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How to Prepare for the Mortgage Process: An Interview with Eric Chavez of Loan Logic Mortgage

By Eric Chavez

Please tell us a little bit about your company and the services you offer.

I've been in the mortgage business since 1997, both as a manager and advisor. Loan Logic has been in the New Mexico market since 2012. We're a residential real estate lender. We offer conventional, FHA, VA , USDA, 1st Time Homebuyer.

What is one of the most challenging areas for potential homeowners when it comes to the mortgage process?

Gathering all of the documentation that's now required to get a mortgage, i.e., paper trailing deposits on bank statements. There are also layered risk factors (the result of the mortgage meltdown) that may prevent a seemingly perfect borrower from getting a mortgage.

What advice would you give people so they can be better prepared to face that challenge?

Speak to a lending professional and start gathering your documentation so you can get get pre-qualified before looking at homes.

Can you briefly explain what factors have the biggest influence on a home loan?

Income, assets, credit, job history.

How does getting prequalified for a home loan benefit people who want to buy a house or condo?

It will guide the buyer down the road of what price range they should be looking at so they will have realistic expectations. Also, it will help streamline the process once the buyer is under contract.

What are some of the ways that a mortgage company can help make the process easier for prospective buyers?

The lender should set realistic expectations of the mortgage process. Once those expectations are set the prospective buyer will realize the process isn't as bad as they may have been told. As always, communication is key.

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

I can be reached at 505-884-4797 or by e-mail eric@loanlogic.net.

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