Coffee Talk with Team Callahan | Episode 1: Financing 101

with Special Guest Michael Caputo from BankSouth Mortgage

We sat down with one of our favorite mortgage lenders, Michael Caputo, to talk Financing 101. Michael and his team have been in Savannah over 25 years helping people finance their home. They’re goal is always to provide options and build confidence you can love where you live.

We asked Michael to help us explain some of the fundamentals of home loans or mortgages. Watch the video (above) for the full answers.

What is a mortgage?

Unless you’re purchasing a home with cash, more than likely you’ll need a mortgage. When we talk housing payment we’re always talking complete payment: principle, interest, taxes, insurance, etc.

What are you (as a lender) looking at to help determine my buying power?

  • Credit Score
  • Debt to Income Ratios – How much is going out in recurring bills vs how much is coming in via regular income
  • Cash Needed for Closing – How much money you’re going to need the day of

Is now a good time to buy from a Lender perspective?

It’s all about a solid plan, job security, and having a certain amount of cash on hand. We want to provide options and build confidence. In order to love where you live you have to be comfortable not only with the house but everything that’s involved in the cost of maintaining it. The more we get people to think about the true level of risk they do or don’t want in their life, we can make good decisions. It’s never too soon to start talking about your plan.

Just because rates are low doesn’t mean we have to buy. It has to be the right time for you. Prices and rates will be where they are when you’re ready. It’s all about making a solid plan.

Anything else we should know?

Uncertainty is not your friend. There’s no bad question. Ask away. The first step is to figure out where you are and what needs to be done. We like to spend our time eliminating the unknown.

Connect with Michael Caputo – BankSouth Mortgage

912-658-2366 | [email protected]