Teresa Tims of TDR Mortgage specializing in non-QM loans to
Upland, California, United States, October 22, 2021 (GLOBE NEWSWIRE) – Non-QM loans are essential loans that help self-employed people overcome hurdles in buying property. Companies like TDR Mortgage are ready to help people who are optimistic about the potential end of the pandemic and ready to invest their hard-earned money in home ownership. Mortgage loans can be difficult for the self-employed because of their often unverifiable income.
âBeing able to buy and live in your own home is one of the best feelings you can get. Yet some mortgage companies make it unnecessarily difficult for self-employed people to have a chance to achieve their real estate dreams, âsays Tims. . “I want to help these people because I know how I felt when I became a homeowner.”
To achieve this goal, TDR Mortgage offers mortgages and home loans to those who do not qualify for what is called a conventional mortgage. A conventional mortgage requires verifiable income such as pay stubs, tax returns, W-2s, a debt-to-income ratio of 49% or less, sometimes as low as 43, and no high-risk loan features, including interest-only mortgages.
Unfortunately, many independent homeowners are often denied conventional loans by commercial banks and independent mortgage companies simply because they cannot produce verification of their income, regardless of their wealth and stability.
Tims says that ineligible, or non-QM, mortgages might be the answer if only people knew about them. âSelf-employed people just don’t know it’s an option. They’ve been turned down so many times, and they’ve probably all had the same experience when qualifying for a home loan: 90 days of paperwork and documents. “They provided to a lender, only to have their loan application rejected because of their unverifiable income. They think it’s the end of their dream, but it’s not,” she said.
Non-QMs can help people because they do not meet the exact requirements of conventional loans and provide more flexibility. While the rates can sometimes be slightly higher for non-QMs, the most crucial factor is that they open the door to homeownership for the self-employed. ‘
Based in Upland, California and Orange County, TDR Mortgage is well positioned to benefit from an expected surge in non-QM demand as the real estate market continues to soar. Tims is constantly researching the housing and mortgage industries, and this is how she is able to keep her business adept at identifying trends for the benefit of her clients.
Her desire to learn constantly helps her protect her clients because she knows when a lender places unnecessary demands on the mortgage loan process. âI’m constantly educating myself and renewing my certification every year because I have to,â Tims says. “One of the biggest benefits I’ve seen from constantly educating myself is being able to call underwriters when they ask for things they don’t need to ask.”
Tims brings to her business over 20 years of experience in mortgage finance, real estate investing, real estate and property management – an area in which she has worked since 1998. Prior to that she worked in management of the buildings of the California Department of Transportation, so she was always involved in the property.
It made sense for her to start TDR Mortgage in part because of her desire to expand the potential of homeownership to as many people as possible. She founded the company in March 2010. She offers home refinancing, VA loans, Jumbo loans, USDA loans, CalHFA loans and more for Southern California properties.
Tims’ business is unique in that it fully understands the difficulties self-employed people can face in securing home loans and knows exactly how to match them with a non-QM that fits their budget and finally allows them to ‘buy the property of their dreams.
âWe helped a film producer who asked several lenders for a traditional mortgage and turned it down every time. check their real income, âreveals Tims. “We worked with an author who was in a similar situation and many other successful entrepreneurs and freelancers who seriously didn’t believe they would ever qualify for a home loan.”
Through the education of TDR Mortgage, “We helped them, and when they were approved for a loan, they still didn’t believe it, but this time it was good disbelief,” he adds. she.
Tims is also having fun spreading the word about non-MQs, using TikTok, Instagram, YouTube, and other social media to educate people and help them understand that just because they don’t qualify for a conventional mortgage despite their hard work, they can still move up the property ladder if they consider applying for a non-QM instead.
âSelf-employed people have so many movable financial components that it can be difficult to get their quantifiable income, and when that’s the reason they’re denied a conventional mortgage, they think it’s the end of the. path to owning a home, âsays Tim. “I don’t think such a situation should be a barrier for a hard-working entrepreneur who buys the house he wants.”