Your Local Mortgage Lender
Located in Clearwater, Florida
Personalized Mortgage Experience
Will Merritt offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams!
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Clearwater, Florida.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
Veterans Can Buy a 4-Unit Property With Zero Down Using a VA Loan and Most Never Know It
Veterans Can Buy a 4-Unit Property With Zero Down Using a VA Loan and Most Never Know It
One of the Best-Kept Secrets in Real Estate and It Is Available to Every Eligible Veteran
If you have a VA loan benefit and you have been thinking about building a real estate portfolio there is a strategy that most veterans never hear about that combines the most powerful features of the VA loan with one of the smartest wealth-building approaches available in real estate today.
You can use your VA loan to purchase a multi-unit property with up to four units. Zero down payment. No monthly mortgage insurance. And rental income from the additional units that can help you qualify for the loan and cover most or all of your monthly mortgage payment.
How the Strategy Actually Works
The VA loan requires the borrower to occupy the property as their primary residence. On a multi-unit purchase that means living in one of the units while renting out the others. A duplex, triplex, or four-unit property all qualify as long as the veteran occupies one unit as their primary home.
The rental income generated by the other units is a real and meaningful part of the financial picture. Lenders can count projected rental income from the non-occupied units when calculating the borrower's qualifying income which improves the debt-to-income picture and makes it possible to purchase a larger and more valuable property than a single-family purchase alone might support.
When the rental income from two, three, or four other units is covering most or all of the total mortgage payment the veteran is effectively living for free or close to it while tenants pay down the loan balance every month and the property builds equity through both principal reduction and market appreciation over time.
Why the VA Loan Makes This Strategy Uniquely Powerful
As Will Merritt explains this approach is house hacking at its finest and the VA loan makes it possible in a way that no other financing product can replicate for eligible veterans. The combination of features that makes the VA loan exceptional on a single-family purchase becomes even more compelling on a multi-unit transaction.
Zero down payment on a property with multiple income-producing units means a veteran can enter real estate investing with no capital required for the purchase itself. That is an entry point that conventional investors who need 20 to 25 percent down on investment properties simply cannot access.
No monthly mortgage insurance keeps the payment lower than any comparable conventional product which means the rental income from the other units goes further toward covering the total housing cost. The gap between rental income and total payment is smaller with VA financing than with any alternative and in many cases it closes entirely.
The Wealth Building Picture Over Time
Think about what this strategy produces over the course of a typical VA loan term. The veteran moves into one unit of a four-unit property with zero down. Tenants in the other three units pay rent that covers the mortgage. The loan balance decreases every month through principal paydown funded primarily by rental income. The property appreciates over time adding to the equity position.
At some point the veteran may choose to move out and convert the entire property to a rental generating income on all four units. They purchase their next primary residence potentially using remaining VA entitlement for another zero down purchase and the cycle continues.
Over a career the cumulative effect of this strategy executed thoughtfully can produce a real estate portfolio that was built with minimal out of pocket investment and that generates ongoing income and long-term wealth that compounds year after year.
Find Out If a Multi-Unit VA Purchase Makes Sense for Your Situation
The details of how this works for any specific veteran depend on the available entitlement, the local rental market, the specific property, and how the income qualification calculation plays out with a particular lender. The strategy is not right for every situation but for veterans who are interested in real estate investing it deserves a serious and specific conversation.
Will Merritt works with veterans to explore multi-unit VA purchase options and build strategies that use the VA benefit to create long-term wealth through real estate. Text, call, or message Will Merritt to find out whether a multi-unit VA purchase makes sense for your situation and follow along for more VA strategies built specifically to help veterans win.
Sources
VA.gov MilitaryOneSource.mil BiggerPockets.com MortgageNewsDaily.com ConsumerFinancialProtectionBureau.gov
Mortgage Calculator
See your total mortgage payments using the tool below.
| Year | Interest | Principal | Balance |
|---|
Social Media Links
YouTube
