifax, Experian and TransUnion.
Rental history is also a major factor when evaluating a veteranâs payment history. It has a greater impact on a credit profile than a late payment on an automobile loan or student loan, and is defined as a payment made more than 30 days past the due date. When a borrower applies for a VA Loan, the borrower also gives permission for the lender to contact the landlord or otherwise provide 12-months of cancelled checks showing the rent was paid on time. Lenders want to see at least a two-year history of rental or housing payments. There are exceptions made, however, for those recently discharged or recent graduates from school who have just started to work full time.
Related:Â More about Sente's Commitment to Veterans.
Step 3: Loan Processing & Paperwork
Armed with your pre-qualification letter, it's shopping time. Once youâve selected your dream home, youâll make an offer and submit your pre-qualification letter to show your commitment as a buyer.
If your offer is accepted, your loan will move into the processing phase. As you might expect, obtaining a mortgage requires your fair share of loan documents and paperwork, and VA Loans are no different. In fact, VA mortgages might even have a few more processing requirements and pieces of paper to sign compared to a conventional home loan. This is primarily due to verifying eligibly for this special zero-down-payment program.
Once your VA mortgage banker receives your loan application, hereâs what you can expect them to ask you to provide as part of the process:
Certificate of Eligibility
Youâll need to provide your Certificate of Eligibility (COE), which you can obtain directly from the VA, or you can have your VA approved lender obtain it for you.
Verify Income
VA lenders are required to show evidence that the veteran has the ability to comfortably repay not just current monthly credit obligations but the new mortgage payment, including a monthly portion toward property taxes and homeowners insurance. This verification is completed by reviewing the most recent paycheck stubs covering a 30-day period. If youâre active duty, youâll be asked to provide a copy of your LES.
If youâre self employed or you rely on other income that doesnât come directly from an employer, youâll need your two most recent signed federal income tax forms, all schedules as well as a year-to-date profit and loss statement. The year-over-year income should be consistent without any significant drop in income from one year to the next. The profit and loss statement can be prepared by you or your accountant and does not have to be an âauditedâ profit and loss.
Assets
Even though veterans are restricted from paying certain kinds of closing costs and there is no down payment requirement, there will still be closing costs that need to be addressed. Your VA loan officer will provide you with a list of expected charges and what theyâre for but will also make sure there are enough funds in an account you own that will cover those fees. Verification of sufficient funds to close is performed by submitting your most recent copies of those accounts. If youâre getting a financial gift from a relative to help defray these costs, your lender will provide you with a Gift Letter for the donor to complete.
Insurance
Youâll need to have insurance coverage on the home youâre going to buy that will cover at least the amount borrowed. Once you select a property and the property appraisal has been completed, your insurance agent will provide a policy.
Loan Disclosures
There are multiple VA home loan disclosures youâll need to review, sign or initial and return to your VA approved lender. Those include the Occupancy Statement, Fair Credit Reporting Act, Equal Credit Reporting Act, Right to Financial Privacy, Disclosure Authorization Form, an Anti-Coercion Statement and Flood Insurance Notice. If you select an adjustable rate mortgage, you will also receive a booklet entitled Consumer Handbook on Adjustable Rate Mortgages. In addition to these loan disclosures, you will also receive and sign copies of your initial, typed loan application.
Everything Else
A VA lender might need additional information from you while the loan is being processed. This could be a missing paycheck stub or signing a disclosure that was previously left blank. When the loan is documented and sent for an approval, the underwriter may have some questions or even ask for additional information for you to bring to the closing table. These additional items brought to the closing are called âloan conditionsâ and are typically nothing more than updating the file to conform to VA guidelines.
Step 4: Closing
Once the Underwriter gives your file the final approval, a closer will draw up the legal documents and send them over to your title agency and attorney for final preparation. Youâre in the home stretch now! A closing date will be scheduled at the title agency and the celebration can soon begin!
Perhaps the most attractive feature of a VA Loan is the absence of a down payment. However, itâs important to note that there are closing costs associated with any VA loan, itâs just a matter of who pays them and how theyâre handled (according to the VA there are certain closing costs the veteran is not allowed to pay).
VA Closing Costs Explained
An easy way to remember which charges are considered âallowableâ is to remember the acronym ACTORS.
- Appraisal
- Credit Report
- Title Insurance
- Origination Fee
- Recording
- Survey
Other fees are considered to be âoff limitsâ and veterans are not allowed to pay them. When you speak with a loan officer, be sure to discuss any charges you can expect to see at the closing table and have your loan officer explain what each of the charges are for and the third party services needed in order to close your VA Loan application.
Visit our Veterans page for more information about Sente's commitment to veterans.
Over the last couple of months we've had several past clients, friends, and family members reach out to ask the same question, "Should I refinance?" Â While much depends on your personal financial goals and objectives, there are four questions that might provide some guidance:
1. Â Â Â Â Â Â Are you planning to stay in your home for more than 5 years?
When you refinance your existing home, you will be readjusting your mortgage to a new interest rate and term. Due to closing costs there is a breakeven point that represents the amount of time it will take to build enough equity in your home to recoup those costs. For the average client and market, that breakeven point on refinancing is somewhere between 3-5 years. If homes in your area appreciate quickly, that number may be less. Itâs important to consider how long you plan to stay in your home as you are evaluating refinancing your mortgage.
2. Â Â Â Â Â Â Would you like to pay off your mortgage early?
Refinancing from a 30-year loan to a 20- or 15-year term might be appealing if youâre interested in increasing your long term cash flow. Depending on your life situation, increasing your cash flow in the long term can be really attractive, even if it might mean paying a little more in the short term. If youâve ever paid off your car note and kept driving the same vehicle, you know how satisfying this can be.
3. Â Â Â Â Â Â Would you like to eliminate debt and improve cash flow?
In certain situations debt consolidation can improve your household cash flow. Refinancing your mortgage may make sense in this scenario if it would help to strengthen your overall financial situation. Depending on the current interest rates and terms associated with your outstanding debt, refinancing may offer a more favorable outlook.
4. Â Â Â Â Â Â Do you know how your current loan fits in with your overall financial plans?
From tax benefits to building equity in an investment vehicle, owning your own home offers multiple financial and lifestyle benefits. In reality, everyoneâs financial plans change over time. Â Itâs important to take a step back and evaluate the larger financial picture to determine how your home factors into that plan. Every month that you make a mortgage payment is another month that youâre paying down what you owe on your home. Not only does this decrease the amount that you owe over time, but it also increases the amount of equity (or value) that you have in your home.
If you answered yes to any or all of these questions, then it is possible that a refinance of your mortgage is a good idea. If you're interested in a free assessment of your current mortgage and how it fits your financial goals please contact us. We're more than happy to help.
5 Things to Consider if you're interested in becoming a Real Estate Investor
For many, investing in real estate is appealing, especially in hot  markets. Oftentimes itâs a great way to diversify a portfolio or to make sure youâve always got a place to stay when youâre on vacation. So if youâre in the market for an investment property, here are a few things to consider before you decide to pull the trigger:
1. Consider the Time Investment: If youâve ever watched Flip or Flop on HGTV or a similar show, they make the process of finding a property, fixing it up, and reselling look like a breeze. The reality, however, is that each of these steps in the process is time consuming. Depending on your investment goals, itâs important to consider your time involved with finding the perfect property and either managing it as a landlord or managing a renovation project. While we all know there is a lot of potential in several Texas markets to turn a profit, itâs important to calculate the personal time and investment it will take to make that happen.
2. Tax Implications: Real estate Investing has several tax implications that are important to consider, especially if you are planning to keep the property and rent or lease it out. Â Any rental payments that you receive are taxed at ordinary income rates. Youâre also able to utilize front-end depreciation on your rental property to reduce the taxable amount. Before buying your first investment property you should consider talking with a tax specialist to understand the full financial and tax implication. For additional information, you might also want to check out this article from BiggerPockets.com.
3. Portfolio Diversity: One of the great things about becoming a real estate investor is the expansion of your investment portfolio. Real estate is one of the earliest forms of investing, and even pre-dates the modern stock market. It also has a psychological advantage as itâs an investment that you can see and touch. Â
4. Illiquidity: One of the challenging aspects of being a real estate investor is the inability to change your investment into cash quickly. Depending on the market, you may be able to sell your investment property with relative ease, but in most circumstances it would still take 30 days for you new buyer to close on the property and for the cash to be in your hand.
5. Tolerance for being a Landlord: If you are purchasing an investment property and are planning to rent it out, youâll need to consider the investment it takes to be a landlord, or the monetary investment it will take to hire a property management company. Itâs important to keep in mind that is thereâs an issue with the home or rental unit, youâll be the person that gets called.
Frequently Asked Questions
Owning a home has been called the American dream. But if you havenât owned a home before, or haven't purchased one in a while, you may  have a lot of questions. After all, for most of us, a home is the largest purchase we'll make. See if the answers to the questions below help, and if you have more donât hesitate to reach out and contact me.
There are many ârules of thumbâ for this, but the best way to answer this question is to talk with a lender. The factors you will need to consider are:
- Down payment: how much cash do you have for your share of the price of the home??
- Income and assets:what resources do you have to make your monthly payments??
- Liabilities: where else is your money going??
- Credit score: how good is your credit?
There are many different programs you can look at depending on such factors as how long you plan to stay in the home. Iâd also recommend taking a look at the âHow much house can I afford calculator.
The choice of mortgage is a decision that will be based on your home ownership goals. Â Items such as the amount of your down payment, the interest rate that results from your credit score, and the amount you want to borrow will also have an impact. To learn more about different types of Loan Products, please don't hesitate to reach out. Â My goal is to find the right mortgage product that fits with your short and long term goals.
Down payments affect both the balance of your loan and the amount you will pay per month. A down payment of less than 20% often means you will have to pay mortgage insurance. Most programs will require a minimum of 3%. However some programs, such as a VA loan for veterans, allow you to purchase a home with 0% down.
You also need to be aware that the source of the down payment will differ between loan programs. Some allow a gift for a down payment, but others do not. And some programs will require you to document the source of your down payment. Itâs worthwhile to bring this up during our prequalification conversation so we can look at programs that best fit your needs.
Oh, and be aware that the amount of money you need to âbring to the tableâ when you close on your loan includes more than your down payment. Â It can also include various loan costs including insurance and interest payments. Â If you need to know more about whatâs included and how much might be required, please feel free to give me a call.
Your interest rate is, first of all, subject to the general level of interest rates in the economy. There are a number of factors that come into play here, including actions of the Federal Reserve Bank.
The second element in determining your interest rate is how much you are borrowing, for how long, and how much âskin in the gameâ you have. While your mortgage uses your home as collateral, there is no guarantee what the home will be worth if you default on your mortgage. So the more you contribute to the cost of the home in the form of your downpayment, , the more favorable the rate.
The third element in your rate is the program you are choosing. Some programs, such as VA, have rates which are designed to provide assistance to veterans. Other programs may use rate as a matter to mitigate risk.
And speaking of risk, that is another important factor. This includes such elements as your employment history, credit history, and credit score. Â The better a risk you are, the lower the rate.
If you speak with a lender who gives you a rate without examining these factors, then the rate isnât âreal.â It is a rate for someone, but it may or may not be the rate for you. Many lenders will quote you the lowest rate they have to offer on any given day. At Sente, we will always give you a range of rates, then look at your specific situation to help you find the rate you are most comfortable with.
There are 3 broad parts of the process: pre-qualifying, property search, and contract-to-close.
- During pre-qualification, which usually happens before you even begin looking at homes, youâll be asked to complete a standard loan application and then provide initial documentation supporting the basic decision factors: assets, employment and income. Your mortgage banker will look at this, talk with you about your financial and homeownership goals, and give you an amount that you âqualifyâ to borrow.
- After pre-qualification, you conduct your home search. As you find homes you are interested in purchasing, youâll interact with your mortgage banker to verify that you are qualified for the purchase and begin to think about the loan program that you will choose.
- Contract-to-close is the most paperwork-intensive part of the process. Once you have a sales contract, you will receive legal disclosures that inform you of your rights and obligations during the loan processâyou will need to sign and return these. You will then need to update the documentation you provided during qualification. As this documentation is reviewed by the underwriters, they may ask for more clarification or additional documents. Youâll also need to make sure you have identified your insurance agent so you can insure the home.
Prior to closing, youâll receive information about what you will need to bring as well as the date, time and location. At closing, youâll show up, sign a large number of documents that your escrow officer will explain, and then youâll be a proud new homeowner!
First, itâs important to note that full approval for a mortgage doesnât happen until after the sales contract has been signed, all of your documents have been reviewed by an underwriter, the appraisal has been reviewed and approved, and all is in order. Some lenders talk about âpre-approvals,â but really they are just talking about pre-qualifications (see question above).
Once the underwriters have looked at your documentation, the property appraisal, and reviewed all of the numbers, they will issue a âclear to closeâ determination. When this happens, you will receive a copy of the settlement statement known as the CD - Closing Disclosure. Â The CD provides you with an itemized list of all financial aspects of your loan, including the amount you need to have with you at closing. Note that youâll have to bring that amount in the form of a cashierâs check, or arrange for a wire transfer. Youâll also receive information about where and when the closing will take place.
Generally you will receive your keys when you close on your new home. However, after closing your loan must be funded. That means that all of the parties to the contract must have signed. If, for example, the seller hasnât signed, it could delay your move.
A good rule of thumb is to give yourself 24 hours after closing to move. While this is rarely the case, it allows for possible delays in the closing itself. Because of new (2014) regulations, there are a number of last-minute verifications that can have an impact on closing, so a little extra time allows you to play it safe.
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Contact
- 32 Cooper Street
Charleston, South Carolina 29403 - Office: (843) 277-9304
Direct: (843) 901-0668 - Email: JRosenthal@SweetgrassCapital.com
- Operating Hours: Monday - Friday
8:30 AM - 5:30 PM