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Insider Mortgage Tips: An Interview with George Beylouny of Silverton Mortgage Specialists

By George Beylouny

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

Silverton Mortgage Specialists is a residential mortgage lender based in Atlanta, GA. It is currently licensed to do business in six states and has 10 branch offices throughout that area. The Silverton foundation was established in 2012 and is a mortgage and rent assistance program for families with hospitalized children. It helps these families maintain their homes and reduces financial and emotion burdens during times of crisis.

What are some of the services your company provides?

Silverton mortgage has one of the largest product offerings in the lending business. They offer conventional, FHA, VA, USDA and Jumbo loans as well as Rehab and down payment assistance loans. Silverton loan originators make it a point to educate their clients to make sure they are presented with the best loan possible for their particular needs.

How important is it to document my finances?

When getting a loan today, it is very important to be well organized. We will be asking to document your income and assets- that does not sound too difficult, but it can be. On the income side, we will ask for your last 2 years of tax returns and W-2's as well as the most recent month of pay stubs. The underwriter will be looking closely to document stability. If you get overtime and commissions infrequently, it will be difficult to include that income. As for assets, the name of the game is source and season. It is great that you have a lot of money in your savings account, but if you can't document where it came from, it can't be used. The main take away is to get with a loan profession months before you are looking to purchase a home so you can get all of your ducks in a row. When you put an offer in on a home and it gets accepted, the last thing you want is to have trouble getting financing.

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

Is it a good time to refinance? That depends on a number of factors, including how much longer do you plan on keeping your home. There is a formula called the break even analysis. In simple terms, you divide the savings by the cost to refinance. If it takes 1 year to make back your money and you plan on keeping the home for 13 months, it might make sense. There are several other factors to consider. What is your main goal? Is it for a lower monthly payment, lower interest rate, do you need cash out or do you need to refinance to remove an ex-spouse from the loan? Any time might be a good time to refinance, but it all depends on your unique situation.

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

Not so sure about bargaining tips. When you get a mortgage you will want to make sure the loan originator you are working with has the experience to get your loan closed. Some people will only look at the bottom line and try and find the lowest price. I think if you look hard enough, you can always find someone cheaper. With that being said, I got two deals last week from clients that were unable to get their loans closed at their current lender. It is important to think big picture on what is at stake if you can't close on time. You will be out of contract and could lose your earnest money. There will be many people who are very upset.

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

There are two main loans out there today. FHA and conventional. For several years, FHA has taken a bigger slice of the pie. That trend has changed recently as FHA had to raise their fees. The FHA mortgage insurance premium (MIP) has more than doubled in recent years. This is FHA's mortgage insurance. It used to be in place for a minimum of 5 years, then you had the ability to get it removed. Now it is in place for life in most cases. So when comparing a FHA loan to a conventional loan, the conventional is a better choice for people with higher credit scores.

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

For people with poor credit, it is a good idea to speak with an experienced mortgage professional. We look at credit all day long and know what it takes to improve a person's credit score. For the most part, there are two items that make up the majority of your credit score and that is the payment history and the credit utilization. There is not much you can do with payment history but you can improve the way your revolving credit is looked at. If we can't help you today, we will put together a road map and give you a timeline on how long it should take to get your scores to where they need to be.

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

The best way to reach me is either email or phone. My email address is, or 678-905-6398. We also have a web site with tons of information regarding lending at

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About The Author

George Beylouny is the Branch Manager for Silverton Mortgage Vinings, a residential...

Phone: 678-905-6398

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